'Hypocrite' racing chief has got to go, insists John McCririck

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A company co-founded and chaired by Roy - New Smith Asset Management - are believed to have applied for £40million worth of shares in betting exchange Betfair when they went on sale on Friday. It is believed that New Smith secured around £5m.

When Betfair announced their intention to float last month, Roy used it as an opportunity to slam the exchange, claiming they had "certainly disrupted British racing's finances and created severe consequences".

Roy's continued attack on the exchanges for failing to pay a sufficient level of income to racing is claimed to be "mere lip service", according to Channel 4 Racing pundit McCririck.

He claimed: "The sheer hypocrisy of the man. You couldn't make it up. He's got to go. Roy's position is untenable. If the man has any honour at all, he won't bother turning up at the BHA HQ and he'll fade away from the scene.

"This isn't just a racing story. It's greed overcoming principles. He has no credibility. What I want to know is how many other members of the BHA board have invested in Betfair?"

The BHA were not in a position to disclose this information but Roy defended his stance, saying: "I still maintain that [Betfair] doesn't pay a sufficient level of levy income to racing. My interests are all declared and it is not a conflict."