Mr. Jason Morris:

I was involved in the last round of negotiations. That was a value that people buying the rights put on the rights at the time. They put on offer to HRI and the AIR and, as Ms Eade said, it was approved by all involved. They valued the data rights that HRI provided. We own the data rights and the racecourses own the picture rights. This was all collectively negotiated by the media rights committee and subsequently approved by the HRI board and the 26 racecourses. That was how they valued the rights at the time. They put a price on it. We get a payment per fixture to HRI.