Following a meeting of the Board yesterday, BHB Chairman Martin Broughton said:

“The Board unanimously decided at the meeting not to seek to appeal to the House of Lords against last week’s Court of Appeal decision, and agreed that a line should now be drawn under the case.

“As far as BHB’s existing commercial contracts are concerned, the Board continues to be advised that these are valid and enforceable. There is no change to that position.

“Concern has been expressed in some quarters about BHB’s financial position in the light of the Court of Appeal Judgement. However, the Board has always been of the view that the position was strong and secure, and this was reaffirmed yesterday. Indeed, it is significantly better than the worst-case scenario to which the Board has responsibly worked since the ECJ Judgement last November, when immediate, prudent steps were taken to contain expenditure. BHB will continue to operate effectively as the sport’s governing authority.

“We look forward to continuing to work with Lord Donoughue’s Future Funding of Racing Review Group, whose work of paramount importance now has a greater urgency than ever.

“Over the coming weeks, the Board and its advisers will be reviewing future strategy with a view to instilling further certainty, as quickly as possible, for the benefit of the sport.”