Leading online betting exchange Betfair has announced an agreement with England’s Ascot Racecourse Limited to become the new sponsor of the King George VI And Queen Elizabeth Stakes held every year in July.
The seven-figure deal will run for five years initially as the centerpiece of a wide-reaching commercial partnership between the two parties that could develop further.
The King George VI and Queen Elizabeth Stakes will be run for over $1.4 million for the first time next summer after hitting $1.2 million last season and will be presented as the Betfair Weekend Featuring The King George VI And Queen Elizabeth Stakes.
'We are delighted to have the opportunity to work with Ascot on this ground-breaking agreement, especially as it will take us up to and beyond the course's historic tercentenary in 2011,' said Stephen Burn, Director of Horseracing for Betfair.
'The King George VI And Queen Elizabeth Stakes is one of the world's great races and, while its sponsorship is the cornerstone of this initiative, there are considerable further elements to our partnership. We are looking forward to working with Ascot and its other partners to find new ways of integrating our cutting-edge technology. We also have the opportunity to create a Betfair Lounge on-site at Ascot.”
The deal will also see Betfair’s education trailer inside Ascot at every one of the Berkshire course's fixtures in order to assist racegoers while corporate entertaining will involve boxes in prominent positions.
'Starting this coming February, Betfair will also be sponsoring our premier jumps race, the Betfair Ascot Chase, and there will be annual branding around the site including stalls branding on the Friday of Royal Ascot,” said Charles Barnett, Chief Executive Officer for Ascot.
'These additional strands to the partnership are just two illustrations of why this agreement is significantly more than traditional race sponsorship.'