Attheraces' finish line

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Attheraces, the UK satellite channel that has broadcast live racing from most of Britain's racecourses since May 2002, confirmed that its coverage will cease in four days' time. The £307 million (E430 million), 10-year media rights contract between the Attheraces consortium - comprising BSkyB, Channel 4 and Arena Leisure - and 49 of Britain's racecourses was signed in the summer of 2001. The consortium's long-term aim was to recoup their investment by persuading viewers to place bets on racing via interactive digital TV. However, while both the major bookmakers and internet betting exchanges have seen their turnover boom thanks to Attheraces' live daily coverage, the revenue from interactive betting has been, and seems likely to remain, relatively small.

Attheraces has been able to extricate itself from the contract thanks to a get-out clause which was triggered in October when the overall gross profit margin on Tote bets placed via the company fell below 20 per cent.

Discussions have since been taking place between the broadcaster and the racecourses in an attempt to broker a new, much cheaper contract, but without success.