Live racing deal terminated by attheraces

The media consortium attheraces has terminated its £307m (€447m) TV rights deal with the Racecourse Association.

The joint venture between satellite firm BSkyB, Channel 4 and Arena Leisure, has struggled to make money on the contract to broadcast live racing.

Talks between the consortium and the Racecourse Association broke down last week and attheraces will now attempt to broker a new deal with individual racecourses.

A statement from attheraces said: "Since signing the media rights agreement, attheraces has honoured all commitments to the UK horseracing industry paying over £95m (€138m) in rights payments as well as making a significant contribution to the industry through the attheraces TV channel and in promoting UK racing overseas.

"The reduction in the Tote's blended take-out rate to below 20% has now forced attheraces to act to protect its commercial interests.

"Attheraces' management first raised their concerns about the potential impact of a reduced Tote take-out to the board of attheraces (on which the RCA is represented by the RCA's Chairman) in April 2002 and attheraces has attempted on many occasions before and since the Tote's margins were reduced to negotiate a solution with the RCA."

Ian Hogg, managing Director of attheraces, said: "We remain committed to negotiating a new rights deal and firmly believe that securing the long-term viability of attheraces will also benefit the racing industry as a whole."