Jockey Club enjoys year of growth in 2025 but core profits fall by a third due to rising costs

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The Jockey Club said it had enjoyed a year of growth in 2025 as British racing's largest commercial organisation unveiled its financial results on Monday.

However, core operating profits fell by a third due to rising costs and increased investment.

Turnover of £250 million was up £3.6m or 1.5 per cent on 2024, with growth seen in attendances, media rights income, sponsorship and non-racing income streams, the Jockey Club said.

Jockey Club accounts at a glance

• Turnover of £250 million in 2025, up 1.5 per cent on 2024.
• Core operating profit £12.6m, down £6.6m.
• Aggregate attendance across the Jockey Club’s racecourses increased to 1,474,000 in 2025, with paid attendance rising by 1.3 per cent.
• £11.7 million invested in capital expenditure projects in 2025, compared with £11.3 million in 2024.
• Net debt position of £50m in 2025, down from £51.7m.

Aggregate attendance across the Jockey Club’s 15 racecourses increased by 25,000 to 1,474,000 in 2025, with paid attendance rising by 1.3 per cent despite ten fewer fixtures being staged during the year.

Core operating profit of £12.6m was down £6.6m on the previous 12 months which the Jockey Club said 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.

Jockey Club group chief executive Jim MullenCredit: Edward Whitaker (racingpost.com/photos)

Jockey Club group chief executive Jim Mullen said that 2025 had been an important 12 months for the organisation.

He added: "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 four per cent, the July festival up six 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."

Mullen said the reduction in profitability reflected inflationary pressures, with staff costs a "significant driver" due to increases in the national living wage.

Other factors included investment in racegoer experience, "which is so vital to supporting the long-term growth and sustainability of both the Jockey Club and British racing".

Total prize-money of £58m was distributed in 2025 – up from £56.9m in 2024 – which included an executive contribution of £30.1m, up £400,000 on the previous year.

Total prize-money of £58m was distributed in 2025Credit: Alan Crowhurst (Getty Images)

The Jockey Club said in January that its prize-money was expected to exceed £60m for the first time in 2026.

There was £11.7m invested in capital expenditure projects in 2025, compared with £11.3m in 2024, with around £2m invested in track infrastructure and equine facilities across its 15 tracks.

Turnover at Jockey Club Estates grew by six per cent to £9.7m, while the National Stud reported a loss after depreciation of £300,000.

The Jockey Club’s long-term net debt position stood at £50m in December 2025, down from £51.7m at the end of 2024 and less than half the peak figure of £105.8m in 2015.

Mullen said the £100m deal signed in March with Levy, the sports and entertainment division of Compass Group, was a significant milestone and one that would support future investment in the sport "for years to come".

He added: "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."

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