Annual Review and Outlook 2019
about the sport’s revenue streams. Provided there are enough horses to service a certain size of fixture list, every fixture generates funds for the sport under our current commercial model. The bulk of British Racing’s funding – for prize money, integrity and promotion – is generated by the sport taking place. Revenues that aid prize money funding are derived through media rights income, Levy payments, general admissions, owners’ entry stakes, sponsorship, hospitality sales and so on. Less racing means less money to go into prize money for the sport’s participants. It is concerning that this is not well understood, at a time when there are already less funds available through media rights and Levy. Instead I see fixtures positioned as if they are solely for the benefit of racecourses. This sport is a joint venture and we either win together or lose together. MUCH TO LOOK FORWARD TO Despite financial turbulence, I am very optimistic about the future. I agree with Roger’s closing remarks in his Foreword that our best days lie
ahead. We will be buffeted by financial impacts beyond our control in the short-term and in the meantime I see no reason why British Racing cannot continue to stage some of the most thrilling sport anywhere in the world, work together to become more relevant to more people in the process and in so doing continue to grow our revenue lines to help to sustain our future. We are hundreds of years old as a sport and have a knack of constantly evolving to remain an important part of national life. That is by design, not by accident, and we must keep up the momentum. On a personal note, this is my final Group Chief Executive’s Review. I have taken the decision to stand down by the end of 2019 in order to pursue an exclusively non-executive career. It is a role I have greatly enjoyed since taking post in September 2008 and I would like to thank everyone who has been of great help along the way. The Jockey Club is an organisation I feel privileged to lead and horseracing is a sport I care a lot about. I hope to remain involved in an appropriate non- executive or advisory capacity, as well as attending as a
racehorse owner and fan. As I reflect on more than a decade in post, I think about the many good people who work for The Jockey Club. They are talented and hardworking, and are united by a clear mission to act for the long-term good of British Racing. In doing so we are guided by a set of five core values that we developed together and are now embedded in the DNA of our culture. These are not shouted about externally because it is not about virtue signalling; it is about everyone we come into contact with experiencing them for themselves. Our mission and our values have helped us to create a positive and dedicated culture, and long may The Jockey Club continue to do everything in its power to help our fantastic sport to have a bright future.
20
Made with FlippingBook - professional solution for displaying marketing and sales documents online