BHA chairman, Paul Roy, said: “Nic has done a magnificent job at a significant time of change within our organisation and the sport of racing.

“He has helped shape the BHA into a first rate governing and regulatory body of which racing should be proud, and has played a major role in pulling the industry together during challenging times.

“The plans and teams are all in place now to deal with the issues on which we have made much progress but continue to address; from reforming and improving Racing’s return for the levy, the future of the Tote, and modernising the promotion of the sport through our Racing for Change programme.

“Nic felt that next spring would be the right time for the sport and the Authority to start the next stage. I agree, and following our Board meeting yesterday, Nic is leading a review of our current structure and where responsibilities should sit within the industry, and that will determine what we will need at the Authority following Nic’s departure.

“Nic will complete his review in the next few months before moving on. We all wish him well for the future.”

Coward added: “We have made huge progress over four exciting years to ensure that the sport is in the best possible shape for the future.

“It’s been challenging, and I would like to thank Paul Roy for his leadership and support, and the Board.

“I am hugely proud of the team. It has been a real privilege to lead people committed to doing the right thing for the sport we all love.”