The Cheltenham Gold Cup is to have a new sponsor after Timico, an information and communications company employing 400 people in England stepped in to add its name.
The property, one of the most iconic in Irish sport even though it takes place in England, became available for sponsorship after a decision by the British Horseracing Authority to only accept sponsorship from bookmakers with whom it has a new commercial relationship.
That meant Betfred, who take over the sponsorship with their purchase of the Tote were not permitted to renew a 30 year relationship with the race.
The value of the Chairman’s prerogative was always the primary reason for sponsorship in years gone by and it remains a powerful influence now.
A quick check of the board of Timico reveals that Lord Peter Daresbury (left) is Chairman. A previous Chairman of the Greenalls Group and De Vere Hotels he has a long association with National Hunt Racing as an amateur rider, owner and, for 25 years until 2014, as Chairman of Aintree racecourse, home of the Grand National.
The CEO is Tim Radford, another who has a long history as an owner of horses including Somersby that have raced at the top of the game.
“We’re thrilled to have been chosen as the new sponsors of the Cheltenham Gold Cup,” said Radford.
“As an ambitious business working in a fast-paced industry, we were quick to recognise the tremendous opportunity of partnering with The Jockey Club to be part of one of the country’s most prestigious events.”
“The Cheltenham Gold Cup is the jewel in the crown of British jump racing and we’re very proud to commit to being part of it for the next four years, particularly as Timico is from an industry not typically associated with racing.”
“As a preferred supplier to The Jockey Club’s racecourses we’re hugely excited by the prospect of supporting these already world-renowned venues with the ICT services they need in their quest to diversify into new areas.”
The decision to turn away sponsorship was a brave one when taken three weeks ago. The need to move racing onto a more stable commercial relationship with betting companies has been there for a long time but the nerve to walk away from what has been the mainstay of racing sponsorship was alway going to be questioned in the short term.
It is almost certain this deal was waiting in the wings. The engraved Gold Cup now proudly displayed on the Timico website was not turned around in a day.
The fact that Betfair and Bet365, the two largest names in the online betting business have already signed up as Authorised Betting Partners means that the racing authorities can claim early success already.
It has also had a beneficial knock on for Irish racing in that Coral, a betting business set to take over Ladbrokes, has already signed on for a €100,000 day of sponsorship at Leopardstown in January 2016.
They are unlikely to be the last, particularly in jump racing through the winter where venues like Fairyhouse, Punchestown, Naas and Navan provide quality racing with real interest to the UK market.
