Attheraces Back On Track With New Broadcasting Deal
Floundering digital horseracing channel Attheraces looks set to bounce back following a deal between stakeholders Arena Leisure and BSkyB to resurrect the media rights business.
Arena announced this morning that it has bought out Channel 4’s 33% stake in the consortium and is now a joint partner with BSkyB. Arrangements have also been made for the racecourses to become equity holders in the new business.
A new digital television channel will be launched next month and will broadcast at least two live UK meetings a day plus live racing from South Africa and America to around 9 million British multichannel homes.
The end looked to be in sight for the racing channel last month after it ceased broadcasting following poor revenues from interactive betting. The channel’s demise left broadcasters scrambling for the leftover broadcast rights to several high profile race events, a process which is still understood to be underway (see BSkyB Could Move To Secure British Horse Racing Rights).
In the statement setting out the new ownership of Attheraces, Arena revealed that the company had agreed commercial terms for media rights with Ascot Racecourse, Chepstow Racecourse, GG Media Limited and the racecourses already owned by Arena.
Commenting on the deal, Ian Penrose, group managing director for Arena, said: “The new structure for Attheraces will provide the business with the commercial structure and financial stability to build on the foundations established over recent years. As the operators of 23% of the UK horseracing fixture list, one of Arena’s key strategic objectives is to ensure the widest possible distribution of live racing from our racecourses.”
Last month Channel 4 revealed that the racing channel had suffered losses of £10.5 million during 2003, an increase of over half a million compared to 2002. These losses will now be of prime concern to BSkyB and Arena as the channel’s new owners. The new structure of Attheraces allows for racecourses to become shareholders in the company, a prospect which could entice some high profile operators back to the company(see Channel 4 Planning Raft Of Digital Channels).
Arena Leisure: 0207 495 2277 www.arenaleisureplc.com BSkyB: 0207 705 3000 www.sky.com
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