( CNN ) It 's been one of the most memorable labels in British horse racing history but to the undoubted dismay of traditionalists , Glorious Goodwood is no more . The five days of racing will instead be known as the Qatar Goodwood Festival from 2015 . Not content with staging the 2022 World Cup , or the 2019 World Athletics Championships , the Gulf State has now added its name to one of horse racing 's most prestigious festivals . A 10-year deal has been signed with Goodwood Racecourse which is being described as the 'single biggest sponsorship deal ever done for the benefit of British racing . ' `` Commencing in 2015 , this makes the Qatar Goodwood Festival one of the most significant and valuable meetings in the world , '' read a statement . In excess of $ 3m will now be invested in eight key races during the festival , taking the total prize money on offer at the festival to $ 7m . The Group 1 Qatar Sussex Stakes now has a total prize fund of just over $ 1.5m , to strengthen its status as one of the world 's most valuable mile-long races . `` I am delighted that Qatar have decided to play a significant part in Goodwood 's position as one of the finest racing experiences in the world , '' said Lord March , Goodwood 's owner . `` 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 horse racing in the UK . '' Qatar already plays a significant financial role in the UK in a number of areas , owning Harrods , the iconic department store , the Shard , the UK 's tallest building , and a percentage of the London Stock Exchange . And the sponsorship of Goodwood adds to other existing sports-related deals , with Qatar already heavily involved with European football giants Barcelona and Paris Saint-Germain among others . `` Thanks to the wise guidance of His Highness The Emir Sheikh Tamim bin Hamad Al Thani , Qatar supports sport all over the world , '' said Hamad Al Attiyah , President of the Qatar Equestrian Federation . `` 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 . `` 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 . `` We look forward to working with Lord March and the team at Goodwood and taking the racing festival to a world class racing platform . '' The first Qatar Goodwood Festival will start on July 28 2015 .
Glorious Goodwood to be renamed Qatar Goodwood Racecourse . Race ##d after Gulf Oil invest over $ 3 m into the racing meet . Bring in ' the single biggest sponsorship deal ' in British racing .