Managed service provider Timico Technology Group has agreed a deal to become the new title sponsor of annual UK horse racing event the Cheltenham Gold Cup.
The deal will run for four years, from 2016 until 2019.
Under the agreement, the race will now be known as the Timico Cheltenham Gold Cup.
In addition, next year’s race, which takes place on March 18, will feature a record prize pot of £575,000 (€790,400/$860,300) – an increase of £25,000 on the total awarded this year.
The agreement comes after an existing deal between the Jockey Club, the group that oversees the running of 15 of the UK’s leading racecourses, and bookmaker Betfred came to an end following the introduction of a new initiative by British Racing, the governing body of the sport in the country.
The initiative has been supported by the Jockey Club, which has agreed only to enter into partnerships with British Racing-authorised betting firms.
Ian Renton, regional director of Jockey Club Racecourses South West, said: “It is rare that a sponsorship opportunity as prestigious as the Cheltenham Gold Cup becomes available and, in the short window offered, there have been a number of different organisations that have expressed an interest in this sponsorship. I am confident that Timico will prove to be an excellent partner for our flagship race.”