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Paul Roy

An item in Chris McGrath's column, 'Vested interests of sport's rulers will turn turf into wasteland' (30 October 2010), commented on Paul Roy's position as chairman of the British Horseracing Authority, a member of the Horseracing Betting Levy Board and a partner of NewSmith Asset Management LLP, in the context of his company's investment in the recent flotation of Betfair. The article may have been taken to suggest that Mr Roy was guilty of providing insider knowledge in relation to the investment in Betfair. We now accept that any such suggestion was without foundation. We apologise to Mr Roy for this suggestion.