At The Races was a consortium which included UK digital TV broadcaster BSkyB, terrestrial free-to-air Channel 4 and track operator Arena Leisure. It was forced to announce it was terminating a 10-year, £307m, deal with the Racecourse Association in January after failing to hit profit targets.
The deal signed in 2001 was designed to capitalise on live racing rights at 49 UK tracks and their marketing around the world.
After signing the new deal, Arena and BSkyB jointly purchased the 33.33 percent equity stake owned by Channel 4 in At The Races, together with the £23 million loan notes advanced to At The Races by the commercial broadcaster, for £1.25m.
As a result, At The Races is now a 50:50 joint venture between Arena and BSkyB, with provision for racecourses to become equity holders in due course.
The new shareholding structure will mean that the first £27.5m of profits generated and/or rebates received by At The Races will be divided to £17.5m to Arena and £10 million to BSkyB.
Further to the termination of the media rights agreement, announced in January, on March 29, At The Races has now agree a new deal with
Ascot Racecourse, Chepstow Racecourse PLC, GG Media Limited and the racecourses owned by Arena.
At The Races has now entered exclusive negotiations to conclude its agreements and is on schedule to launch a live racing service next month, available in over nine million homes with Sky digital or cable.
Said Ian Penrose, group managing director for Arena: "The new structure for At The Races will provide the business with the commercial structure and financial stability to build on the foundations established over recent years.”
The new deal signed with the racecourses bring the total number of tracks working with At The Races to 25; meaning the digital TV channel would be able to broadcast an average of at least two live UK meetings per day, in addition to live racing from South Africa and the US.
