Martin Cruddace: 'The fixation on media rights is economically illiterate - I'll never allow a trainer to tell this company how it should be run'

As new year's messages go, there have been cheerier communications. "Unfortunately I can't be optimistic for the near future," Arena Racing Company chief executive Martin Cruddace replies in matter-of-fact fashion when asked about the state of the British racing nation.

"I do believe the strength of the sport means that we will recover in time but it will be painful," he adds.

Cruddace is speaking at Arena Racing Company's (Arc) headquarters in London's Millbank Tower as one tough year for British racing is ending and another crucial 12 months for the sport is about to begin.