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What recession? The going's good for the Cheltenham set

"...There are considerable differences between the Festival and other big sporting and social events, as we shall see. A major one is that Festivalgoers are universally passionate about the sport. If Ascot is all about being seen then Cheltenham is all about being keen - on the horses and the courageous jockeys. Cheltenham holds a special place in racegoers' hearts. It will take more than the credit crunch to make it fall at the first.

"...As managing director of Cheltenham Racecourse, the affable Edward Gillespie is the man in charge and while it's his job to be upbeat it would seem he has grounds for optimism given yesterday's packed stands. 'We are very pleased and have sold 200,000 advance tickets,' he said. With walk-up sales they should reach 230,000 where 2008 was 250,000. By any estimation this seems to represent only a light bruising.

"...Gillespie cites several bulwarks that have helped fend off the effects of financial collapse. 'It's an event that's out of the ordinary at a time of year when very little out of the ordinary takes place,' he says. Also Cheltenham's timing, coming after dreary February and on the cusp of spring, means that people are in the mood for some cheering up.

"...He believes the Festival is resilient because it is an elemental proposition and accessible to all-comers. 'We are not exclusive and not dependent on one or two sectors of society.'..."

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