April 25, 2012 / 3:15 PM / 8 years ago

Horse racing-Investec to sponsor Epsom Derby for decade

LONDON, April 25 (Reuters) - International banking group Investec has agreed a 10-year extension of its sponsorship of Britain’s Epsom Derby festival, the company and race course owners said on Tuesday.

The agreement will help to make the Derby the richest race in Britain, with a prize fund of 1.3 million pounds ($2.1 million) this year.

“The Derby Festival is Investec’s grandest single spectacle in sponsorship,” said Raymond van Niekerk, the bank’s global head of marketing.

“The event has a magnificent profile in the social arena as well as in the racing and sports industry.”

Investec was four years into an initial five-year agreement to sponsor the festival, to be held on June 1 and 2 this year. The Derby, a highlight of the British flat racing season, will be run on the second day.

The bank, which operates in Britain, South Africa and Australia, sponsors English test cricket, soccer club Tottenham Hotspur in cup competitions and Tri-Nations rugby union in the southern hemisphere.

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