Furious bust-up could change the way British racing is governed for good

The news of the breakdown of commercial talks between Arena Racing Company and horsemen that emerged on Monday had the feel of a potential watershed moment for British racing, a snapping of patience among a number of the sport's stakeholders.

It may well have come even if a deal had been done, as had seemed to be still a possibility judged by the to-ing and fro-ing and phone calls in corridors that took place before the press conference at London's Caledonian Club called to launch the ninth All-Weather Championships.

There has been talk for a while that the Members Agreement signed six years ago by the BHA, Racecourse Association and the constituents of the Horsemen's Group, which installed a new tripartite governance structure for the sport, needed revisiting.