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The channel, which launched in 2004, became part of Setanta's Sports Pack in 2006, broadcasting its daily Racing Replay programme and promotional support and coverage from 45 race days per year.

RUK now aims to continue broadcasting on Sky channel 432, but will move to a new EPG number if necessary.

The price point will revert to its 2004 launch price of £20 a month, but this will include the £9.99 monthly subscription to Racing UK's on-line services.

Subscribers will also continue to benefit from £600-worth of free race-day tickets per year and members' club packs.

Will Wyatt, chairman of Racing UK, called Setanta's collapse into administration "very unfortunate", but stressed the channel "is sound, safe and assured of its future".

He added: "Racing UK flourished as a stand-alone channel before Setanta, and now we have a stronger financial base and an even better relationship with our customers."

Racing UK will be in contact shortly with its 55,000 residential subscribers on how to re-subscribe directly. The channel will be free-to-air (for all existing subscribers) while this happens.

All current broadband subscriptions and the 2,350 pubs which subscribe to Racing UK will be unaffected. The channel is in discussions with Virgin Media to continue supplying cable customers.

Monthly subscribers should not lose out through the closure/administration of Setanta and annual subscribers will get the channel free until their next annual renewal date.    

Commercial director Nick Mills said: "It is a significant investment for Racing UK, but we want to stand by our most loyal subscribers and didn't want them to have to pay again to watch the channel."

Meanwhile, ESPN, the American sports network that has won the rights to show 46 Premier League matches next season, will set up a new stand-alone channel to screen the games as it seeks to build a powerful presence in UK sport.