Go Racing's bid for the TV and digital rights to UK horseracing has been thwarted by complex negotiations with the sport's governing bodies spanning two years, an 11th-hour challenge from a rival bidder and an investigation into kickback payments.
This morning, the British Horseracing Board, which had been the final hurdle to clear for Go Racing's bid to succeed, announced that the consortium's latest offer for a licence for the data met the board's requirements.
The talks broke down last week when the two sides failed to agree on the areas of future technologies, such as mobile phones, licensing terms for extended periods and the creation of a joint venture between the BHB and Go Racing.
At this time, Arena Leisure shareholders had been set to vote on whether to approve an £85.6m fundraising intiative to finance Arena's stake in the Go Racing consortium. Without the pre-race data deal it was believed that Arena's investors would vote against the fundraising and the deal would have been scrapped.
However, Arena's investors approved financing at an extraordinary general meeting on Monday (June 18) and talks between the BHB and Go Racing were resurrected.
Peter Savill, chairman of the BHB, said, "I am delighted that, after sustained and lengthy negotiations, it has been possible to secure agreement with Go Racing which BHB believes can be supported by the whole of racing."
The amendments to Go Racing's media rights deal must be ratified by the 49 racecourses taking part in the Go Racing deal by 2pm on Monday June 25.
The media rights deal has been thwarted by an investigation into kickback payments and a challenge from a rival consortium GG-Media.
GG-Media, backed by Fleming Family & Partners, was set up to cater especially for the smaller UK racecourses, which were unhappy with Go Racing's offer. It signed up 10 of the UK's smaller courses.
Go Racing comprises BSkyB, racecourse owner Arena Leisure and Channel 4.