High profile sponsorship will run for the next five years
The longest sponsorship deal in the history of British horse racing has come to an end with Ladbrokes becoming the new sponsor of the race formerly known as The Hennessy Gold Cup for the next five years, Racing Post reports.
The Hennessy Gold Cup is an annual Grade 3 National Hunt chase in Great Britain that runs in late November or early December at Newbury Race Course. It has been sponsored by cognac house Hennessy for the past six decades.
InfoPowa readers will recall Ladbrokes declined to participate in British Racing's approved betting partners scheme but has re-entered the sponsorship arena on the back of the replacement of a voluntary horse race betting levy with the Government-introduced mandatory levy model announced recently.
"The Newbury board's decision to partner with Ladbrokes as the new sponsor for this prestigious meeting was made in light of the government's commitment to replace the existing levy scheme from April, 2017. Given the government's position, our board felt that it could agree future sponsorship arrangements with any betting operator for race meetings taking place after that April date," Dominic Burke, chairman of Newbury Race Course, said.
"Horseracing is a vital part of the heritage of our business, and we are passionate about maintaining our support of the sport," Jim Mullen, chief executive officer of Ladbrokes, said.
"We have committed to work in partnership with Newbury racecourse to build the two days of this fixture into one of the most compelling attractions not just in the racing calendar, but in that of sport as a whole."
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