The British Horseracing Authority (BHA) and Geoff Banks have today announced that they have resolved their legal dispute over the incident involving Speculative Bid during the Gigaset International Stakes at Ascot on 25 July 2015.

The parties have consented to an Order that the proceedings against the BHA be dismissed. As a gesture of goodwill, on this specific occasion the BHA has agreed to make a contribution to the legal costs incurred by Geoff Banks in connection with the proceedings. No payment is being made in respect of the losses claimed by Mr Banks.

Both parties have agreed that the settlement does not constitute any admission of liability or wrongdoing by either of them.

Nick Rust, Chief Executive of the BHA, said:

“We have never accepted that a duty of care exists as it would have serious implications for the funding of our sport and a direct impact on the livelihoods of participants. We are pleased that we have been able to settle the matter amicably with Mr Banks without him or the BHA incurring unnecessary additional legal costs.

“We take full responsibility for the initial error, and it’s important that we learn from this incident to prevent it happening again. This case has been useful in that it helped us to examine our policies and performance, and we are grateful to Geoff for raising the matter and for the approach he is taking to help us learn and improve.

“We have asked Geoff if he would be willing to help the BHA by working closely with us on our policies that affect the bookmaking industry, given the impressive knowledge and vigour he has shown throughout this case.”

Geoff Banks said:

“I’m heartened by the honest attitude of Nick Rust and his team, not only to help resolve matters amicably, but to progress the relationship between the betting public and the sport. I feel we’ve gained a positive outcome from Ascot. I welcome the opportunity to work with the BHA on these matters going forward.”

Notes to Editors

1. No further comment on this matter will be made by either party.

2. The findings of the BHA’s initial internal investigation into the Speculative Bid incident can be found here: https://www.britishhorseracing.com/press_releases/bha-publishes-findings-of-internal-investigation-relating-to-speculative-bid-incident/