Major broadcast deal for racecourse owner
Doncasterracecourse owner Arena Leisure has signed an agreement valued at more than £100m to broadcast coverage of its races in betting shops.
The agreement with Satellite Information Services (SIS) will see coverage from Arena's seven UK racecourses broadcast.The deal will replace Arena's current contract with BAGS when it expires at the end of 2011 and will run for five years to the end of 2016.
Arena estimates it will receive around £106m under the new agreement, almost double the amount received under its present deal.
Mark Elliott, Arena's chief executive, said: "We are delighted to have entered into this long term media rights contract with SIS which secures a very important revenue stream for Arena and reflects the value of Arena's media rights product in the UK market.
"The new contract will lead to a substantial uplift in profitability in our media rights business from 2012.
"This Agreement will allow the Group to reduce its net borrowings and significantly enhance future operating cash flows."
