Any News On The 90 Million?

[Cav]

Whats happened to the £90 million Racing got from the Tote sale? Any news on allocation?

[ricky lake]

Cav , its being saved, as there will be a few severance packages in the new year

Then the Levy board pension will need to be propped up again ….plus the settling in expenses for the new man

Probably best to keep it quiet for a few years , then announce a 20 million transfer for prizemoney

Ricky

[Cav]

This issue made front page of the RP yesterday.

– Apparently a receiving and distributing body must be established.
– Charitable bodies in receipt will need Charity Commission approval.
– More clarity in the new year on how proceeds will be spent.
– Money will come in £10 million tranches over ten years.
– Proceeds cannot be used for prizemoney (good).
– Mar 2012 first installment expected to have been paid.

Is a receiving and distributing body necessary under European state-aid rules?

[Author]

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