Ladbrokes to sponsor Gold Cup at Newbury

Ladbrokes have been confirmed as the new sponsor of the Gold Cup at Newbury.

Since its inauguration in 1957 the famous handicap was known as the Hennessy Gold Cup but the company ended its association with the race following Native River's victory in November.

It had been speculated that Ladbrokes would take over a sponsor and it was confirmed on Monday along with the news that the bookmaker will sponsor 13 of the 14 races at Newbury's two-day winter festival.

Under the new agreement, the prize-money for the Gold Cup will increase by 25 per cent to £250,000 with the total prize fund for the meeting increasing to £700,000.

This year's race will be run on Saturday, December 2.

"The Directors of Newbury are delighted to welcome Ladbrokes as sponsor of our most high profile and popular Jump meeting of the year," Dominic Burke, Chairman of Newbury Racecourse, said:

"Ladbrokes has supported many races at Newbury over the years, and we are thrilled that Jim Mullen and his team share our ambition to take what is now a superb two-day race meeting to an even higher level, with both days being televised by ITV in 2017.

"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."

Jim Mullen, Chief Executive of Ladbrokes Coral Group, added: "I am extremely pleased and proud that Ladbrokes has reached a deal with Newbury Racecourse and we have made a five-year commitment to sponsor the two-day late November/early December meeting featuring the great steeplechase formerly known as the Hennessy Gold Cup.

"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."