Arena and Sky buy C4's Attheraces stake
Wednesday 05 May 2004
Arena Leisure and BSkyB yesterday announced the resurrection of Attheraces, their defunct racing channel, after buying out Channel 4.
Screens taking the old Attheraces service went blank last month after it failed to generate the betting revenues anticipated by the three partners. The episode caused Arena, which owns six courses, to post a £42m loss for the past year.
BSkyB and Arena yesterday said they had bought out Channel 4 from the consortium for £1.25m, and would launch a new channel in early June.
Unlike the old channel, it will not offer betting services itself, but will join up with established bookmakers to take bets from viewers. Bookmakers such as William Hill and Ladbrokes have seen their telephone betting revenues fall as much as 20 per cent in the weeks that racing has been off air.
The new channel has also learnt from its past mistakes and will not pay for broadcasting rights up front, as it did under the old deal. Racecourses will become equity holders in the channel and revenues will be passed on to the course owners as they are generated. Of the first £27.5m generated by the channel, £17.5m will go to Arena and £10m to BSkyB.
"We have eliminated most of the costs, such as our own bookmaking facilities, and this will ensure that racing goes in to 9 million homes free of charge. " Ian Penrose, the chief executive of Arena Leisure, said yesterday.
But the new channel so far has only 25 of the 59 courses on board, including Ascot and Chepstow. The remainder have signed up to The Horseracing Channel, a rival consortium.
Most expensive city to live in for expatriates: Luanda, Angola takes number one spot with Hong Kong and Zurich in top three
Video of Irish 'professional boxer' fighting Istanbul neighbourhood goes viral in Turkey
If Surrey were Syria: Social experiment shows what it's like to live under siege
Irish tourist filmed fighting with shopkeepers in Turkey says they 'messed with the wrong man'
House of Lords: Outcry as donors, fixers and MPs caught up in expenses scandal get peerages
- 1 Hair loss explained: How and why men go bald
- 2 Game of Thrones season 6: Jon Snow theorists believe Ned Stark's son may have a twin sister
- 3 Artist takes LSD, draws herself over different stages of the 9-hour trip to show its effects
- 4 iPhone 6s camera: features to include 4K video camera and flash for selfies
- 5 A pint of water every day is the key to losing weight, scientists say
COMPETITIVE + Excellent Benefits: Guru Careers: A Lead Systems Developer / Sof...
Negotiable: Recruitment Genius: The world's leading financial services careers...
£28000 - £30000 per annum: Recruitment Genius: The Digital Marketing Executive...
40-45K DOE + Benefits: Guru Careers: An Account Manager / Senior Account Manag...