Paddy Power & Newbury racecourse break the rules

Paddy Power and Newbury Racecourse have joined forces to create a five-year sponsorship programme that breaks the rules of traditional racing sponsorship.

The London Paddy Power Gold Cup, one of four Paddy Power races on May 15th (on the same card as the Juddmonte Lockinge Stakes) has a unique formula for calculating the race value, based directly on Paddy Power´s growth in the UK.

The value of the race in 2004 will be an initial £18,000 - in line with Paddy Power´s 18 UK shops currently operating in London. That fund will grow by £1,000 for every new shop Paddy Power opens inside the M25 and both parties expect to reach the £100,000 mark within the initial term of the sponsorship agreement, and are confident that the sponsorship will keep growing for many years after 2008.

Paddy Power will once again be offering a deserved bonus to each stable lad or girl. As pioneered at last November´s Paddy Power Gold Cup at Cheltenham, every stable lad or girl with a horse running in the London Paddy Power Gold Cup will be paid £50. The winner of the race will also receive the SP payout of a £50 stake placed by Paddy Power on their behalf.

Barni Evans, director of marketing for Paddy Power, said: 'The idea for a race sponsorship that matches our retail growth came from one of our founding directors. We presented the idea to several UK racecourses and felt that Newbury shared our vision and demonstrated the appetite to create a major race in a short period of time.

'Of course there is a risk of us this becoming our costliest sponsorship, but it will always be in proportion to our success so the risk is qualified - the bigger we get, the bigger the fund, so racing will benefit directly from Paddy Power´s continued success.'

Mark Kershaw, MD of Newbury racecourse said: 'We´re delighted to bring another new sponsor to flat racing in the UK, especially one as innovative and ambitious as Paddy Power. If all goes well, and Paddy Power replicate the success they´ve had in Ireland, the London Paddy Power Gold Cup will quickly become one of the most prominent fixtures on the summer calendar.'