Although racegoers will flock to Prestbury Park for the four days of the Festival, the current economic climate is likely to have an impact on this year's meeting.

Thousands traditionally travel over from Ireland but there are estimates that numbers will be down this year, with many racing fans likely to reduce their stay in Cheltenham by a night or two, while hospitality bookings are down up to 15%.

Cheltenham's managing director Edward Gillespie is happy with the record prize money on offer, but he has warned it might not be the same next year.

"It's very possible that the downturn in business at the Festival will impact on prize money next season but it is too early to predict the impact the recession may have on some of our sponsors," he said.