The formalities relating to the transfer of the course into the group were completed prior to the start of April when Exeter became the fourteenth course to join Jockey Club Racecourses.
As part of the agreement for the transfer, Jockey Club Racecourses will be investing £2.4m at Exeter. This will include a rebuild of the weighing room complex, as well as the creation of additional corporate boxes and viewing stands. A loan from the Levy Board to assist in the development has been approved in principle and it is expected that work will be completed in 2009.
Andrew Coppel, Chief Executive of Jockey Club Racecourses, said: "It is great news that the formalities have been completed and that Exeter is now officially a Jockey Club Racecourse.
"We have been working with Exeter's Managing Director, Geoffrey Billson, and his team to ensure the transfer is as smooth as possible and to enable the course to capture the benefits of being part of the group as soon as practicable. Exeter's commitment to, and reputation for, providing quality jump racing obviously fits very well with our own ethos and there will be scope for some cross promotion with our other National Hunt courses, in particular, Wincanton and Cheltenham.
He added: "Exeter also has much to offer on non-racedays and the course will be a valuable addition to Pegasus, our Conference and Events arm. We are very much looking forward to working with the team, upholding the existing values of the track and enhancing its future prospects from a commercial perspective."
Notes for Editors:
Exeter currently holds 16 fixtures a year, between October and May. The two mile track is often considered to be one of the most demanding but fairest courses in the country. The principal race of the winter programme is the Haldon Gold Cup (currently the William Hill Gold Cup which is run in November).
Nick Vaux will continue as Exeter's Chairman and Geoffrey Billson remains Managing Director. Joining them on Board will be Christopher Hodgson, Jeremy Colson, Nicholas Maxwell-Lawford, and David Coard.
Exeter's existing contracts with At The Races and BAGS / SIS are un-affected by the transfer to Jockey Club Racecourses.
Exeter is the fourteenth course to join the group. The other 13 Jockey Club Racecourses are: Aintree, Carlisle, Cheltenham, Epsom Downs, Haydock Park, Huntingdon, Kempton Park, Market Rasen, Newmarket, Nottingham, Sandown Park, Warwick, Wincanton.
Prior to Exeter, the last course to join Jockey Club Racecourses was Carlisle in 2001. Cheltenham was the first course to come under the group's ownership in 1964.