Paul Lee reappointed chairman of the Horserace Betting Levy Board
Lee to oversee final two years of the board’s existence before it is dissolved
Paul Lee has been reappointed as chairman of the Horserace Betting Levy Board (HBLB) until 1 April 2019, it was announced yesterday.
Lee was initially appointed to the role in 1 October 2009 and will now see the position through to its conclusion.
The HBLB is set to be dissolved in April 2019, with its collection and spending responsibilities taken over by the Gambling Commission and a new Racing Authority respectively.
The change is part of the government’s reforms of the horseracing levy system, which also brought operators based offshore into the net for the first time.
The new system, which came into force in April, sees all operators pay 10% of gross profits above a £500,000 threshold back into the British racing industry.
The Levy aims to secure the long-term funding of the sport and could lead to an increased pot of funds of around £90m a year.