Racing’s hard bargain with bookmakers over TV rights helped contribute to a 59 per cent increase in profitability at the Jockey Club, the umbrella body for 14 UK racecourses.

Claiming to have transformed itself into a commercially minded body, the Jockey Club in its annual report said its half-share in Turf TV, which provides racing pictures to 95 per cent of UK and Ireland retail bookmakers, was one of its key profit centres.