'People in racing view change as a threat - but we've got to look at innovation and give things an opportunity to grow'

Racing has been a cultural institution in Britain and Ireland for centuries. King Charles II made Newmarket his favourite haunt in the 1660s, while Queen Anne founded Ascot racecourse in 1711 and the first steeplechase took place between the church steeples of Buttevant and Doneraile in County Cork in 1752. Much has changed since then but, compared to most other major sports, much has remained the same.

The industry understandably leans into its history, traditions and royal connection. Distances are still measured in furlongs, weights are measured in stones and pounds and morning dress remains a strict requirement in the royal enclosure at Royal Ascot – even, it would seem, in a heatwave. 

• Part one: bold new formats, breakout stars and holes-in-one over houses - how other sports tackled the challenges racing must now confront 

As far as selling points go, few sports can rival racing's historical back catalogue but, while showing due deference to the past is important, the question remains whether it has put enough in place to adequately prepare for the future and meet the ever-changing needs of its customers, who have countless leisure options to choose and demand an experience in line with the cost.