The Attheraces deal was negotiated with the Racecourse Association, acting on behalf 49 UK racecourses. A board meeting of Attheraces, owned by BSkyB, Channel 4 and Arena Leisure, is now scheduled.
The failure to negotiate a new deal follows Attheraces telling the RCA that it wanted to cut the price it pays for the media rights by more than £120m to around £180m.
However such a cut would deal a massive blow to British horseracing, which has to date received about £100m from the deal.
The troubled negotiations are an echo of ITV Digital's bid to renegotiate its £315m Football League contract in 2002, which ultimately led to the collapse of ITV Digital with debts of £1.25bn.
The Football League only received £178m from its deal with ITV Digital leaving many clubs, which had been banking on the cash, fighting for survival.
The failure to renegotiate the horseracing deal puts the future of Attheraces in doubt. The current deal is not profitable and its only hope of making money on the contract is to significantly cut the price.
The renegotiation was, according to reports, triggered by Attheraces having the margin it receives from the Tote pool betting cut from 23% to less than 20%.
Once it is below 20% Attheraces had the automatic right to renegotiate its contract with the RCA.
In a statement earlier this week Attheraces said it remained committed to UK horseracing.
Attheraces managing director Ian Hogg said: "We are in ongoing confidential discussions with the Racecourse Association and are not in a position to comment on the specific detail of these negotiations.
"We hope to be able to resolve these issues as soon as possible. Attheraces remains firmly committed to the future of UK horseracing."
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