Jockey Club extends £25m racecourse bond

Jockey Club extends £25m racecourse bond

The Jockey Club has extended its £25m racecourse bond, first issued in 2013 to help fund its major development at Cheltenham racecourse.Its decision to offer a rollover on the bond issue has seen 96% of original investors choose to retain more than £23.6m invested in the product.The bond provides quarterly cash interest payments at a rate of 4.75%.Another 3% return comes in the form of Rewards4Racing points which can be used on things like tickets and hospitality.The money raised by the original bond was used as capital towards the state-of-the-art development of Cheltenham Racecourse, including the creation of the Princess Royal Stand.Nevin Truesdale, Jockey Club group finance director, said the bond rollover was a “win-win” for itself and investors.The Jockey Club operates 15 racecourses, including big names such as Aintree, Epsom Downs, Cheltenham and Newmarket.It is the largest commercial group in British horseracing. It is governed by Royal Charter, with all profits invested back into the sport.Earlier this year, the Jockey Club announced record annual turnover in 2016.Turnover was £191.5m, up 4.5% on a year earlier, with operating profits also up, to £22.6m from £21.9m. Its contribution to prize money also hit a record, of £20.6m.
Source: BBC News

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