How British racing is actually run (and why it sometimes doesn't work)

Who runs British racing? It would seem a simple question, yet what many think is a simple answer would not be the correct one, not completely anyway.

The BHA does not run British racing, at least not to the extent many people, even figures employed in the industry, would seemingly believe.

Racing is a complex sport, one that to outsiders can be hard to comprehend. The sport's power structure is no less confusing. The way it works, and at times the way it does not work, hangs on relationships of mutual dependency, blurred divisions between governance and regulation, the absolute need for collaboration, regular doses of pragmatism and, on occasions, a debilitating lack of trust and transparency.