QIPCO has committed itself to British racing until at least 2024 with the signing of a deal believed to be worth in the region of £50 million.

The deal means that Qipco Holdings, owned by six brothers who are members of the royal family of Qatar, has agreed to extend its sponsorship of the British Champions Series, the Guineas Festival at Newmarket and its relationship with Ascot.

In 2011, Qipco became title sponsors of the British Champions Series which starts at the Guineas Festival at Newmarket in May and culminates in British Champions Day at Ascot in October, the richest raceday in Britain worth £4 million.

Since its launch, prize money across the 35 premier-race series has increased by 50% to £17.4 million in 2015.

Under the extended deal the value of both the Qipco-sponsored 1000 and 2000 Guineas at Newmarket will increase to £500,000 each from 2016 and the ambition is to develop Qipco British Champions Day into a £5 million raceday by 2024.

Last year, Qipco became Ascot’s first official partner and that relationship has been extended.

The new deal gives Qipco two elevated days at Royal Ascot (the Tuesday and Friday), with enhanced branding benefits.

The company will also enjoy annual branding and marketing rights, with a particular emphasis in July, where they sponsor the King George VI And Queen Elizabeth Stakes, the value of which increased this year to £1.15 million.

Qipco chief executive Sheikh Hamad Bin Abdullah Al Thani said: “As a private, family run investment company, we are privileged to have built an association with world renowned events such as Royal Ascot and the British Champions Series, the very best of British racing.

“Our sponsorship of the sport has benefited our bloodstock operation and increased the company’s international profile. We are proud to support British racing and its wonderful heritage.”

Sheikh Fahad, chairman of Qatar Racing, a subsidiary of Qipco, said: “Nowhere else can match the quality and heritage of racing in Britain, which is why we chose to base our racing and breeding operations here.

“It is in our interests to promote the quality of British racing as the value of the horses we race and the stallions we stand is enhanced if they are competing in the country with the best racing in the world.”