English football experienced its nadir in 1986, with hooliganism attracting government comment, falling attendances, and outdated stadiums that encouraged zero interest from broadcasters – even the iconic Match of the Day was losing viewers, with the BBC considering its position. The only betting available was a fixed odds product that had limited appeal.
By 1992 it was clear that if football was to survive and prosper, radical change was necessary in the institutions of the Football Association and Football League, established in 1863 and 1888 respectively. Six enlightened and progressive club chairmen conceived and promoted the concept of a Premier League, limited to 22 clubs (later 20 clubs) with clear ambitions of promoting a product in a global market.
Sky came along and paid £304 million for a five-year deal to broadcast matches live in a programme where the three o’clock Saturday afternoon kick off was no longer sacrosanct and fixtures would be played when audiences demanded. The betting industry also saw the potential of this ‘new lamps for old’ product and began to innovate and develop an offer for a digital age. Fast track to 2025 and Premier League football is one of the world’s top four sports properties; global broadcasting revenue exceeds £3.4bn with feeds to 55 broadcast partners across 189 markets. The total revenue of the Premier League is more than £10.5bn, with global betting revenue exceeding £77bn.
A rising tide lifts all boats they say and the EFL – comprising the three leagues below the Premier League – is the highest attended league body in Europe, with just short of 24m going through the turnstiles. Add that to the 15m of Premier League attendance and it’s a far cry from the problems of 1986.
The foresight, courage and sense of those six chairmen has paid off handsomely. Premier League clubs have clear rules how income is shared and ownership is limited to income not equity, so the principle and structure of the Premier League remains uncompromised. In total, 17% of all broadcast revenue is directed to lower leagues and grassroots football, a clear recognition of the importance of a development pathway for players, managers, referees and the like.
British horseracing is currently in the same place that football found itself in 1986, with domestic betting turnover 25% down against a global market forecast to increase by 4%, over 15% lost through the turnstiles since Covid, and a foal crop down by 20% in three years.
The writing is on the wall – the industry, to paraphrase Socrates, needs to stop fighting the old and concentrate upon building the new. Project Pace is that builder, an all-industry initiative that seeks a transformational funding solution for British racing. It is not, as some claim, an attempt to sell the family silver but to develop a global product that has attraction to new audiences within a platform that British racing retains the majority stake.
All elite sport is now about global identity; horseracing has started on that journey and pulling together an international programme to include the best races and meetings worldwide has real currency – Britain must play a significant part in that.
As with the Premier League, there will be a limitation upon the number of racecourses and races that can be included. Control and restriction of supply grows interest and, as with football, there will be a recognition of the vital role the racing pyramid provides in the support and sustainability of these high-quality fixtures and horses.
Digital and AI platforms are growing exponentially internationally with sports betting forecast to grow to £169bn (ex football) by 2028. With major markets developing in Brazil, US, the Far East, India and eventually China, the opportunity is significant. What do these markets all require? Product – but it must be an elite offer delivered under the highest integrity standards.
This is British horseracing’s opportunity to leverage its strengths and right the decision disasters of 1962, when an annual levy payment was taken over an equity share of betting, and 1986, when picture rights became available but not developed to benefit the entire industry.
The window to capitalise on this opportunity is unlikely to stay open for long. Positive, decisive planning and delivery will be required. I am privileged to lead Project Pace and am determined that everything and anything is on the table. Steve Jobs said: “The people who are crazy enough to think they can change the world are the ones who do it”. I hope that, in time, you will be calling the Pace steering committee crazy too!
