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Any News On The 90 Million?

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  • #20251
    Cav
    Participant
    • Total Posts 4812

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

    #378113
    ricky lake
    Participant
    • Total Posts 2358

    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 :o

    Ricky

    #379430
    Cav
    Participant
    • Total Posts 4812

    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?

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