Attheraces went off the air last month when the consortium, made up of Channel 4, Attheraces and Arena Leisure, failed to renegotiate its contract with 59 racecourses after falling short of achieving the predicted gambling revenues.
The situation was further complicated by the Office of Fair Trading, which said that the original deal breached competition law because the media rights had been sold collectively in too large a group.
However, Arena now says it has bought out Channel 4's 33% stake in the consortium and is now a joint partner with BSkyB. Provision has been made for the racecourses to become equity holders in the new business in due course.
A new digital channel will be launched next month, which will broadcast at least two live UK meetings a day plus live racing from South Africa and the US to 9m UK homes.
Commercial terms for media rights has been agreed with Arena's six racetracks, as well as a further 19 racecourses owned by Ascot and Chepstow.
In a statement, Arena's managing director Ian Penrose, said: "The new structure for Attheraces will provide the business with the commercial structure and financial stability to build on the foundations established over recent years."
He added that the company would raise awareness of the sport among television viewers, sponsors and the betting public.
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