COVID-19: Government funding for motorsports announced
The government has launched an emergency £300 million funding package to help spectator sports in England stave off bankruptcy during the COVID-19 pandemic and a group of motorsports venues is set to receive £6 million.
Safety requirements during the pandemic have seen motorsports venues either obliged to close entirely or operate at greatly reduced capacity for much of the year, leading to major financial strain. It is hoped that the funding, which a statement by the Department for Digital, Culture, Media and Sport confirmed will mostly take the form of loans, will help prevent permanent closures.
Based on a needs assessment, the funding earmarked for motorsports is to be split between owners and operators of major circuits including Silverstone, Goodwood, The British Automobile Racing Club and MotorSport Vision.
Commenting, Sports Minister Nigel Huddleston MP said: “Over the past few weeks, we have worked tirelessly with sport governing bodies and clubs across the country to fully assess what support is needed, as a result of the decision to postpone the return of fans.
“We know the vast majority of sports - many of which operate on tight financial margins - have been making serious cost reductions, such as locking down grounds, taking up the furlough scheme for many staff and halting excess payments.
“Whilst the government’s overall economic package has provided a significant buffer, it is absolutely right that we now intervene to protect entire sports, and the communities they support, as we navigate this pandemic.”
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