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Jockey Club Posts Eighth Consecutive Year Of Turnover Growth, New High Of £191.5M

Cheltenham punters "may have been counting their losses last month but the company that stages the jump festival has announced record annual results," according to Dominic Walsh of the LONDON TIMES. The Jockey Club reported its "eighth year in a row of turnover growth," to a "new high" of £191.5M, up 4.5% on '15. This translated into "record operating profits" of £22.6M, up 3.2%, "despite a decision to lift its contribution to prize money" from £19.9M to £20.8M, "while investing in on-course facilities." The company, which owns 15 racecourses including Epsom Downs and Aintree, said that 1.92 million people attended its 333 race days, "slightly fewer than the record 1.95 million" in '15. It held three fewer race days after losing eight days to bad weather. The company said that its "improving results were driven by growth from its biggest racing festivals," Cheltenham, The Derby and the Grand National, as well as its Jockey Club Live music promotions joint venture, media license fees and other commercial tie-ups. A "record number of racehorses had also used its training facilities" (LONDON TIMES, 4/26). BLOOMBERG's Tariq Panja reported this year, The Jockey Club started a new domestic broadcasting contract with ITV, "seeking to boost viewing figures for the sport." So far, "results have been mixed." This year's Grand National audience peaked at 8.2 million, 18% lower than the high of 10 million when it was broadcast by Channel 4 in '16. However, the channel is "still establishing itself as the home of racing in the U.K. and there are several top races to come." The Jockey Club contributed more than £20M to the industry's '16 prize money, about 70% more than it paid in '09 (BLOOMBERG, 4/25). The BBC's Bill Wilson reported The Jockey Club CEO Simon Bazalgette said that U.K. racing can now "kick-on, matter to more people in this country and ensure the sport has a healthy future at all levels." He also welcomed "reforms to racing's funding," namely the introduction earlier this week of a reformed version of the bookmakers' levy system. Bazalgette said, "This is a key pillar in the funding of British racing" (BBC, 4/26).

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