Background to, and reasons for the Acquisitions and Rights Issue, Arena Leisure believes that horseracing in the UK is a fragmented industry and one in which considerable opportunities for consolidation exist.
There are currently 59 racecourses in the UK of which four, Lingfield Park, Folkestone, Wolverhampton and Southwell are owned by Arena Leisure. The Board intends that Arena Leisure should be a leader in the process of consolidation, which it believes will confer operational and other benefits on the Enlarged Group.
In particular, the Board believes that income from television and other media should be enhanced in the medium term as a result of Arena Leisure’s ownership of a larger number of courses and hence control of a significant number of UK horseracing fixtures.
Arena Leisure accounts for 18 per cent. of the UK horseracing fixtures in each calendar year. It expects to stage all weather racing on every day (except Sundays) throughout January, February and early March each year. Arena Leisure is the second largest operator of racecourses in the UK (in terms of numbers of both fixtures and courses) behind The Racecourse Holdings Trust, a subsidiary of The Jockey Club.