April 16, 2014 / 10:09 PM / 5 years ago

Jockey Club announces record financial results

LONDON (Reuters) - The Jockey Club, which stages some of British horseracing’s most famous events including the Cheltenham festival and the Grand National, announced record financial results on Wednesday.

The group, the largest commercial operation in the sport in Britain, increased its turnover in 2013 by 11 percent to a record 166.9 million pounds ($279.23 million), it said in a statement.

Its contribution to prize money in 2013 reached 18.24 million pounds, up 47 percent in five years. Total prize money at Jockey Club racecourses in 2013 reached a record 41.6 million.

Group operating profits for the year increased 11 percent to a record 22 million pounds.

“I am pleased we report another excellent year for the Jockey Club, enabling us to deliver on our promise to act for the good of British racing,” said Nicholas Wrigley, the senior steward.

“The Jockey Club also takes seriously its wider role in British society. Racing is one of our greatest traditions, enjoyed by millions, with a deep and rich history.

“The way we operate, with all our profits invested back into our sport, is a reminder that long-term investment leads to long-term results.”

($1 = 0.5977 British Pounds)

Writing by Stephen Wood, editing by Ken Ferris

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