Horse racing is set to have a new regulatory body after the Jockey Club announced an initiative proposing to hand over responsibility to an independent company.

The plan, which has been backed by Minister for Sport Richard Caborn, could come into effect as early as next year and aims to bring wider accountability to the role of regulator.

If carried through, it would bring to an end the Jockey Club's 250-year-old role as regulator of British horse racing.

The perception of a private club regulating a major British sport could be damaging Christopher Spence Jockey Club

The Jockey Club's move comes partly as a consequnce of the BBC's Panorama programme - screened on 6 October - which provoked widespread criticism of the sport.

"We recognise that in today's changing environment, the perception of a private club regulating a major British sport could be damaging," said Christopher Spence, senior steward of the Jockey Club.

"In proposing this change, we believe we are acting responsibly towards racing's participants, racegoers and the general public.

"We look forward to using our knowledge and expertise to continue to serve racing to the best of our ability."

Jockey Club spokesman John Maxse shed further light on the proposals.

Panorama and the ensuing coverage did act as a catalyst John Maxse Jockey Club

"The new chairman would have to be demonstrably independent of the Jockey Club and the British Horseracing Board," he said.

Maxse confirmed that the new initiative had been expedited by Panorama's findings.

"There was a meeting between the Jockey Club and the Minister of Sport in October, which provided us with an opportunity to speed up a process which was already under way.

"Panorama and the ensuing coverage did act as a catalyst to speed up the process."

The regulatory company would comprise four independent directors and two nominated by the Jockey Club, as well as a number of executive directors.

The Jockey Club's regulatory staff and racecourse officials would also be transferred to the new company.

While important details such as funding, financial accountability and cost control have yet to be finalised, it is hoped that the plan could be implemented during 2004.