Sydney’s biggest horse races lose multimillion-dollar sponsor
Two of Sydney’s biggest horse races, the Golden Slipper and Queen Elizabeth Stakes, have been left without a naming rights sponsor after Longines opted not to renew its multimillion-dollar agreement with the Australian Turf Club.
Representatives from the luxury watch manufacturer have given notice they won’t continue with a deal to back the two blue-ribbon events of the autumn carnival.
The Golden Slipper, the world’s richest two-year-old race, and Sydney’s weight-for-age championship in the Queen Elizabeth Stakes, have provided countless memories over the years and are entrenched as NSW’s biggest races outside The Everest.
But Longines have indicated they won’t extend their current agreement beyond December 31, leaving the ATC scouring the market for a new partner for the $5 million races.
Sources speaking on the condition of anonymity given the confidential talks said the withdrawal was instigated from Longines’ head office in Europe, which wanted the company to head in a new direction.
It could have huge implications for global horse racing given Longines’ involvement in the sport, which includes backing for the world’s best horse and jockey concept.
Tom Marquand rides Dubai Honour to victory in the Queen Elizabeth Stakes this year.Credit: Getty
Sydney-based James McDonald was crowned the world’s best jockey last year.
Longines’ Sydney association came with significant branding opportunities, including giant timepieces near the winning post at Royal Randwick and Rosehill.
The company was also front and centre when Winx won her third Queen Elizabeth Stakes – and 33rd race in a row – in her final career start in 2019.
But the ATC has been told it will have a blank canvas to work with for the 2024 carnival as it tries to penetrate the difficult sporting sponsorship market.
Myer recently announced it had pulled out of being the Melbourne Cup’s fashion sponsor, and the continued financial backing from betting companies is firmly in the spotlight after a parliamentary inquiry in June flagged a blanket ban on television advertisements and sponsorship.
There is hope Longines could still return to the table in the future to back Sydney racing, but it won’t be an immediate commitment with the Golden Slipper and Queen Elizabeth Stakes.
ATC acting chief executive Matt Galanos said: “ATC is extremely grateful for the support we have enjoyed with Longines over 10 years, including for the Golden Slipper and Queen Elizabeth Stakes.
“After two successive five-year deals with Longines, we look forward to new opportunities with our iconic races.”
Longines has been contacted for comment.
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