The Jockey Club, which operates 15 British racecourses including Newmarket, Epsom, Aintree and Cheltenham, said that it is now the sixth largest music promoter in the U.K. after "staging 32 live acts last year to a combined crowd of more than 300,000," according to Malcolm Moore of the FINANCIAL TIMES. The shows "helped boost revenues" by 5.1% to £171.2M ($255.3M). Operating profit fell by £300,000 to £21.7M last year after the Jockey Club increased prize money by £900,000. Jockey Club CEO Simon Bazalgette said, "We have put a lot more back into the sport. We increased the prize money broadly across the field, at the top end to make sure we compete internationally, but the money does not just go to the best horses." The cost of a new stand at Cheltenham "saw capital expenditure more than double" to £36.1M ($53.8M) and there were fewer races last year. But Bazalgette said that hospitality had "bounced back fully from the financial crisis and the Jockey Club was finding new revenue channels." Bazalgette: "We have signed up Madness, Tom Jones, Spandau Ballet and the Kaiser Chiefs. We are not having as many acts this year but they should be more profitable" (FT, 4/20).
