New sponsor for Gold Cup
Betting company, Ladbrokes, has been confirmed as the new sponsor of the race formerly known as the Hennessy at Newbury Racecourse, signalling the end of longest sponsorship deal in British racing history.
Total prize-money for the Gold Cup will be increased by 25 per cent to £250,000, and it will be run under its new guise for the first time on Saturday 2 December.
The total prize-money for the two-day meeting will be increased by nearly £100,000 to £700,000.
Course chairman Dominic Burke said: "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."
The deal will run for five years, and Ladbrokes chief executive Jim Mullen added: "Horseracing is a vital part of the heritage of our business, and we are passionate about maintaining our support of the sport.
"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."
The only race which will not fall under the sponsorship of Ladbrokes at the meeting will be the Sir Peter O'Sullevan Handicap Chase, which will continue to be supported by the friends of Sir Peter.