An agreement made with housing developer Redrow to retain an option to build on Kempton Park was made "in the best interests of racing," according to a key figure in the discussion.
Kempton Park is the home of the Road to the Kentucky Derby Condition Stakes, a qualifying race on the European/Middle East Road to the Kentucky Derby contested each February that awards points on a 20-10-6-4-2 scale to the top five finishers. The racetrack also played host to 1935 Triple Crown winner Omaha, who twice raced there in 1936, winning the Victor Wild Stakes and the Queen's Plate as he prepared for his try at the Ascot Gold Cup.
Paul Fisher headed Jockey Club Racecourses between 2010-20 and said the organization remained hamstrung with the same issues it faced in 2017-18 around raising funds for investment in its tracks, and that it continued to need money to upgrade its portfolio.
Fisher said: "The challenges at the Jockey Club now seem to be the same as they were back then, in that there is a need for capital investment at racecourses. They are big beasts, and they suck up money, which I know from the redevelopments at Aintree and Cheltenham that happened during my time there.
"As the Jockey Club is not a PLC, it only really has two options for raising capital: debt, which is what we did for Aintree, Cheltenham, and Epsom, or selling assets. With Kempton, there are three racecourses in London, and you have a 300-acre site there that's ripe for development. The Jockey Club has to look at all these options."
Initial plans to sell Kempton were publicized in 2017, prompting a backlash from racing and local people and groups. However, Redrow retained an ability to take control of the venue and take it forward for potential development under pre-agreed conditions.
Last week, new Jockey Club chief executive Jim Mullen said the future of Kempton was "out of my hands," although the Racing Post understands that Redrow would still have to meet various clauses for a deal to go ahead even if it exercised its option.
Fisher said the nature of the Jockey Club's negotiations with Redrow was "well documented at the time," and that different plans had been put forward, including retaining the racecourse as part of any development, in line with shifting attitudes from the local council.
He said: "I always have been a huge advocate for the Jockey Club and what it does, so any decisions we made have always been in the best interests of racing. Everything that the Jockey Club gets goes back into the sport, which is fantastic, and its investment that was needed then and is still needed now, more so than ever, really."
Spelthorne Borough Council has not included Kempton in its 'Local Plan,' which guides decisions for future development. Nevertheless, Redrow said it was continuing to review whether the site could be used for new housing.
Spelthorne's Local Plan, under which Kempton is protected as "strongly performing" green belt, is likely to be adopted in the coming weeks.
Due to delays in the process, a new Local Plan may be required within 12 months, something which could be further complicated by government plans to reorganize local government. Spelthorne is due to become part of a larger council covering West Surrey, which is set to formally begin operating in 2027.
The council said in a statement: "Kempton was promoted by the owners in (the) council's 'Call for Sites' exercise (approximately 2,500 dwellings), which was part of the process of preparing for a new Local Plan for Spelthorne.
"However, the council did not take the site forward as a proposed allocation site in the emerging Local Plan, largely because the site is strongly performing green belt and it plays an integral role in the wider strategic green belt.
"The recent government planning policy changes are not considered to affect the existing status of the land as strongly performing and strategically important green belt. There have not been any planning applications for residential development at Kempton Park over the last 20 years."
A spokesperson for Redrow said: "We have an agreement with the Jockey Club giving us the right to promote Kempton for development, and since this agreement was made, we have been reviewing whether the site, or parts of it, could assist with the delivery of much-needed new housing in Surrey. We will share further updates in due course."
