Donoughue announced the end of his 16-year tenure earlier this week and Rust was brought in as an immediate replacement.

Rust was formerly the chief executive of the British Horseracing Authority until the end of last year. Prior to this role he has worked with Ladbrokes, Coral and Sky Bet.

Lord Donoughue stated: “I have immensely enjoyed my 16 years leading the Commission, supported by a wonderful team of colleagues who have established the SP as the main platform for the race bets of the average British punter, trusted for its efficiency, fairness and integrity.

“I am delighted Nick Rust, whose experience and understanding of both racing and betting is widely respected, has agreed to succeed me.”

Rust added: “I’m delighted to be joining colleagues on the Board at the SPRC and look forward to working with them to continue to assure people who bet on racing and betting operators alike of the robust integrity of the Starting Price.

“I’d like to thank Lord Bernard Donoughue for his vision in establishing the SPRC and his 16 years of stewardship in chairing the organisation.”

This news follows last week's announcement that the SPRC will determine starting prices for races by using mainly off-course odds.