It is an indication of his energy that despite such a packed fixtures list he has also managed an impressive career in advertising. The result will be an increase on the 14m a year ploughed back into racing. Mr Jones, who headed a Tote review steering group for the Home Office, has suggested a sale, possibly on a 15-year licence, to a racing trust incorporating a broad range of interests from the racing world. Under the racing trust plan, all Tote profits would continue to be channelled back into racing. Whatever the advantages, it is unlikely to generate much of a windfall for the Treasury.
Critics consider such a price to be an unconscionable discount on a taxpayer-owned business.
Others point out that the government has never subsidised the Tote, nor has the Treasury ever received revenue beyond standard taxes. Mr Jones seeks the middle ground. The fact of the matter is that the Tote has benefited from an exclusive arrangement granted by the government since 1929. In that context, it is very difficult to say that the government has made no contribution - it has made no financial contribution, but it has made a contribution in kind. If the proposed racing trust picks up the Tote for a sum of money that is less than its full market value, that will reflect the government true stake.