|Monday, June 12, 2006|
|BHB's 2005 Annual Report Records Ongoing Achievements|
British Racing’s resilience in the face of considerable challenges is outlined in BHB’s 2005 Annual Report, published at the BHB British Racing Review 2006 in central London today.
The Report details continued growth in a number of key areas in 2005, with further records in:
Other indicators such as prize money – £99.3m – and total attendances – 5.9m – while down marginally on 2004 remained substantially higher than their levels of five years ago.
For the first time, the Finance section of the Report includes a five-year breakdown of income generated by the sport’s governing body. Expenditure over each year of that period is then divided by regulation, governance and commercial headings.
Although 2005 marked the end of BHB’s pursuit to fund Racing through data licensing operations, the policy is shown to have earned some £64m for Racing in additional revenues. Taking account of the inevitable legal and professional fees during this period – including those defending Racing against the OFT – and commercial costs including bad debts, the net benefit to the sport was £38.6m.
BHB Chairman Martin Broughton’s Statement reports on the progress made on developing Racing’s future funding and governance structures whilst BHB Chief Executive Greg Nichols’ Review of the year surveys many of the achievements made possible by attempts to secure a commercial funding mechanism, and looks ahead to further challenges the sport faces.
The sections of the Report covering the activities of BHB’s core departments in 2005 feature: