Attheraces admitted today that it is unlikely a new contract will be agreed with forty-nine racecourses to ensure the channel's continued broadcasts of UK racing.

In a statement, the channel said:

"Although discussions are still ongoing with all parties, attheraces believes there is little chance of achieving a successful outcome before Monday's deadline.

"Although negotiations with the 49 tracks continue, without new contracts in place on March 30, attheraces will cease the broadcast of live UK horse racing.

"In this event, attheraces hopes to continue with its evening broadcast of the popular US racing programme, albeit a cut-down version.

"Attheraces intends to remain in negotiations with all parties to try and secure a new agreement even if the broadcast of UK racing ceases.

"In the meantime, attheraces hopes to be able to continue to license UK racing for broadcast in betting offices and other overseas customers and has today written to the courses requesting a one-month contract relating to overseas rights.

"Attheraces is fully aware of the value that these rights bring the racing industry in this country and does not wish the ongoing media rights discussions to jeopardise UK racing's standing in the international market.

"Attheraces also intends to continue to operate its betting business, which has grown rapidly over the last year and recently achieved record turnover during the three days of the Cheltenham Festival.

"All account holders with Bet attheraces will continue to be able to bet as normal on the phone and via the internet after March 29 and will be unaffected by the protracted media rights negotiations. All customer account balances are protected."

The current contract, worth £307m, is ending early via a get-out clause after the gross profit margin at the Tote fell.