The UK’s biggest horseracing operator revealed a rise in half-year earnings today after seeing signs of recovery in corporate hospitality spending.

Cheltenham supremo Edward Gillespie poured cold water on the prediction from Racecourse Association chairman David Thorpe that sponsorship could fall by 40% in 2009.

David Thorpe, the chairman of the Racecourse Association in the UK, believes sponsorship for this year could be down 40% as the recession filters through and impacts on the racing industry.

Simon Clarke has resigned as vice chairman and director of the Racecourse Association following the announcement of the sale of Northern Racing.