Until now Ascot has been run by three trustees, but from January 1, 2002, the operation will be run as Ascot Authority Holdings Ltd, with Lord Hartington, currently the Queen's Representative, chairing the seven-strong board.
"Forming the company gives us the ability to borrow on normal commercial terms," said Douglas Erskine-Crum, chief executive of Ascot Racecourse. "Funds raised would be spent on new grandstands and improving racing facilities." He added that the planned redevelopment of the course would be the "biggest ever project in European racing".
"Forming the company is an important milestone for us because it concerns the way we conduct our business. Our business has changed enormously over the past five years and we needed a modern structure to handle the growth."
Ascot is part of the attheraces horseracing consortium, which recently acquired the media rights to 49 of the UK's largest courses for GBP307m (USD443m/EUR495m). Yesterday, attheraces, which is run by Channel 4, BSKyB and Arena leisure launched its pool betting website.
