Collapse of prize-money deal shows how racing is paralysed by the power of veto

How many racing industry stakeholders does it take to change a lightbulb? Eight to be quorate, but just one to veto the lightbulb change as a slippery slope to more evening racing.

Okay, so it's not the funniest gag in the world (you try coming up with a joke about racing politics) but sometimes there is nothing left to do but laugh – and the dysfunctional manner in which British racing is run has long since crossed the threshold into gallows humour territory.

There are two schools of thought about the governance of British racing. The first supposes the current model, whereby each major group in the sport enjoys a veto on any significant decisions, promotes healthy cooperation and compromise between factions with a mixture of shared and divergent interests.