Bookies' fear over series backer

Racing's attempt to reach a new audience with the introduction of the £10million 'Sovereign Series' could struggle to take off, according to a leading bookmaker.

Steve Walsh, marketing executive of 2,000 Guineas sponsors Stan James, believes that trying to find a headline backer in the current financial climate may prove difficult.

Walsh told the Racing Post: "We are in a credit crunch, it is not a good time. Every industry is having a look at its spending. Already you are thinking of only a handful of firms who might be able to find £4m."

However, Walsh welcomed the idea of making the 2,000 Guineas a more valuable contest if a sponsor for the 10-race series was found.

He said: "I would be surprised if it diluted our sponsorship and, if the value of race was boosted, it could attract more of the top three-yearolds from France."

Simon Clare, director of communications for Coral, is also upbeat over the proposed increase in prizemoney.