THE owner of Sedgefield and Newcastle racecourses doubled annual profits and turnover after completing a landmark deal to become the UK's third largest operator.

Chepstow Racecourse now owns nine venues following the tie-up with Northern Racing, a bigger operator that also has Sir Stanley Clarke as chairman.

Sir Stanley, who is a member of the Jockey Club, believed the business had a "firm foundation for a successful future" after the deal helped Chepstow lift turnover by 131 per cent to £9.4m, and profits by 101 per cent to £1.3m.

The company said it would consider further deals to expand its portfolio, which includes Uttoxeter, Hereford, Great Yarmouth, Chepstow, Bath, Brighton and Fontwell Park. Chepstow currently hosts about 15 per cent of the UK fixture list.

Chepstow recently gained planning permission for a £5m all-weather track at Sedgefield, while managing director Rod Street said the planned deregulation of the gaming industry should create further opportunities.

About 80 per cent of the company's income comes from race days, although Chepstow is facing uncertainty over the future of media rights.

An industry-wide deal with attheraces expired last night, but Chepstow said it was confident that new arrangements could be finalised soon.

It said: "Our view is that these rights remain significant and that new agreements will be reached in order that they are properly exploited."

Chepstow said all its racecourses experienced growth in admission levels.