The Jockey Club, the UK authority that owns and manages 14 racecourses including Cheltenham and Aintree, announced yesterday a record operating profit of £18.8 million at its courses in 2008.
According to UK newspaper the Guardian, the figure is up from £10.9 million in 2007. The news is encouraging for horse racing, as it appears to be weathering the recession and the profits made by the Jockey Club will re-invested back into the sport.
The Jockey Club is keen to stress that its money-making commercial potential has been greatly improved since it decided to hand over its regulatory function of the sport to the British Horseracing Authority in 2006.
“The credit crunch did not really hit until September last year, and this year will undoubtedly be more difficult,” said Simon Bazalgette, the club's chief executive. “But this is still an outstanding set of results. The structure is much more focused, and we can be much more public about our commercial imperative. We're here to make as much money as we can, which will be invested back into the sport for the long-term good of the sport, and that's a very motivating mission.”
Attendances across the club's tracks were down from 1.83 million to 1.78 million however, despite an increase in fixtures.
