Go Racing's negotiations with 49 of the UK's 59 racecourses about the media rights had all but stalled yesterday, when it emerged that the group had failed to reach an agreement with the British Horseracing Board about a licence for pre-race information.
Arena Leisure's shareholders, which yesterday attended an extraordinary general meeting, had been widely expected to vote against the fundraising as negotiations with the BHB foundered.
A spokeswoman for Arena said, "There is still a chance of the deal going ahead."
She added that the funds are promised on the condition that the pre-race data conditions are met. Go Racing's attempt to secure its preferred 10-year hold on pre-race data have been repeatedly rejected by the BHB.
She said the negotiations about the pre-race information, which is crucial to Go Racing's planned interactive betting service, had begun again on Monday afternoon and continued throughout yesterday.
Go Racing's other shareholders are BSkyB and Channel 4.