UK merchant banker Paul Roy has been appointed the first chairman of the British Horseracing Authority.

The BHA has been established to bring together governance and regulation of British racing, currently carried out by BHB and HRA separately, and removing commercial matters as far as possible. It was intended to fulfil one of terms by which the British government can retain the levy system beyond the previously announced abolition in 2009. 

Roy is a major British-based owner and this season he has had the St Leger winner Sixties Icon and Dutch Art, who carry his wife Susan's all-mauve colours, to make him the second most successful owner of the season.

Roy has no previous political involvement in the sport, but, conceding it was "a big role," he said on Monday that he would "be very comfortable" carrying out one its briefs as an ambassador for the BHA, and would be "proud to represent the sport, here and abroad".

“Racing is complex in its make-up, with a number of stakeholders and different interests, but just recently there has been evidence that they are pulling together to work for the good of the sport. I'd like to help that process,” he said.

“There are no easy answers, but I've found in every business I've run that you need patience, to be a good listener, and to be able to manage people from different walks of life with different capabilities. That's how I'll approach this job.”

Roy, 59, was a founding partner of London-based NewSmith Capital Partners.