 It is a handicap race, and it is scheduled to take place each year in January.The event is named in memory of the racehorse Lanzarote (1968–1977), the winner of the Champion Hurdle in 1974, and was first run in 1978.Lanzarote had a particularly good record in races at Kempton, and he twice won the track's leading hurdle event, the Christmas Hurdle.