Bookies and Levy board early agreement.

THE EARLIEST ever agreement on the levy scheme, the prime source of funding for British racing, was reached on Tuesday.

The Levy Board has agreed the Bookmakers' Committee's recommendation of a rollover of the current terms of 10 percent of gross profits - with inflation taken into account.

The Levy Board has also approved a revised levy process including inviting racing to initiate the levy process by presenting proposals to the board each spring, with the Bookmakers' Committee being invited to respond.

Levy Board chairman Robert Hughes said: "I am delighted that the Bookmakers' Committee and racing's representatives have taken such a positive and innovative approach to the 49th Levy Scheme, including constructive discussions concerning a longer term plan."

10% of a reducing pie is. . .