Racing's bosses yesterday insisted the industry is in line for an annual £50 million boost once a future funding plan comes into effect.

The extra cash will flow into the sport once the levy is scrapped.

The blueprint for the future was unveiled by the British Horseracing Board.

Changes were enforced after the government announced it was scrapping the Horserace Betting Levy Board, which has been responsible for the funding of racing for 40 years.

''We believe this plan is the right way forward and will put us in control of our own destiny,'' said BHB chairman Peter Savill.

Angus Crichton-Miller, the chairman of the Racecourse Association, said: ''There might be the odd maverick but I am entirely supportive of the plan.''

He admitted that all 59 racecourses could not be forced to support the plan but he believed they would.

Big losers from the new funding plan are Satellite Information Services.

Currently their profits from their deal with the RCA to provide television pictures from the racecourses are between £25m and £28m.

''The deal will mean that SIS cannot continue to sell their products. They might still be the providers of the service but it means those huge profits will be deeply eroded,'' said Crichton-Miller.

The plan, unanimously approved by the BHB last week, has already been sent to the Home Office for approval.

The main thrust is based on combining all of racing's media rights into a package for sale to bookmakers and media companies