Retention of Levy

15 Dec 2006 07:58

Arena Leisure PLC15 December 2006 ARENA LEISURE PLC ("Arena") Government Announces Retention of Levy Arena Leisure Plc, the UK's largest operator of horseracing fixtures, welcomesthe announcement that the Government has decided to retain the Horserace BettingLevy Board (Levy Board) and the associated horserace betting levy scheme untilsuch time as a secure and adequate alternative commercial funding arrangementcan be identified. This removes the uncertainty that has surrounded the racing industry since theruling by the European Court of Justice, in late 2004, that cast serious doubtover the sport's ability to enforce substantial payments for the use of its dataand, as a result, the viability of the proposed replacement, commercial fundingmodel. In 2005, Arena received around £16 million from the Levy, representing almost40% of the annual turnover. Mark Elliott, Chief Executive of Arena Leisure Plc, said; "We are delighted that the Government has decided to retain the Levy. Thisdecision removes the uncertainty that has surrounded a major aspect of thefinances of our business." -ends- For further information please contact: Mark Elliott, Chief ExecutiveArena Leisure Plc Tel: 020-7495-2277 e-mail: contact@arenaleisureplc.com David Rydell/Geoff CallowBell Pottinger Corporate & Financial Tel: 020-7861-3232 This information is provided by RNS The company news service from the London Stock Exchange