| 17TH DECEMBER 2009 - TURFTV EXTENSION OF MEDIA RIGHTS TO 2018 AND ALPHAMERIC PERIOD CLOSE UPDATE |
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Alphameric is pleased to announce that its joint venture company, Amalgamated Racing ("AMRAC"), owner of Turf TV, has signed long term exclusive agreements which extend its media rights for 13 Jockey Club racecourses and 17 other independent racecourses. The new agreements, that entail a £6.0M upfront payment of advance race fees by AMRAC and reflect the increasingly competitive market and pricing for racecourse media rights, cover a five year period from the expiry of current agreements in March 2013 to 31 March 2018. In addition, AMRAC has entered into a new 3 year sponsorship agreement with effect from 1 December 2009 with certain of the racecourses to reflect the long-term partnership arrangements in existence. The total cost to AMRAC of these sponsorship agreements is £4.6M. Alan Morcombe, Alphameric Group Chief Executive and Executive Chairman of AMRAC commented: "These agreements consolidate TurfTV's market position and provide a firm foundation for its continued success. In addition to the racecourses we have signed, AMRAC has commenced discussions with Ascot and continues to seek additional horse racing and other rights to add to its product portfolio." Simon Bazalgette, Chief Executive of the Jockey Club, commented: "The Jockey Club's signing of this long term contract with AMRAC indicates its faith in Turf TV's future as a business and our trust in its management. The racecourses' involvement with TurfTV aligns our commercial interest with that of the bookmaker shops, ensuring that we all have a shared interest in economic success." Will Wyatt, Chairman of Racecourse Media Services said: "The new media rights agreements continue the flourishing relationship between TurfTV and the 17 independent racecourses and extend the successful formula by which racing benefits not only from the payment of competitive media rights race fees but also by retaining within the industry a proportion of the profits that were lost to racing in the past." Alphameric Period Close It is anticipated that earnings for the year ending 30 November 2009 will be in line with market expectations. The Group intends to announce its results in February 2010. - ends - |
