Racecourse and media group Arena Leisure yesterday announced plans to raise £85 million sterling and confirm its position as a partner in the new Go Racing media rights agreement with British racecourses.

Go Racing, the joint venture involving Arena, BSkyB and Channel Four, is on the brink of securing a deal to broadcast from the vast majority of British racecourses, including all those with terrestrial television coverage.

Already 32 of Britain's 59 racecourses, including Aintree, Ascot and Cheltenham, have given their assent to the Go Racing deal.

Nine smaller courses have pledged to go with the rival GGMedia offer backed by SIS.