And here's a bit of the hard data from OIA requests shortly after that which evidence the risk they took for the huge increase in costs.
Domestic Racing
2008/09
2009/10
2010/11
2011/12
Turnover
GBR
Turnover
GBR
Turnover
GBR
Turnover
GBR
FOB
42,591,832
4,059,581
52,709,045
1,628,421
57,310,826
6,688,593
70,615,380
8,683,330
% margin
9.53%
3.09%
11.67%
12.30%