The agreement is subject to the successful conclusion by the end of April of negotiations between the Racecourse Association and the Horsemen’s Group on how and how much of the additional revenue generated would flow into prize money. In the interim BHB will commence work on the logistical arrangements for introducing 48-hour declarations.

BHB Chief Executive Greg Nichols said today: “There has been a constructive discussion of this issue for a long period, and the arguments for and against are well known. It is clear though that there is an acknowledgement that the overseas market represents a significant opportunity for British Racing to increase its revenue substantially.

“The Board was advised that discussions between interested parties had progressed recently and that agreement was considered to be a real possibility by the end of April.”