ENGLISH TEXTS
idarity initiative from the racing world toward the broader equine sector. Its € 9.6 million budget is drawn from horse racing bets. In these times of financial strain, some question the legitimacy of this funding. Yet the Fonds Eperon plays a key, though little-known, role in the economic development and cohesion of the wider horse industry.
The creation of the Fonds Eperon coincided with the dissolution of the National Studs and the elimination in 2001 of a special Treasury account through which the Studs received 0.7 % of the total amount of horse racing bets each year to fund regional projects. At that time, PMU revenues were growing rapidly and this levy went unnoticed, especially as the sum wasn’ t taken from the betting revenue allocated to the two main racing organizations, France Galop and Le Trot, but rather from the state’ s share. In other words, and this still holds true today, it was money generated by the races, but not belonging to them. Since the system changed, the Fonds Eperon’ s money has come under the Ministry of Agriculture’ s budget. It passes through the accounts of the two parent companies and is managed by the French National Federation of Horse Racing( FNCH), by decree. However, FNCH does not have full discretion over its use( see also how the fund operates).
The Fonds Eperon’ s budget is no longer indexed to PMU revenues but is fixed at € 9.6 million per year. Jean de Chevigny, the fund’ s secretary general, has worn many hats during his long career in the equine world, including director of the Toulouse racecourse and of UNIC( National Interprofessional Union of the Horse). He explains that the Éperon Fund plays a crucial leveraging role in financing projects across the sector:“ Our funds are considered private, and they help supplement public subsidies through a leverage effect. When we support a project, it encourages local governments to get involved because our backing provides both co-funding and credibility that reassures elected officials. Without us, the industry would generally not be able to attract private financing to complement public funds.” The Fonds Eperon never finances more than 50 % of a project.“ If, for example, we commit € 100,000 to a research project on strangles, those behind it must show at least € 200,000 in expenses,” says Jean de Chevigny.“ We are very strict on this, so verifying the accounts takes considerable work. The FNCH then handles the disbursements, based on actual expenditures.” About a hundred projects are submitted each year to the Fonds Eperon’ s approval committee.“ To be deemed eligible, we analyze whether they are innovative and structuring. They must not concern the horse racing sector, since the fund is essentially a gesture of solidarity from racing to the rest of the equine world. Around 70- 75 % of the submitted projects receive financial support, which is only disbursed once the work or activity is completed. Private-sector projects are excluded,” explains Jean de Chevigny.
For Hélène Dal Corso, president of the fund,“ The strength of an industry lies in its size and diversity.” She highlights how the fund connects different branches of the horse world:“ It’ s one of our few economic development tools. Entire segments of the equine industry would vanish without this system of self-financing.”
€ 3.7 million for young sport horse competition prize money What kinds of projects does the Fonds Eperon finance? The 2022 financial report- the most recent available on its website- shows, among regional grants, € 800,000 allocated for the creation of the equine campus at Goustranville – Normandie Équine Vallée( see our related article). In total, the fund has contributed over € 2.5 million to this specific project. € 600,000 went to develop the international equestrian sports hub at the National Stud of Le Pin, and another € 500,000 to build permanent horse accommoda-
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