According to reports BSkyB plans to broadcast the channel through Satellite Information Services, the company that provides video feeds to betting shops, at a low cost.
Under the new proposed deal BSkyB will be looking to make deals with individual racecourses, which may be able to set their own fixtures if the government follows recommendations by the Office of Fair Trading.
The new deal will also see racecourses re-assume responsibility for terrestrial television rights after the collapse of the £307m deal with Attheraces, the racing channel run by the Channel 4, BSkyB and Arena Racing consortium.
Attheraces tried to renegotiate its contract with 59 racecourses after it failed to achieve the predicted amount of gambling revenues it had hoped for.
The new deal with is not expected to be signed off for two months and Sky refused to confirm the reports.
If horseracing goes to Sky it will give the group an ever more powerful grip on sport on UK television, which ranges from the Premier League and Rugby League to boxing and international football.
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