The rebrand – devised with the help of brand consultants Harrison Fraser – is the result of months of interviews and workshops with racing professionals, race-goers and punters and has cost £250,000 to develop.

Harrison Fraser's research found that around 10 per cent of the British population goes to the races at least once a year, a third of which attend on a regular basis. The rebrand’s goal is to ultimately convert irregular racegoers into more regular ones and reach out to around 90 per cent of the population who never go to watch the sport.

“If racing came to life as a person,” said John Harrison, one of the firm's senior partners. “We think it would be a bit of a Brian. Brian is traditional and British and thinks in quite an old-minded way. He's got a group of friends that are very loyal, and when they get together they have a fantastic time, but then talk in a language that no one else can understand.”

“Five years in the future, if you have created the ideal racing experience for everybody, the picture is of a Ben industry. Ben is younger-minded than Brian, more worldly, in touch with a new generation but the nice bit about him is that he can talk to your grandmother but equally he can talk to your teenage kid.”

Harrison added that racing has the opportunity “to be famous for creating a new British classic brand.” An initial progress reports is expected in July.