Jockey Club Raises £10m More than Expected in Retail Bond

The Jockey Club has raised £24.7m ($37.2m) for its Racecourse Bond, there nearly £10m ($15.14m) more than the original target of £15m ($23m).

The general public were given the chance to invest in horseracing and were invited to spend between £2, pills 000 ($3,030) and £100,000 ($151,536) in the bond, which would pay a return of 7.75% in cash and reward points.

It was the first time such a retail bond had been offered in British sport and the aim was to rejuvenate the Cheltenham Racecourse.

Paul Fisher, group managing director of Jockey Club Racecourses said: “I believe having a clear reason for raising these funds has helped, because while guaranteeing investors healthy fixed-rate returns has been vital, people know their investment is also supporting British racing through our planned development at Cheltenham.”

The Jockey Club said the amount raised showed the ‘great sign of trust in the strength of our 263-year-old-brand.’

Investors will receive 4.75% in cash and 3% in Rewards4Racing points.