Sir Peter O'Sullevan described Channel 4 Racing's decision to appoint Clare Balding as their new lead presenter as "superb news" for the sport.
Balding will be the figurehead of the channel's racing coverage from next January after IMG Sports Media were announced as the new producers for the show.
The freelance presenter's stock could not be higher after her recent BBC Olympics coverage gained universal praise.
And former commentator and journalist O'Sullevan believes the news can only be a good thing for racing.
He said: "I think it's very good news for Channel 4 and very good news for racing.
"I have to congratulate Channel 4 on securing Clare's services and I'm sure they will benefit greatly from her expertise and guidance.
"I think her presence will enormously strengthen what is already a formidable team.
"I think her work over the last couple of weeks at the Olympics has only added to her stature as a presenter and broadcaster.
"I think Clare is an absolute credit to racing and the whole country."
Balding has fronted coverage of the Derby, Royal Ascot and the Grand National for the BBC, but earlier this year the corporation lost the rights to horseracing.
The move means she will continue to lead the coverage of those major racing events, as well as the already established Channel 4 meetings such as the Cheltenham Festival and Glorious Goodwood.
Balding is excited by the challenge, but stressed she will continue her association with the BBC.
She said: "I'm delighted that this agreement means I am able to broadcast racing for Channel 4 and combine it with expanded and varied programming at the BBC.
"I love my job and I can't believe how lucky I am. I thrive on being challenged and pushed out of my comfort zone and I'm incredibly excited at what the future holds.
"I am absolutely thrilled that Channel 4 has asked me to be a part of their new racing team. Racing is my 'home' sport and I am delighted that I will still be part of its coverage on TV.
"I am excited by Channel 4's plans for their coverage and the way in which they have committed to expanding the profile of jockeys, trainers and horses.
"I look forward to working with IMG Sports Media who have a high quality reputation for sports programming."
The IMG Sports Media deal, in operation from January 2013 until December 2016, runs alongside Channel 4's four-year media agreement with Racecourse Media Group.
Channel 4 Racing sponsors, Dubai, have signed a new four-year extension deal until 2016.
Carl Hicks, BBC Sport senior programme editor, will also be joining the IMG team now London 2012 is over.
Under the new contract IMG Sports Media will produce around 90 days a year of live terrestrial horseracing coverage in addition to the Morning Line.
Jay Hunt, Channel 4's chief creative officer, said: "Clare has shown over the last two weeks at the Olympics why she is rightly acclaimed as one of the UK's leading broadcasters.
"I'm delighted that, in addition to presenting the London 2012 Paralympic Games on Channel 4 this autumn, she will lead our horse racing coverage from 2013.
"With the expertise of IMG Sports on board, I'm hugely excited about the future of racing on Channel 4."
Jamie Aitchison, Channel 4's sports editor, added: "After a rigorous and invaluable tender process, I am looking forward immensely to working with IMG Sports Media to deliver our vision for the sport.
"Their pitch was compelling and crucially contained deep racing expertise allied to innovative broadcasting proposals.
"Clare's arrival is superb news for Channel 4 and the production team.
"Quite simply she is the sports broadcaster of her era and for her to be heading up our coverage across the year is extremely exciting."
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