Companies: ARE   

Arena unveiled the terms of the new media rights bid for UK racing submitted by Go Racing and promptly gained 3.5p to close at 150p. Much as expected, Go Racing is offering more than £750m over the first ten years, with a guaranteed cash sum of £400m, including an £80m marketing budget. Payments over and above the £400m will form a percentage of the bets taken by Arena's gaming service. The sweetener being offered is a £50m upfront cash sum, likely to entice the racecourse operators away from Carlton Communications £400m bid. Arena, which, through its ownership of six racecourses, operates 20% of UK racing fixtures, added that the consortium was currently in advanced negotiations with international racecourse groups to form a 24 hour dedicated channel. The consortium has already promised a digital interactive channel, supporting internet service and a new lunchtime programme on Channel 4.