Ascot is cantering ahead of the pack

Concern that Ascot must prove itself a viable organisation for commercial borrowing is expected to prompt this new and open approach, coupled with a more modern slant on its business presentation.

"We do not publish our accounts, like many other organisations, because we are a single-purpose trust," said Erskine-Crum.

"However, as our activities expand and we move into the redevelopment of our facilities, we are considering carefully how we present ourselves to financial institutions and anyone who is interested."

Ascot leads Britain's racecourses as the main money-earner, with Cheltenham in clear second place from the pack.

Gate receipts, media rights and sponsorship form the backbone, along with hospitality - an income stream significantly increased under Erskine-Crum's reign, from 50 days per annum around five years ago to 300 in 2001.

Its total annual sponsorship income tops £3 million. That's more than twice its nearest rival - Epsom, where the Derby is staged. Ascot also comfortably beats its counterparts in the prize-money stakes. Spread over 25 annual fixtures - 16 Flat and nine National Hunt - it topped the £6m barrier this year.

The 24 races of the Royal meeting are traditionally unsullied by sponsorship - a policy that irks certain factions of the racing industry. But the fixture's mere presence in Ascot's racing calendar underpins annual income.

"Other key revenues throughout the year depend on us having the Royal meeting in our portfolio," said Erskine-Crum. "It's the value of association. Without it, sponsor-ship would dwindle by two-thirds and our media rights would be worth considerably less.

"When the foot-and-mouth epidemic was at its height and the spectre of Royal Ascot being cancelled arose, we had a flood of concerned letters from milleners, dressmakers and various local businesses. The racing industry and a raft of other concerns rely on and underpin the event."

Attendance on the opening day of this year's Royal meeting fell by 7.3 per cent from 50,609 to 46,924. But it was still the second-largest Tuesday crowd on record. Yesterday's meeting suffered a lesser shortfall of 4.2 per cent, from last year's 55,743 to 53,433.

This slight downturn was expected because significant numbers of advance bookings are usually taken in February and March - a period mired in uncertainty this year due to the foot-and-mouth crisis.

But Ascot's earning potential now reaches beyond its racing product alone. It has initiated a major worldwide licensing programme - a long-term project that could be a serious money-spinner in countries such as America, Japan and elsewhere in Europe.