Digital subscription channel Racing UK is poised to make payments totalling more than £1.9m to its shareholders.
Racing UK - owned by 31 UK courses - was launched last October on digital satellite, cable and broadband platforms. In November the company announced it had registered its 20,000th subscriber, a year ahead of schedule.
Now Racing UK has agreed to cover the cost of services provided by RaceTech, the company that operates photofinish, closed-circuit and syndicated television coverage of each race.
Simon Bazalgette, executive chairman of Racing UK, said: "Taking on the RaceTech charge was one of a number of benefits incorporated in our presentation to race courses, and we are delighted to have achieved the level of financial stability which enables us to fulfil this obligation and commence the payments on schedule.
"We anticipate that by the end of this year, via this route alone, the payments we will have made to the courses will be by far in excess of their contributions to the initial development costs of the channel."
Lovelacemedia | 21.02.2005