Five-day festival is a gamble that Cheltenham must be confident of pulling off

There is a good chance you have still to form a view on the Grand Annual. Even come the day not every punter will have an opinion regarding the likely outcome of the Martin Pipe. There is, however, a Cheltenham matter about which all fans will very probably hold a position – and it does not relate to this year's festival.

Four days or five?

That was the first question directed from the audience to the panel at a preview night staged for members of The Cheltenham Club, the racecourse's most exclusive group. These are people who love racing at the sport's premier jumps track and are prepared to pay a premium to enjoy it in style. Based on their responses to the panel's comments on Thursday evening, they may not wish to enjoy a fifth day at the festival.