Attheraces wants E173 million cut in media rights

net1

As expected Attheraces has told the Racecourse Association that it wants to cut the price it pays for the media rights to racing by more than £120 million (E173million) over the term of its contract.

The company, owned by BSkyB, Channel 4 and Arena Leisure, has proposed to the RCA that 2001's media rights contract, worth £307 million over 10 years, should be renegotiated at around £180 million. While Attheraces' stance may be a negotiating position, the company says it is crucial to cut the price of the contract by at least £100 million if it has any hope of making the business profitable.

Last week, the RCA, which is representing the 49 courses party to the Attheraces contract, admitted it was in talks over the original deal. These have been triggered by a cut in the margin Attheraces receives from Tote pool betting. The deadline for resolving the Tote dispute is this Thursday, after which Attheraces could technically give one month's notice to terminate the contract.