Good news is in short supply within the racing and breeding industry, a situation that is unlikely to change in the immediate future. Current betting turnover numbers are under pressure and that may well have negative outcomes for the 2024 levy collection, with the potential that this year’s prize-money levels cannot be repeated in 2025.

Add to that a new government with clear intentions of a ‘tough’ Budget in November, planning increased tax revenue from Capital Gains Tax, pension fund contributions, inheritance tax, school fees and so on, and these will all have a consequence upon the availability of leisure spend. These events will do nothing to support the recruitment of new owners and breeders, and more alarmingly will make even retention a challenge. We should not underestimate the impact this might have.

The appointment of a new BHA Chair and in short order a Chief Executive cannot happen soon enough. Racing needs steady and knowledgeable hands on the tiller to navigate the very rough seas that are ahead. With all of racing’s metrics under the most severe pressure, the industry can ill afford to have new feet under the table taking time to understand the problems.

The BHA has a very full agenda yet there are clear priorities to address. While there are many theories about how to turn industries around, common to all is a complete understanding of what drives the economic engine, what might compromise this, and how most importantly it can be developed to deliver a robust and sustainable outcome.

My first suggestion would be to find a transformational new funding source, as to rely upon the structure that has existed since 1962 via the levy, and 1986 with media rights, is a plan to fail.

The delivery of Project Pace, an all-industry initiative exploring different platforms and global audiences for the British racing product, needs urgent completion. World Pool has shown that the demand does exist – can that be developed and extended to other markets and jurisdictions? An international racing programme in which Britain, through its iconic fixtures, plays a major part – is this a reality and, if so, in what form?

Technology and artificial intelligence are transforming the value of live sport, so is there an opportunity for British racing to engage with these platforms to profit? Combined, these factors could provide the golden key that British racing and breeding urgently requires; no stone can be left unturned to find the answers, and quickly.

We must also reinvigorate the old brand. The domestic betting market is in decline; the demographics of the customer need to change to interest and involve younger age groups. By 2030, linear television will be long gone, with all consumers relying upon a digital offering. Racing needs to engage with the betting industry and put behind them the prejudices of past relationships.

The betting industry has the same interests as the racing industry – these need to be aligned and a real partnership developed to grow revenue and participation. An example of this might be the introduction of a performance-related prize-money distribution policy that incentivises return on investment upon the race programme. It would recognise the importance of different types of races key to the development of the breed. However, we should not be afraid to make changes when we know that the betting person these days has a wide choice and will only be attracted to compelling and competitive offers.

Funding for welfare is the elephant in the room. Welfare, and all that it means, could bring the industry to its knees, tarred with a brush that applies elsewhere. Not only is there an urgent need to provide an insurance fund for the vulnerable within the thoroughbred population, but also to hasten more veterinary research further underpinning industry commitment to its responsibilities.

Additionally, HORSE PWR – the excellent campaign devised and delivered by the BHA – needs to be empowered and funded to reach all parts of British society. Get the message out there and maybe we can start turning those uneducated negative perceptions of horseracing into a positive that will then flow through ultimately to increased participation. This must be recognised as an important and immediate funding priority and places even more importance upon the delivery of successful global and domestic market interventions listed above.

To achieve these goals during a first year of office is a big ask, but it’s what must happen if we are to ride out this storm. Depend upon me, on your behalf, to be one of the first knocking on the BHA boardroom door and offering the full support of the TBA.