The news came on the back of an announcement of increased prize-money of £60.1 million across the 334 fixtures due to be staged by the Jockey Club in 2024. Of that, £31.8 million will come from Jockey Club funds, referred to as “executive contribution”, representing a 66.5% increase across the last decade.

In 2023, the Jockey Club's executive contribution was projected to be £31.1 million with total prize-money of £59 million for 342 scheduled fixtures, subject to abandonments.

As well as prize-money, a total of £11.7 million has been included in the budget for the next 12 months for the upgrading of facilities. 

.”It's really important to us at The Jockey Club to continue to be transparent in sharing details of our business performance with industry participants and stakeholders,” said the Jockey Club's chief executive Nevin Truesdale in announcing the intention to share financial information with the Thoroughbred Group, which represents breeders, owners, trainers, stable staff and jockeys.

“By agreeing to extend this commitment to provide the Thoroughbred Group with more information around our revenues and costs, we are seeking to drive critical industry collaboration to work together to grow the sport, while also providing a clearer picture of the challenges we face as a racecourse operator.”

He added, “Given the unprecedented financial headwinds the horseracing industry is currently facing, we are pleased to be able to announce today that the Jockey Club's executive contribution to prize-money will be increased to £31.8 million in 2024, taking our overall prize-money past the £60 million mark for the first time.

“Our mission is to power racing's future and to ensure that our sport thrives for generations to come. That would not be possible without our participants and all those whose jobs not only help British racing prosper but rely on the industry.

“So, while we continue to take important steps to improve our business efficiency in the face of significant and unprecedented economic challenges, there is also an ongoing focus on investing across our estate and in participants, which includes a commitment to prize money. This has led us to some very difficult decisions in our financial planning for 2024 and we are pleased to be able to deliver an increase in prize-money investment in these very challenging circumstances.”

The Jockey Club's attempts to improve communication regarding its business decisions with the wider industry includes having conducted 39 “transparency meetings” in the last two and a half years with 120 individuals, including owners and trainers. This stance was welcomed by the chair of the Thoroughbred Group, Julian Richmond-Watson, and also by Paul Johnson, chief executive of the National Trainers' Federation.

Johnson said, “The announcement from the Jockey Club is most welcome on two fronts. Firstly, amid concerns that the sport's financial headwinds could see prize-money fall from 2023 levels, it is very positive to see that the Jockey Club has been able to deliver an increase. Secondly, and looking further forwards, we are delighted to be able to have agreed on a commitment to greater transparency over finances. We believe that this is an enormously important step in being able to agree commercial partnerships with racecourses, something that we see as a foundation stone for working together to improve the sport's future.”

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Nevin Truesdale, chief executive of The Jockey Club, said, “The pandemic has been an incredible challenge that we have had to meet head-on. We still cannot be certain about what 2022 will bring, but we have enough confidence in the popularity of British Racing from our advance sales and all our revenue streams now fully firing as things stand to plan to fund and distribute a record amount of prize money next year across our 15 racecourses.

“It's a proud moment to be able to announce this on behalf of The Jockey Club's people today and a tribute to all their hard work and commitment over one of the most difficult periods our business and the whole industry has ever known. I would like to send advance thanks to participants for running their horses with us, racegoers for booking tickets and sponsors for their support, because everything we generate commercially from these activities, we reinvest back into our sport.”

Charlie Liverton, chief executive of the Racehorse Owners Association, said, “I am delighted that The Jockey Club are able to make this significant contribution to their total prizemoney for 2022. It gives great comfort to those who invest in racehorses and breeding stock that, at a time when costs are increasing across the board, the value of the race programme is set to increase. The returns to owners and participants through prize money is critical to both the retention of horses in training and the growth of them. It is remarkable that as we enter in to 2022, given the impact the pandemic has had on businesses across the country, the number of active owners and horses in training is at some of the highest levels of the past five years. We look forward to continuing to work with The Jockey Club to maximise both prize money and the owners experience, on and off the racecourse, during 2022 and beyond.”

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“I was involved in the formation of City Racing during my time at The Jockey Club, where we backed the venture alongside an outstanding group of shareholders like Andrews Bowen, New World Capital Advisors, Peter Phillips and JSC Communications. I am passionate about the horse racing industry and I strongly believe the exciting and vibrant fundamentals of City Racing will bring much needed innovation, diversity and inclusion to the world of horse racing. I am looking forward to working more closely with Peter Phillips and the excellent team and continuing to develop all the opportunities City Racing has to offer for the modern fan.”

Phillips added, “Paul has always been instrumental and supportive in the build out of City Racing. We are delighted to have appointed Paul as executive vice chairman ahead of a demanding year in preparing for our inaugural event and the development of other locations as part of City Racing's Global Series.”

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Jamie Osborne, now a successful trainer, was in the irons when the Knight-trained Karshi (GB) (Persian Bold {Ire}) delivered one of Vestey's biggest wins.

Owned and bred by Vestey himself, he won the 1997 Stayers' Hurdle at 20-1.

“Both Lord and Lady Vestey were an absolute pleasure to have anything to do with,” said Osborne. “They were wonderful people to ride for and wonderful people to be around.

“It's a very sad day, and my thoughts go out to his family. He was a wonderful man.”

Also paying tribute to Vestey, Ian Renton, regional managing director for Cheltenham's owners, Jockey Club Racecourses, said, “We are very saddened to hear of the passing of friend and former Cheltenham chairman, Lord Vestey. He was a true gentleman and genuinely lovely man who did so much for our sport, and played a huge role in creating the Cheltenham racecourse that we know today. He will be sorely missed by us all at The Jockey Club, and our thoughts go out to his family and friends.”

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JCR Group Chief Executive Nevin Truesdale said he is seeking further clarity from the government on how long such restrictions may be in place and what support they may offer in the meantime.

“Organisations in the sport and events sector are facing significant financial challenges after six months with no spectators or visitors to their venues,” Truesdale said. “Previously we had estimated that revenues at Jockey Club Racecourses would be down this year by around £75 million out of an annual turnover that is normally circa £200 million, but that figure is being revised upwards on the basis we won’t have any level of spectators back from Oct. 1. We need to discuss more details of this with government, both in terms of the potential period we are looking at and the direct support for the industry that is now needed, but also making the case that restaurants and hospitality sales for example should be treated in the same way as the high street would make a real difference.

“In the meantime we will continue to race behind closed doors, as the teams have done a great job doing safely since racing resumed on June 1.”

Ascot Racecourse has staged its entire season behind closed doors, including its marquee Royal Ascot meeting, and its other headline fixture, British Champions Day on Oct. 17, will go ahead without spectators.

“Unfortunately we will not be able to welcome crowds on race days at this time in line with government policy,” said Ascot’s Director of Racing and Communications Nick Smith. “In the short term, we will be refunding or offering rollovers to all who have booked for our October race days, including QIPCO British Champions Day. Champions Day entries were very strong, and the ante-post markets reflect that a high-class renewal is on the cards, so we are focusing on that. International interest is high, and like Royal Ascot there will be Worldpool betting through the Hong Kong Jockey Club.”

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