RQ to give clubs short-term funding

Racing Queensland will provide $2.4 million in short-term funding to support its TAB clubs during the coronavirus pandemic.

In a statement released on Friday, RQ chairman Steve Wilson said it was part of a multi-staged process to help during the crisis.

“Having conducted patron-free meetings since March 16, RQ is acutely aware of the financial strain currently being placed on its clubs, including the retention of their employees, to ensure the continuation of racing across the state,” Wilson said.

“RQ will advance $1.8 million in funding to provide immediate cash flow relief and will then provide a further $600,000 in emergency support for its clubs until the end of the financial year.

“This is not the sole financial support we will provide for our clubs. It is merely the first step in a multi-staged approach that will be required to enable our industry to recover.”

RQ is currently assessing the financial impact of the COVID-19 pandemic on its racing clubs and will make further announcements soon.

Racing is continuing in Australia under strict protocols but with reduced income from wagering revenue with venues closed down and only online betting available.