Arena Leisure today announced that it has signed an exclusive agreement with BSkyB and Channel 4 to bid for the media rights to Britain`s 59 racecourses.
The move signals Channel 4`s return to the negotiations following the company`s withdrawal of a £225 million bid in July.
Arena`s existing £320m bid, made on September 21st, lapsed at midnight on October 10th. However, yesterday Arena signed agreements with Channel 4 and BSkyB to form a new joint-venture, 'NewCo', which will make a revised bid for all the media rights of horse racing in Britain, excluding the right to broadcast into betting offices.
NewCo will make its offer within the next fortnight.
Arena`s Ian Penrose said: 'Our partnership with Channel 4 and BSkyB combines all the necessary broadcasting, technology, interactive gaming and racing experience, expertise and contacts to develop UK racing as a truly global media and gaming product.
'We sincerely hope the UK Racecourses will appreciate that this partnership is best placed to maximise enhanced revenue streams to racing.'
Arena`s previous bid was surpassed by a £400m offer over a 10-year period from media group Carlton last week who have set a deadline of October 24th for beginning a period of exclusivity.
Channel 4, along with NTL subsidiary Premium TV and the BBC, pulled out of a £225m, 10-year deal with the 'Super 12' racecourses in July, blaming the remaining 47 tracks for the collapse of the deal.
BSkyB had also been involved in negotiations with the 'Super 12' but pulled out in February.
