Racing will be at least £50m a year better off under a revolutionary funding plan which was unveiled in London this week.

The financial blueprint is expected to raise “not less than £140m” and is designed to replace the levy system which, for 40 years, has controlled racing’s purse strings until the Government decided to scrap it. The Government supports the new plan.

Under the current arrangements racing receives £90m. But the new structure – entailing a 10-year agreement between theBritish Horseracing Board and the Racecourse Association – will incorporate all British racing’s rights into a package to be sold on to bookmakers and media companies.

This will involve betting and internet betting rights, media rights, and the pictures, which are owned by Britain’s 59 racecourses.

It is encouraging that Angus Crichton-Miller, chairman of the RCA, is entirely supportive of the plan which was presented by the BHB chairman Peter Savill.

Crichton-Miller and Savill have not seen eye to eye in recent months.

Now Crichton-Miller has to persuade all