Jockey Club Racecourses was dealt a blow on Friday morning when it was revealed that international banking and wealth management firm Investec had ended sponsorship of the Derby with immediate effect.

The news was first reported by the Racing Post on Thursday evening and stated that despite an association that dates back to 2009, Investec will not see out the contract that should have seen it sponsor the Epsom showpiece until 2026.

It leaves JCR seeking a new lead sponsor and naming partner for the Oaks and Coronation Cup alongside the Derby, a few weeks after this year’s edition of the Blue Riband was held behind closed doors.

Malcolm Fried, Chief Marketing Officer for Investec, told the Racing Post: “Our partnership with the Derby festival has been fantastic for Investec.

“After more than a decade of the association, though, late last year we began a review of our marketing objectives and are now working to a new set of priorities and a new mix of marketing channels. We and the Jockey Club have agreed, as a result, to conclude the sponsorship sooner than intended.

“On behalf of Investec, we’d like to thank the team at the Jockey Club for a great partnership. Our thanks also go to the racing industry and the media who cover the sport.

“Whoever succeeds us as sponsor, we wish them every success and we hope the event goes from strength to strength. We’ve been proud to play a role in the Derby’s recent history.”

Phil White, London Regional Director for JCR, added: “I’d like to thank the Investec team for their great partnership. Together we’ve enjoyed year after year of Classic generations battling to lift our sport’s most coveted prizes, along with magical moments such as Her Majesty The Queen presenting the Derby trophy as part of her 90th birthday celebrations.

“We look forward to welcoming a new partner for the next chapter in the history of one of Britain’s most iconic events.”