Government loan fund support for motorsport venues
Following today’s announcement by government of their support package for sports impacted by the loss of spectator revenues, Motorsport UK can confirm that a loan fund of £6 Million is to be made available to the principal circuit venue operators in England.
The UK governing body for motorsport worked closely with the operators to provide a detailed assessment of the impact of lost revenue from spectators to the Department for Digital, Culture, Media and Sport (DCMS). This study was with specific focus on the long-term viability of these venues, in recognition of how vital they are to the infrastructure of the sport.
David Richards, Chairman of Motorsport UK, said: “We are extremely grateful for the news of this loan support to the circuit venues that government has offered. After working with DCMS throughout 2020, we recognise that their help has been pivotal in allowing motorsport to operate for much of the season, and to have mitigated the impact of the virus on the sport.
“Motorsport is an industry that employs over 40,000 people and provides some £10 Billion of revenues to the economy, and at the heart of that are our fixed venue circuits. Their continued operation is vital for the sport to be sustainable, and in turn the entire economy that hinges on them. This support is one of a number of measures Motorsport UK has provided in 2020, including a £1 Million fund for our clubs and over 70,000 items of PPE for our members and events. We will continue to focus on managing the impact of the crisis and do whatever we can to ensure our sport builds back better from this challenge.”