The Jockey Club is the largest commercial horse racing organisation in the United Kingdom. It owns 15 of Britain's famous racecourses, including Aintree, Cheltenham, Epsom Downs and both the Rowley Mile and July Course in Newmarket, amongst other horse racing assets such as the National Stud, and the property and land management company, Jockey Club Estates. The registered charity Racing Welfare is also a company limited by guarantee with the Jockey Club being the sole member. As it is governed by Royal Charter, all profits it makes are reinvested back into the sport.