Peter Savill yesterday pledged strong leadership and the improvement of racing's finances after emerging as the new chairman of the British Horseracing Board at the end of one of racing's longest sagas.

Savill, who was appointed unopposed as he stepped into his new role, laid out the blueprint for his four-year term of office.

But the 50-year-old Yorkshireman, the architect of the financial plan which triggered the resignation of previous chairman Lord Wakeham, warned the racing industry not to expect overnight success.

Savill, who officially begins his job on June 7th, said: "The absolute focus for me would be the improvement of the financial structure of British racing and the implementation of the financial plan.

"But I would issue a note of caution in terms of the expectations of the industry over the speed with which we may be able to achieve those goals.

"That doesn't mean to say I'm not confident that we will, because I believe we will finally get to where we want to be. But none of us is expecting an overnight success."

Savill who is worth a reported £40 million, revealed he has waived his chairman's salary of £40,000.