Details of Â£90m payout to racing unveiled by minister
Racing's half of the £180 million net proceeds from the sale of the Horserace Totalisator Board (the Tote) is to be delivered through two different channels.
Equine insurance customers in the industry will benefit from the windfall as a new charity and grant scheme will be set up with the £90 million.
The Racing Foundation has been started by the industry to help fund charitable causes, while people will be able to apply for funding from the British Horseracing Authority (BHA) for state aid compliant projects.
Minister with responsibility for horseracing John Penrose said the government is making good of its pledge to give racing half of the proceeds of the sale of the Tote last year. It was sold in June 2011 for £265 million.
Chief executive of the BHA Paul Bittar added: "We are determined to use the opportunity provided by the proceeds from the sale of the Tote to create a meaningful legacy for the entire sport."
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