The seemingly limitless spending power of Qatar was once more on show on Wednesday, when its ruling family signed up for the biggest sponsorship deal in the history of British racing. Having agreed to provide the prize money, the Qataris immediately set about trying to win some of it back by purchasing two horses fancied for races at Royal Ascot next week, including King Of Rooks, an impressive winner of Sandown’s recent National Stakes.
Those behind the sponsorship deal repeatedly declined even to hint at the sum of money involved but one report has guessed at £50m and that is not being criticised. The deal runs until 2024 and a simple process of adding up the prize money for the races involved over that time suggests that figure may even be on the low side.
The deal is between Ascot, Newmarket, British Champions Series and Qipco, which is the investment vehicle of Qatar’s ruling Al Thani family. Since 2011, Qipco has been the backer for the Champions Series of 35 top British Flat races as well as an increasing number of the races themselves and the total prize money for those contests has, according to a BCS press release, risen 50% to £17.4m over that time.
The parties involved have stated a couple of early prize money ambitions in light of the new deal. Their plan is for Champions Day at Ascot in October to be worth £5m by 2024, while the 1,000 and 2,000 Guineas at Newmarket will be made up to £500,000 from next year, an increase of almost 25% in the case of the fillies’ race.
Qipco became Ascot's first official partner last year as a result of its investment at the royal track and that status has now been extended to 2024, entitling the firm to branding rights during two days of the Royal meeting each year. Nick Smith, Ascot's spokesman, put the benefits of this deal in context when he described it as "unprecedented for both us and the wider industry".
Having such a long-term and well-funded commitment would, Smith said, “give us the confidence to be able to plan ahead. We’re going to look in the round at where we stand and have a think, over the rest of the year, about the way we should be using this investment.
“Of course there will be prize money increases on the back of these deals and we have to find the balance between investing in prize money and our facilities. Prize money is not the whole deal but it is fundamental.”
As news of the deal was released, Deloitte simultaneously published a report on the various means by which Qipco has invested in British racing in recent years. Again, the writers fought shy of reaching a global figure but mentioned 95 people employed, directly and indirectly, as well as capital investment of more than £10m at the two stables owned by the firm.
Al Shaqab, the name under which Sheikh Joaan al-Thani owns horses, has purchased a pair of promising two-year-olds, it emerged on Wednesday. King Of Rooks is the 5-4 favourite for next week's Norfolk Stakes at Royal Ascot, while Easton Angel is third in the betting for the Queen Mary Stakes at 11-2.
The pair are expected to stay with their current trainers, respectively Richard Hannon and Michael Dods. Only 50% of Easton Angel was sold and Paul Mulrennan keeps the ride as part of the deal.
Cirrus Des Aigles will miss what would have been a keenly anticipated clash with Treve at Saint-Cloud later this month after discovery of what his trainer, Corine Barande-Barbe, described as “a little bump and a bruise” on one leg. She mentioned the Irish Champion Stakes in September as a possible target.
(Guardian service)
