The agreement was announced at the start of the FEI Sports Forum in Lausanne where Princess Haya explained that the Saudi Equestrian Fund will provide full financial support for the 2012 series and has also agreed to a five-year title sponsorship commencing in 2013, once the remodelling process has been finalised.

The Saudi Equestrian Fund was created by King Abdullah bin Abdulaziz by royal decree in November 2009 to give the Kingdom of Saudi Arabia a lasting legacy in equestrianism through sport and cultural events.

It is chaired by Prince Faisal Bin Abdullah Al Saud and Princess Haya, the daughter of the late King Hussein of Jordan who competed in show jumping at the Sydney 2000 Olympics, hailed the agreement.

"We want to express our very special gratitude and thanks to the Saudi Equestrian Fund, and particularly to HH Prince Faisal Bin Abdullah, for this wonderful support of the Nations Cup series and its future, and for what they are doing for our sport," said the 37-year-old, who is also an International Olympic Committee (IOC) member.

"They are truly visionary."

The Saudi Equestrian Fund will be part of discussions with the FEI on prize money, branding and revitalisation of the series, with the twin goals of improving the overall prize money for each event and the overall level of competition.

As part of the restructuring of the series, the concept will be debated at this week's Sports Forum and the FEI will also create a dedicated E-platform to facilitate a transparent and open process, allowing stakeholders further opportunities to voice their opinions, and provide feedback and follow-up.

"We believe this is a fantastic opportunity to preserve one of the flagship events and heritage of the FEI," said Prince Faisal Bin Abdullah Al Saud.

"We want to be part of the process that will enhance the Nations Cup concept and help it become a truly global, contemporary product.

"The objective is to make the Nations Cup universal, fresh and exciting."

Organisers of the eight FEI Nations Cup Top League events were informed at a meeting with the FEI in Geneva last December that a funding solution had been found for the series but no details of the agreement were released at that time.

The FEI has been in on-going discussions with the Saudi Equestrian Fund to formalise the agreement since then, resulting in the announcement.

"Supporting the Nations Cup series fits perfectly with our mission to improve and promote the growth of equestrian sport inside and outside Saudi Arabia," said managing director of the Saudi Equestrian Fund Ziyad Abduljawad.

"The Nations Cup should be the pinnacle of equestrian sport.

"National pride and competing for your nation provide an extra dimension that drives the individual to produce peak performance.

"We believe in the power of the Nations Cup to bring the best of equestrian sport to the world."

The Board of Trustees of the Saudi Equestrian Fund is also supporting a major exhibition in the British Museum in London entitled The Horse: from Arabia to Royal Ascot.

The exhibition, which runs from May 24 to September 30, charts the history of the horse from ancient civilisation to modern day sporting events and includes important loans from the British Library, Fitzwilliam Museum and the Royal Armouries as well as rare material from Saudi Arabia.

The announcement of the new deal was greeted with huge applause from the 250 delegates attending the Sports Forum as many believe it was in huge need of a major overhaul.

The FEI Nations Cup is the oldest of the FEI series.

The team competition has existed for over a century, but it was in 1964 that the Nations Cup became a series when a ranking was established.

Since then it has gone through a number of transformations, run as the President's Cup, the Prince Philip Trophy, and more recently as the Super League.

In recent years there has been an awareness that the concept was in need of a major review and the restructuring process is seen as key to ensuring the future of the series.

The FEI Nations Cup Top League is currently run at eight selected European venues, but the concept will be debated at the Sports Forum and, following further consultation, proposed changes to the format will be voted on at the General Assembly in Istanbul in November.

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