The Jockey Club has today announced its full-year financial results for January to December 2025.
The results include turnover of £250 million, up £3.6 million (1.5 per cent) on 2024 (£246.4 million), with growth seen in attendances, media rights income, sponsorship and non-racing income streams.
Aggregate attendance across The Jockey Club’s racecourses increased from 1,449,000 in 2024 to 1,474,000 in 2025, with paid attendance rising by 1.3% despite 10 fewer fixtures being staged during the year.
The Jockey Club’s core operating profit in 2025 was £12.6 million, down £6.6 million on the previous 12 months (£19.2 million). This was primarily due to cost inflation, investment in the customer experience - particularly at the Cheltenham Festival - and the impact of £2.7m in one-off business rates rebates received in 2024.
Total prize money of £58 million was distributed by The Jockey Club in 2025 (up from £56.9 million in 2024), which included a contribution from its own resources of £30.1 million (up from £29.7 million in 2024). This reflected average total prize money per fixture of £189,250 (up from 180,000 in 2024) and executive contribution of £98,045 per fixture (up from £94,000 in 2024).
The Jockey Club continued to invest in its facilities, with £11.7 million invested in capital expenditure projects in 2025, compared with £11.3 million in 2024.
In 2025, capital projects included investment in racecourse infrastructure, property and estate improvements and the continued development of digital ticketing and business systems.
The Jockey Club invested approximately £2 million in track infrastructure and equine facilities across its 15 racecourses, supporting the delivery of high-quality racing and welfare standards.
At Jockey Club Estates the business continued to provide training facilities for racehorses in Newmarket and Lambourn, turnover grew by 6 per cent to £9.7 million and while horses in training is falling as a national trend, increased turnover was driven by growth in external projects and income including environmental land management grants.
The National Stud reported a loss after depreciation of £0.3 million (2024: £0.1 m loss). Commercial stud operations including boarding and spelling continued to perform well, with the organisation maintaining its important role in supporting the thoroughbred industry through education, training and public access programmes.
Progress continued to be made on reducing The Jockey Club’s long term net debt position which in December 2025 stood at £50 million, down from £51.7 million at the end of 2024. It was £105.8 million at its peak in 2015.
Jim Mullen, The Jockey Club’s Group Chief Executive, said: “Last year was an important 12 months for The Jockey Club. We continued to drive growth in attendances and across all our key revenue streams which allowed us to continue to invest in the future of British racing.
“We welcomed more racegoers across our racecourses and performance at our major events remained encouraging, with strong attendance growth at the Randox Grand National Festival, which was up 4 per cent, the July Festival up 6 per cent, the Betfred Guineas Festival up 13 per cent, and the Ladbrokes Christmas Festival up 18 per cent. Even the small decline in attendance at the Cheltenham Festival offered signs of encouragement with decisions taken to improve the customer experience, such as limiting crowds, generating positive customer feedback and laying foundations for future growth.
“Profitability was reduced during the year, reflecting the inflationary pressures felt across the business, a significant driver of which was staff costs with a National Living Wage rise of 9.8% in the first quarter and 6.7% for the remainder of the year. Other factors contributing to a reduced year-on-year profitability included continued and significant investment in our racegoer experience – which is so vital to supporting the long-term growth and sustainability of both The Jockey Club and British racing - and the benefit of one-off business rates rebates received in 2024.”
Mullen highlighted The Jockey Club’s newly announced extended arrangement with Levy as an important moment for the organisation and one which will unlock enhanced future investment to drive further revenue growth to combat the cost challenges that the organisation and the sport face.
He explained: “Our long-term strategic partnership with Levy, announced after the year end, marks a significant milestone for The Jockey Club. The £100 million investment associated with the agreement will help enhance our racecourses, improve facilities for customers and participants and support future investment in the sport for years to come.
“As a business with a unique purpose, every decision we make is focused on promoting the long-term success and sustainability of British horseracing. We remain committed to investing in our people, our facilities and our race programme, while continuing to strengthen our financial position and deliver sustainable returns that can be reinvested back into the sport.”
