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Racing Queensland has announced it will provide $2.4 million in funding to support its TAB clubs in the short-term.
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.
This includes mandated biosecurity measures to support the current directions relating to social distancing and personal hygiene requirements.
As of today, 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.
RQ Chairman Steve Wilson AM said the organisation had approved the funding as part of a multi-staged approach to providing financial assistance to its clubs.
“The Queensland racing industry is indebted to the role our clubs are playing in ensuring the continuation of racing during this extraordinary time,” Mr Wilson said.
“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 funding announcements upon its completion.
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