Hong Kong FA Asks Government, Hong Kong Jockey Club For $13M In Annual Funding
The Hong Kong FA has asked the government and Hong Kong Jockey Club for annual funding of HK$100M ($13M), "which it says can be easily afforded from a tiny share of the revenue" from football betting on overseas matches, according to Alvin Sallay of the SOUTH CHINA MORNING POST. In a new five-year strategic plan to be unveiled next month, architect and HKFA CEO Mark Sutcliffe believes tripling the existing government funding "would transform the sport" and help Hong Kong climb back up the FIFA rankings. To source the funds, Sutcliffe has already approached the government to either consider allowing betting on Hong Kong football; establish a new fund linked to the existing betting license (on overseas matches); or use some of the interest and investment returns from the Elite Athletes Development Fund (HK$7B) ($903M) "set up to fund elite sports." Sutcliffe: "At the end of the day it doesn't matter where the money comes from as long as it is there." The Jockey Club's total turnover from football betting "has continued to rise in its 10th year of operation." For its financial year of July '12-June '13, turnover was HK$50.6B($6.5B), a 7% year-on-year increase (SCMP, 10/23).