Latest research by the Sports Business Group at Deloitte has shown that racing’s record, modern era attendances have fuelled revenue to over £250 million in 2004.  Deloitte predicts that the ongoing success horseracing is enjoying will push revenue beyond £300 million in 2008 as the benefits from racecourse development investments come through.

Alan Switzer, Consultant in the Sports Business Group, commented: “Horseracing’s recent significant attendance growth has cemented its position as the UK’s clear second best-attended sport after football. Racing’s six million attendance in 2004 was almost twice that of its nearest rival, rugby union.  Increased attendances and the improved commercial awareness of the industry has driven strong organic revenue growth across both major racecourse groups such as Racecourse Holdings Trust and Northern Racing  as well as the independent courses.  More fixtures and further major racecourse investment such as Ascot’s re-opening and the opening of Great Leighs, should boost revenues to £300 million by 2008.” 

Deloitte horseracing research key findings:

• The UK’s 59 racecourses generated over £250 million revenue in 2004 and are set to grow further in 2005 despite the closure of Ascot;
• Football is still the financially dominant sport in the UK but horseracing’s turnover is significantly greater than all other sports;
• Racing’s 6 million attendance in 2004 was almost double that of its nearest, non football, rival rugby union and even further ahead of rugby league and cricket;
• 4 of the top 10 sporting events in 2005 by aggregrate attendance were major racing meetings.

Alan Switzer, added: “The racecourses have made great strides in increasing attendances via a combination of quality racing, much improved facilities and complementary raceday entertainment.  The racecourses acknowledge that there are further improvements to be made to excel in the highly competitive sport and leisure market, but racing’s ability to grow attendances is a testament to its popularity with the general public and the entertainment it offers.”

Ends

Notes to editors

For further information or to speak with a member of the Sports Business Group at Deloitte please call Sorrelle Cooper (Deloitte Press Office) on +44 (0)20 7303 4820 or +44 (0)7932 078218, or e-mail: sorrellecooper@deloitte.co.uk.

About the Sports Business Group at Deloitte

Over the last 15 years Deloitte has developed a unique focus on the business of sport. Our specialist Sports Business Group offers a multi-disciplined expert service with dedicated people and skills capable of adding significant value to the business of sport. Whether it is benchmarking or strategic business reviews, operational turnarounds, revenue enhancement strategies or stadium/venue development plans, business planning, market and demand analysis, acquisitions, due diligence, expert witness, audits or tax planning; we have worked with more clubs, leagues, governing bodies, stadia developers, event organisers, commercial partners, financiers and investors than any other adviser.

For further information on our services you can access our website at www.sportsconsulting.co.uk

About Deloitte

In this press release references to Deloitte are references to Deloitte & Touche LLP.

Deloitte & Touche LLP is the UK's fastest growing major professional services firm based in 21 UK locations, with over 10,000 staff nationwide and fee income of £1,246 million in 2003/2004. It is a member firm of Deloitte Touche Tohmatsu, a leading professional services organisation, delivering world class audit, tax, consulting and corporate finance services, with around 120,000 people in over 140 countries. Deloitte Touche Tohmatsu is a Swiss Verein, and each of its national practices is a separate and independent legal entity.

Deloitte & Touche LLP is authorised and regulated by the Financial Services Authority.

The information contained in this press release is correct at the time of going to press.