Racing: Prize-money still main BHB problem

An era in the administration of racing ended on a poignant note in London yesterday as Greg Nichols signed off from a turbulent four-year spell as chief executive of the British Horseracing Board.

From next year there will be no more BHB, its work to be divided between the newly created British Horseracing Authority and commercial group Newco.

Nichols leaves at the end of this month, soon to be joined on the departures list by the chairman Martin Broughton.

And the strain of Nichols's recent hard work at the BHB was in evidence in his speech at the Annual Review, in front of an audience which encompassed many of the sport's key figures. Thanking his family and his agent for their support he was choked by emotion, having to wipe away tears.

Both men offered regrets alongside a staunch defence of the BHB's record. "The illogicality of the European Court of Justice decision [which prevented the BHB from introducing a data-based funding mechanism] will always rankle with me," said Nichols, who went on to point out that almost £40m had been raised for the sport's funding by the BHB's ill-fated data sales even after legal expenses were taken into account.

"However, we must live with the consequences and the most significant was to re-establish a funding mechanism that provides a sustainable financial driver for the sport to continue its era of prosperity."

However, Broughton and Nichols both admitted that racing would now face testing times, with the court's decision effectively forcing substantial cuts in prizemoney at a time when there have never been more fixtures or horses in training.

"We are facing a significant downturn in prizemoney,{ said Broughton.

"Current levels still see owners recouping only 28 per cent of their outlay and there is underfunding throughout the sport. The issue has to be top of the list for Newco."

Broughton denied suggestions from the floor that he would be leaving racing in a perilous position.