"The announcement is the culmination of a long-term strategic objective of Jockey Club Racecourses to bring together the assets we hold within the group, to optimise their leverage in negotiating an improved catering deal," said Jockey Club chief executive and chairman of Jockey Club Racecourses Simon Bazalgette.
"In order to do so we needed to bring our various existing contracts to a conclusion before embarking on what, unsurprisingly, was a very competitive tender process."
Jockey Club Racecourses stages key events such as the Cheltenham Festival and the Aintree Grand National.
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