The Irish bookmakers Boylesports has ended its sponsorship of Cheltenham's two-day December Festival.

The main race of the meeting had been the Boylesports.com International Hurdle, which had a value of £150,000 (US$229,909) as well as a £200,000 (US$306,550)-related bonus.

The news is a big blow to Cheltenham, who are still looking for a sponsor to replace Smurfit Kappa as backers of the £370,000 (US$567,171) Champion Hurdle.

Cheltenham spokesman, Andy Clifton, said: "Part of the attraction of Cheltenham is the race values, and, while we will not commit financial suicide, we will try to keep those values as high as we can. Some values, however, may be under threat.

"We still have a brand that is aspirational for companies who want to get involved in the sport. It's our job to find them."

Boylesports also severed ties with the Irish Guineas last year.