France Galop's 2022 budget plan was submitted during a Monday board meeting, and will be formally approved at a committee meeting on Dec. 13.

It was also revealed during the board meeting that France Galop expects a positive net result of €6-million for the current financial year, with connections of horses still affected by prizemoney deductions amid the pandemic to be paid those deficits at the beginning of 2022. Total French prizemoney in 2021, therefore, is expected to be €248-million, down 4% from €258-million in 2019. The PMU will contribute €740-million to prizemoney in 2021, with its business improving significantly upon the re-opening of betting shops, and aided by the efforts of both the PMU and France Galop to reduce costs during the pandemic.

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With PMU outlets in cafes and bars forecast to be closed potentially until June, France Galop is projecting a 25% drop in betting turnover for 2021. Prizemoney will be paid out in full in January and February, but from Mar. 1 onwards prizemoney and premiums will be cut in anticipation of losses. France Galop's objective remains to redistribute the amounts initially withheld at a later stage. The severity of purse cuts will be decided during the second half of February and will be applied in linear fashion to all races, but will not affect transport allowances. France Galop projects the cuts could be in the region of 15%.

The post France Galop To Redistribute €15-Million in Prizemoney; Plans For Mar. 1 Cut appeared first on TDN | Thoroughbred Daily News | Horse Racing News, Results and Video | Thoroughbred Breeding and Auctions.

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