Mcneile: We Won’t Sell Cheltenham Title Rights
Peter McNeile, director of sponsorship at Cheltenham Racecourse, has revealed in an exclusive interview with Sportindustry.biz that the title rights for the country’s flagship racing festival will never be sold and that the recession hasn’t affected the sponsorship income of the popular event.
McNeile said: ‘No we haven’t (considered selling the title sponsorship), mainly because we didn’t get to where we are now by going down the title route. To unravel the Festival in that way would be very demanding and we don’t feel that we need to do it.’
He added that, although the recession has hit certain aspects of horse racing, sponsorships have not been overly affected: ‘Sponsorship is robust as investors sign contracts for two or three years so you look to pull out of these tough times together.’
Cheltenham Festival has had encouraging news ahead of the annual event next month as it has announced that all the key races have attracted sponsorships to increase their value.
Ryanair has increased its sponsorship at the Festival, helping to boost the value of the Ryanair Chase from £220,000 to £250,000.
The opening race of The Festival, on 16th March, will be called the ‘Spinal Research Supreme Novices’ Hurdle, funding for the sponsorship is being provided by Andy Stewart, Deputy Executive Chairman of Cenkos Securities plc.
Byrne Group plc has also joined as a new sponsor – backing the Byrne Group Plate, an £80,000 race on Ladies Day.
Fashion retailer Thomas Pink is sponsoring the Leading Rider and Trainer Awards – returning after a six-year hiatus.
The Festival made its announcement after a recent report from Deloitte found that attendances rose 2% at horse-racing meetings in 2009.
The report also found that horse racing remains the second largest sport in the UK, measured by spectator attendances and revenues.
