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'Racing on the verge of going bankrupt'- Redvers

LEADING stud operator David Redvers pointed to a takeover of the Tote by racing and government deregulation to allow a new, weekly superbet to flourish as the ingredients for revitalising the sport's prosperity and restoring vital prize-money levels.

David Redvers

David Redvers: racing must find a better way to fund itself

  PICTURE: Caroline Norris 

Addressing factors that will impact on this year's autumn bloodstock sales, Tweenhills stud owner Redvers outlined a number at yesterday's TBA annual seminar - "the general economy and the amount of spare cash around; the strength of sterling, the Maktoum family's sense of well-being and wealth, and the state of racing's finances."

The topic for his greatest attention was funding, and the need to find "a better way, if we're not all to go out of business."

He explained: "Now is the time to approach the government, say ‘We've done everything we can but racing is on the verge of going bankrupt, and we want you to look seriously at the saleof the Tote and deregulation."

Redvers' blueprint is based on a weekly pool bet, on the lines of France's quinte-plus, forecasting the first five in correct order, which would be delivered through machines in bars, cafes and supermarkets.

"Once you have the Tote, you have the means for racing to finance itself," he said. "And with proper deregulation, you produce a distribution network that reaches a whole new audience, including the 50 per centof the population that is currently ignored, women."

Redvers added: "This government is keen to help, and racing has to be seen to be doing its best for self funding, but we need legislation to do it.

"I propose that the trade bodies work together, and write to MPs with a transparent plan that goes to government, seeking to have the levy and Tote situations sorted out immediately.

"We can't wait, but we have to become more political, more of a lobbying group if we want a fair deal."


BRITISH Bloodstock Marketing launched its new website yesterday, to coincide with presentation of an update on its work by international development manager Anna Powell to the TBA annual seminar.

The fully interactive website, at bbm.gb.com, is aimed at being a ‘one-stop shop' for anyone seeking information on all aspects of the British bloodstock and racing industries, she said.

Looking ahead, she added that BBM would seek to increase its resources, initiate new incentives and increase sponsorship.

Read more from yesterday's annual TBA seminar in tomorrow's Racing Post.

 

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