By Cornelius Lysaght BBC racing correspondent

Great Leighs was placed in administration last month

As racing prepares for the feel-good factor associated with its high-profile jumping festivals at Cheltenham and Aintree, the sport has been rocked by warnings about finance and image.

Not only have racecourse leaders spoken of a 40% drop in race sponsorship, but branding experts have described the sport as "invisible to most people".

Traditionally, racing is hit later than most by economic woes, and although the impact so far has been small enough, it is certain that tougher times are around the corner.

The champion owner David Johnson has reduced the number of his horses, and has predicted others will follow suit or vanish completely with the obvious knock-on effect.

The recession has also played a part in the difficulties experienced at the new Great Leighs racecourse in Essex which was forced into administration.

The 40% figure - thought to represent �5m - is disputed by some (who think the true figure is only half that amount), but is based on forecasts from the influential trade organisation, the Racecourse Association.

For many people, racing is invisible Branding consultant David Fraser

Whichever way you look at it, racing is looking at a considerable black hole in its already troubled finances.

At the annual British Horseracing Authority-organised conference, that claim and some home truths for racing from an image specialist left delegates dazed.

Branding consultant David Fraser called for a more understandable and attractive format to bring back the crowds which are, according to latest figures, down 10%.

"Racing is such a well-kept secret," he said, "an absolutely brilliant secret. For many people, racing is invisible.

"It [racing] is generally well-regarded, but people don't think of it much. It is a peripheral activity."

Fraser pointed to low numbers of young people, women and members of ethnic groups at race meetings, an experience he described as "spectacularly white".

Backing Fraser's conclusions, Chris McFadden of Racing Enterprising Limited added: "Our sport is too complex, has a meandering story with no conclusion and speaks in an alien tongue."

They are to a large extent correct, but a call for a marketing budget of �5m to make the point is probably optimistic in this climate.

BBC Radio and Television have made giant strides in the battle to tell racing's story in a better, simpler and more accessible way.

There are, however, plenty of others who sneer at us for 'dumbing down', but those that take that view really are sticking their heads in the sand.

With a fortnight to go until the Cheltenham Festival, the recession is blamed for the fact that ticket sales are running at about 80% of their 2008 levels.

Memo to the head-in-the-sand merchants: you may have slightly less people to talk to, so more time to think about the future.

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