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| Sponsors key for £10m racing series | Sponsors key for £10m racing series |
| (about 23 hours later) | |
| By Bill Wilson BBC News, business reporter | By Bill Wilson BBC News, business reporter |
| The race is on to find major business names to back the Sovereign SeriesBritish horseracing's newest event was launched in a blaze of publicity, champagne and canapes, but now the hard work begins of attempting to find backing for the new venture. | The race is on to find major business names to back the Sovereign SeriesBritish horseracing's newest event was launched in a blaze of publicity, champagne and canapes, but now the hard work begins of attempting to find backing for the new venture. |
| The Sovereign Series is a £10m initiative which hopes to boost interest in flat-racing by linking 10 of the most prestigious races in the calendar into a new competition. | The Sovereign Series is a £10m initiative which hopes to boost interest in flat-racing by linking 10 of the most prestigious races in the calendar into a new competition. |
| They hope to provide racing fit for the 21st Century, and give the sport of kings a new, broader appeal away from its flat cap and bookies image. | They hope to provide racing fit for the 21st Century, and give the sport of kings a new, broader appeal away from its flat cap and bookies image. |
| But now major business sponsors and, equally importantly, a terrestrial broadcasting partner have to be found before the starter's flag goes up on the series in May 2010. | But now major business sponsors and, equally importantly, a terrestrial broadcasting partner have to be found before the starter's flag goes up on the series in May 2010. |
| 'Fantastically attractive' | 'Fantastically attractive' |
| "The whole thing needs refreshing," says Simon Bazalgette, chief executive of Racing UK, a subscription-only channel owned by 30 UK racetracks to show racing from their courses. | |
| Sovereign Series facts Starts in May 2010To run for initial 3 yearsSupported by British Horseracing AuthorityBacked by owners, trainers, jockeys, coursesRacing UK to manage media rights£5m more prize money a year£2m for those connected to overall winning horse£3m marketing budget | Sovereign Series facts Starts in May 2010To run for initial 3 yearsSupported by British Horseracing AuthorityBacked by owners, trainers, jockeys, coursesRacing UK to manage media rights£5m more prize money a year£2m for those connected to overall winning horse£3m marketing budget |
| "There is no end of sponsorship money involved in sport, and racing at present is not getting its fair share because it has not been creating a sporting story across a season. | "There is no end of sponsorship money involved in sport, and racing at present is not getting its fair share because it has not been creating a sporting story across a season. |
| "But for sponsors this new inititiative is fantastically attractive. | "But for sponsors this new inititiative is fantastically attractive. |
| "The Sovereign Series will strengthen consumer interest in the sport and create a new proposition for broadcasters and sponsors." | "The Sovereign Series will strengthen consumer interest in the sport and create a new proposition for broadcasters and sponsors." |
| Mr Bazalgette, chief executive designate of the Jockey Club, adds: "We have significant money for marketing and promotion, for the live event, and for the TV production side of it. | Mr Bazalgette, chief executive designate of the Jockey Club, adds: "We have significant money for marketing and promotion, for the live event, and for the TV production side of it. |
| "We want to see how the broadcasters want to plan it, but we feel that the Sovereign Series will go to one broadcaster, that is best for us and them." | "We want to see how the broadcasters want to plan it, but we feel that the Sovereign Series will go to one broadcaster, that is best for us and them." |
| Football example | Football example |
| Horseracing is second only to football as the UK's most popular spectator sport, but it enjoys nowhere near the same riches. | Horseracing is second only to football as the UK's most popular spectator sport, but it enjoys nowhere near the same riches. |
| However, the Sovereign Series team have noted the success of the European Champions League and the fact that it has the backing of six big-name sponsors. | However, the Sovereign Series team have noted the success of the European Champions League and the fact that it has the backing of six big-name sponsors. |
| It is hoped to make horseracing more attractive to the general public | It is hoped to make horseracing more attractive to the general public |
| "The Champions League is a competition we would hold up as something to emulate - different venues, and a number of sponsors, " says Andrew Brown, chief operating officer of Racing UK. | "The Champions League is a competition we would hold up as something to emulate - different venues, and a number of sponsors, " says Andrew Brown, chief operating officer of Racing UK. |
| "We would not discount having a single title sponsor but we have not got into dialogue with sponsors yet. | "We would not discount having a single title sponsor but we have not got into dialogue with sponsors yet. |
| "We want to get a terrestrial TV broadcaster first, then take it from there," he explains. | "We want to get a terrestrial TV broadcaster first, then take it from there," he explains. |
| "Also, we have to be mindful of our current race sponsors, and not forget our long-standing partners as we go seeking new sponsors. | "Also, we have to be mindful of our current race sponsors, and not forget our long-standing partners as we go seeking new sponsors. |
| "It could also be that existing sponsors expand their roles." | "It could also be that existing sponsors expand their roles." |
| Points mean prizes | Points mean prizes |
| Mr Brown said it was "too early" to say how much sponsor money was being sought, but that the large pot of prize money was not dependent on getting sponsor money. | Mr Brown said it was "too early" to say how much sponsor money was being sought, but that the large pot of prize money was not dependent on getting sponsor money. |
| Sovereign Series races Stan James 2,000 Guineas, NewmarketJuddmonte Lockinge Stakes, NewburyThe Derby, Epsom DownsPrince of Wales' Stakes, Royal AscotBGC Sussex Stakes, GoodwoodJuddmonte International, YorkCoral Eclipse, SandownKing George VI & Queen Elizabeth Stakes, GoodwoodThe Queen Elizabeth II Stakes, AscotThe Emirates Airline Champion Stakes, Newmarket | Sovereign Series races Stan James 2,000 Guineas, NewmarketJuddmonte Lockinge Stakes, NewburyThe Derby, Epsom DownsPrince of Wales' Stakes, Royal AscotBGC Sussex Stakes, GoodwoodJuddmonte International, YorkCoral Eclipse, SandownKing George VI & Queen Elizabeth Stakes, GoodwoodThe Queen Elizabeth II Stakes, AscotThe Emirates Airline Champion Stakes, Newmarket |
| "The final package will be a much more valuable proposition to broadcasters. It will allow them to look at the sport in a new way and do something inventive," he added. | "The final package will be a much more valuable proposition to broadcasters. It will allow them to look at the sport in a new way and do something inventive," he added. |
| It is hoped the series - envisioned as a "Grand Prix" of flat racing - will keep public interest in a season which only has a few highlights, such as the Derby, for the general public. | It is hoped the series - envisioned as a "Grand Prix" of flat racing - will keep public interest in a season which only has a few highlights, such as the Derby, for the general public. |
| There will be a points structure for horses as in Formula One, but only for the first three places. | There will be a points structure for horses as in Formula One, but only for the first three places. |
| The majority of the points will be for the winner so that the season's champion is not merely the horse that came third most consistently. | The majority of the points will be for the winner so that the season's champion is not merely the horse that came third most consistently. |
| Charles Barnett, chief executive of Ascot racecourse, says: "Having a series keeps the story going throughout the season. | Charles Barnett, chief executive of Ascot racecourse, says: "Having a series keeps the story going throughout the season. |
| "It gives audiences the change to identify with horses throughout the series." | "It gives audiences the change to identify with horses throughout the series." |
| Long-term business | Long-term business |
| And Nic Coward, chief executive of the British Horseracing Authority, says: "We are facing a very competitive sporting landscape so we have gone out and spoken to people - sponsors, media, punters - and asked them what we can do to bring racing to a wider audience. | And Nic Coward, chief executive of the British Horseracing Authority, says: "We are facing a very competitive sporting landscape so we have gone out and spoken to people - sponsors, media, punters - and asked them what we can do to bring racing to a wider audience. |
| "We want to work with broadcasters and sponsors to create an even greater business in the long-term." | "We want to work with broadcasters and sponsors to create an even greater business in the long-term." |
| It is all about how you meld together the existing sponsors with any new title sponsor or series of sponsors Nigel Payne,chief executive of the Horseracing Sponsors Association | It is all about how you meld together the existing sponsors with any new title sponsor or series of sponsors Nigel Payne,chief executive of the Horseracing Sponsors Association |
| So will one broadcaster - racing is currently shared between Channel 4 and the BBC - be dropped? | So will one broadcaster - racing is currently shared between Channel 4 and the BBC - be dropped? |
| "That is one possible scenario," admits Mr Bazalgette. | "That is one possible scenario," admits Mr Bazalgette. |
| "But like any other sport we will go through a tender and consultation process before making any announcement." | "But like any other sport we will go through a tender and consultation process before making any announcement." |
| And he said that, as with other sports, racing may have to move around a number of broadcasters "to get the best deal each time". | And he said that, as with other sports, racing may have to move around a number of broadcasters "to get the best deal each time". |
| 'Television crucial' | 'Television crucial' |
| Meanwhile, Nigel Payne, chief executive of the Horseracing Sponsors Association, believes the series has "tremendous potential" for firms that want to back the venture. | Meanwhile, Nigel Payne, chief executive of the Horseracing Sponsors Association, believes the series has "tremendous potential" for firms that want to back the venture. |
| "It is all about how you meld together the existing sponsors with any new title sponsor or series of sponsors," he points out, adding that football and Formula One have managed to do just that. | "It is all about how you meld together the existing sponsors with any new title sponsor or series of sponsors," he points out, adding that football and Formula One have managed to do just that. |
| The series hopes to attract sponsors from outside the racing industry | The series hopes to attract sponsors from outside the racing industry |
| He said the hardest part of the battle to get business backing for horseracing was in attracting major blue-chip firms. | He said the hardest part of the battle to get business backing for horseracing was in attracting major blue-chip firms. |
| "We tend to have a lot of sponsors from within the industry at present," Mr Payne says. | "We tend to have a lot of sponsors from within the industry at present," Mr Payne says. |
| "I think it is because, up until now, we have not offered a strong enough package for the media and sponsors. | "I think it is because, up until now, we have not offered a strong enough package for the media and sponsors. |
| "We can't compete with the Champions League or the Olympics, whose value to sponsors and broadcasters is the big audience delivered to them through the football. | "We can't compete with the Champions League or the Olympics, whose value to sponsors and broadcasters is the big audience delivered to them through the football. |
| "But television will be crucial for the success of the Sovereign Series." | "But television will be crucial for the success of the Sovereign Series." |
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