Ladbrokes has agreed a deal to become the new title sponsor of UK horse racing event the Gold Cup at Newbury Racecourse.
The agreement will run for five years, from 2017 to 2021.
The bookmaker will lend its name to the 2017 meeting, which is due to run from December 1-2, and sponsor 13 of the 14 races across the two days.
Prize money at this year’s event will amount to £700,000 (€812,900/$872,900), almost £100,000 more than last year, with the feature Gold Cup race to be worth £250,000.
Cognac house Hennessy had previously served as title sponsor of the meeting, in a deal that stretched back 60 years, making it the longest in British racing.
“Horseracing is a vital part of the heritage of our business, and we are passionate about maintaining our support of the sport,” Ladbrokes Coral chief executive Jim Mullen 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.”
Dominic Burke, chairman of Newbury Racecourse, added: “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.
“We are looking forward enormously to working with the Ladbrokes team on this exciting new partnership, especially given their proven track record of success in elevating the profile of the major races that they have supported over the years.”
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