Goodwood racecourse has entered into a 10-year partnership with Qatar, which is the single biggest sponsorship deal in British racing.
Over STG2 million ($A3.65 million) will be invested into the prize money for eight key races at the Qatar Goodwood Festival with a commitment to increase prize money year by year.
Races to benefit from the influx of cash include the Sussex Stakes which will have a total prize fund of STG1 million and the Nassau Stakes which will be worth STG600,000.
The inaugural Qatar Goodwood Festival, formerly known as Glorious Goodwood, will take place from July 28 to August 1.
“Goodwood has, for more than 200 years, been about the best racing in the most English of settings, accessible to everyone. Our partnership with Qatar will make an enormous contribution to horseracing in the UK,” Goodwood owner Lord March said.
Hamad Al Attiyah, president of the Qatar Equestrian Federation, said he hoped the festival would attract international runners.
“Goodwood is already one of the most iconic sporting festivals of the British summer season and we are delighted to be the title sponsor over the five days,” he said.
“The sponsorship demonstrates Qatar’s further commitment to British racing and, with such huge prize-money on offer, we hope it will help to attract international runners from all over the world as well as continuing to see the best in Britain, France and Ireland.”