Punchestown buck the gloomy trend

SPONSORSHIP:THE PUNCHESTOWN authorities issued a rallying call to the Irish racing industry yesterday when they confirmed they had retained five key sponsors for April's National Hunt Festival.

It’s a sign of a changed economic climate when securing sponsorship provokes such a response, but yesterday’s announcement is worth over €1 million to Punchestown’s total festival fund of €2.7 million at a time when the industry has been forced to face new realities.

Guinness, Kerrygold, Ladbrokes, Ballymore and Rabobank have confirmed they will again sponsor major races at the festival, which this year will have 11 Grade One events over the five days which run from April 28th to May 2nd.

“We are not willing to stand in the shadows and succumb to the doom and gloom,” said Punchestown managing director Dick O’Sullivan, who reported that corporate bookings for the Friday of the festival have sold out.

“Though times are tough in the business world there is still life in the Irish economy, and lots of business bonds will be formed and forged next April.

“The activities which we host are directly responsible for the creation and protection of an estimated 2,000 jobs locally and this responsibility is something we take very seriously in the current climate,” he added.

O’Sullivan was joined yesterday by the European Commissioner for Internal Markets and Services, Charlie McCreevy, who said: “Last year’s festival was worth over €70 million to the local and national economy. Punchestown is maintaining relationships with its customers that will survive not only this recession but probably the next one as well.”

Horse Racing Ireland chairman Denis Brosnan added: “This is an example of how our sport needs to adapt to the market and offer better value to retain customers at every level from the turnstile to the winner’s enclosure.”

Rabobank Ireland last week changed their race title for the Champion Hurdle on day four of the festival from ACC Bank.

There was one new sponsorship announced yesterday, with Boylesports getting behind the €90,000 Grade One novice chase over three miles on the first day of the festival.