A new governance structure for British racing has been agreed by the sport’s leaders with the aim of allowing for the development and implementation of a new industry strategy to secure racing’s future.

It was agreed in September that the British Horseracing Authority will lead on the development and delivery of the new industry strategy, with the work underpinned by the new governance structure.

Under the new structure the BHA board becomes the ultimate decision-making authority, but the creation of three sub-groups which feeds into the BHA board will ensure streamlined and collaborative decision making that has the support of the various shareholders in the sport.

The three sub-groups will be the Commercial Committee, the Integrity Advisory Committee and The Industry Programme Group, with each made up of members from within the sport’s major shareholders and participants.

The final obstacle was negotiated on Monday morning when the proposals were passed by an extraordinary general meeting of the Racecourse Association.

Julie Harrington, chief executive of the BHA, said: “The agreement of a new governance structure is an important step along the road to developing an industry strategy to secure the future prosperity of racing in Britain.

“This new structure not only provides a platform upon which progress can be established, but also clarifies the BHA’s role as the sport’s governing body and regulator. Acting on behalf of our members at the Racecourse Association and the Thoroughbred Group, I am confident that this structure will lead to better informed decisions on commercial and strategic matters.”

The restructure ends the tripartite structure of the BHA, the Racecourse Association and the Thoroughbred Group – and with it removes the power of one body to veto changes to the current make-up of the sport.

“The veto has frustrated so many people in the sport and the fact that everyone has come together to agree that this is a better structure is very encouraging,” said Joe Saumarez Smith, chairman of the BHA.

“The removal of the veto is very important and ultimately any recommendations go up to the BHA board which makes it easier for those difficult decisions to be made. Quite often under the old structure people were avoiding making difficult decisions because they knew the veto was there.”

Some of the issues the new structure will attempt to tackle include increasing the attractiveness of British racing and long-standing prize-money issues, small field sizes and the increased number of horses moving overseas.