Springwell Bay has tragically died after the second race of the day on Thursday afternoon at Cheltenham Festival. The eight-year-old bay gelding was running in The Jack Richards Novices’ Limited Handicap Chase at 2pm on day three but fell and sadly sustained a fatal injury. ITV Racing's Ed Chamberlin said: "There will be a sad postscript to the race I'm afraid because I have been handed a note to say that Springwell Bay, who took a nasty fall and was immediately tended to by the veterinary professionals, sadly sustained a fatal injury.

"Our heartfelt condolences go out to the connections of Springwell Bay. That is a sad finish to the race that was won by Caldwell Potter." A statement released by Cheltenham read: "In our second race of the day, Springwell Bay was immediately attended to by our veterinary professionals, but sadly sustained a fatal injury. Our heartfelt condolences are with his connections."

Trained by Jonjo and AJ O'Neill, Springwell Bay - ridden by Jonjo O'Neill Jr today - is the first horse to die at Cheltenham this year and the 77th horse to lose its life at the Festival since 2000.

Springwell Bay had enjoyed success at previous Cheltenham meetings and won the Betfair Exchange Handicap Chase in January after placing at meetings in November and December.

The Handicap Chase was won by Caldwell Potter. The Harry Cobden-ridden seven-year-old ran in the colours of the late John Hales and became the most expensive National Horse horse ever after fetching £632,000 at auction in February.

He is owned by former Manchester United manager Sir Alex Ferguson who celebrated the grey's victory jubilantly.

The Scot, 83, said: "I think the jumping won it. What can I say? Great horse, it was a bonus. Winning here last year with two was fantastic and doing it again this year is fantastic. Thank you very much."

The tragic news of Springwell Bay's death did not emerge until after Ferguson had spoken.

The British Horse Racing Authority has a fatality review process for when race horses die. The process sees them gather information from racecourse staff, the jockeys, trainers, trainer’s veterinary surgeon and relevant medication and training records.

That data is then collated, analysed and reviewed by a panel of industry experts. BHA say over £50million has been invested into advancing equine health, veterinary science and research since the year 2000.