It is very tight near the front now. Maxi Mac Gold has moved to just behind American Sniper.

Spots of rain are visible on the camera now, it is very overcast at Cheltenham.

Four to jump, and it's anyone's race.

Halfway through as they jump the sixth.

Feet Of A Dancer continues to sit patient, the pack are reeling in American Sniper - two lengths the lead now.

Charlie Poste
Former jump jockey on BBC Radio 5 Sports Extra

The fancied ones are all being patiently ridden.

D Art D Art and Jeriko Du Reponet are in the midfield.

American Sniper continues to lead as they head up the hill.

Feet Of A Dancer, one of the favourites, is near the back.

American Sniper is six lengths clear at the front from Thomas Mor.

12 hurdles in this race, all over the first three safely.

American Sniper is the early leader.

Will we get a clean start this time? The first two races both had false starts.

Lots of shouting, they're at the tape... they're off first time!

Veteran Cheltenham watchers may have noticed something different about the hurdles at this Festival.

Organisers have installed newly designed padded hurdles for the Festival this year - how, and why, is explained here.

Another packed field here, with 24 runners.

Jeriko Du Reponet, D Art D Art and Feet Of A Dancer are the favourites here.

Gina Bryce
BBC Radio 5 Sports Extra at Cheltenham

14:40 Pertemps Hurdle Feet Of A Dancer 6-1

Following same path as stable's 2021 winner Mrs Milner. Step up to three miles in December brought out more improvement and kept for this. Goes well fresh..

16:00 Stayers' Hurdle - Teahupoo 7-4

Last year's winner, who followed up at Punchestown. Ran well in second on return and has been saved for this.

Andrew Thornton
Former jockey on BBC Radio 5 Sports Extra

14:40 Pertemps Hurdle D Art D Art 5-1

I fancy D Art D Art. Has a very good young jockey on who claims 5lb. The horse appreciates ground that’s not too soft. Conditions should be perfect.

15:20 Ryanair Chase - Fact To File 13-8

He won at Cheltenhan last year. There was the option of going for the Gold Cup but connections have opted for this race.

Image source, Getty Images

Another big field of 24 for what looks like the most open race of day three.

Nico de Boinville and Nicky Henderson have had mixed fortunes so far at this year’s Festival but Jeriko Du Reponet could be one to watch.

He was pulled up in last year’s Supreme Novices Hurdle but has shown better form this year and wears headgear for the first time which could be key.

Trainer Tom Cooper will be hoping D Art D Art can give him a third Festival win after Total Enjoyment and Forpadydeplasterer while Feet Of A Dancer and Win Some Lose Some could be among the challengers.

With attendances at their lowest in 32 years, attention has turned to the reasons why - and primarily, it appears to be access and cost.

A new park-and-ride system, additional coaches and extra hardstanding areas at the course for car parking have been introduced.

Cheltenham have frozen ticket prices, increased food and drink options and is exploring new accommodation deals.

Advance tickets ranged from £37 to £86 for each of the first three days, rising to between £53 and £102 for Cheltenham Gold Cup day on Friday, with prices on the day more expensive.

A pint of Guinness at the course is up 30p to £7.80 this year.

BBC Radio 5 Sports Extra

Trainer of Caldwell Potter, Paul Nicholls, speaking to BBC Radio 5 Sports Extra: "It was a good performance, it's what we wanted to see from him. He loved that. He can only improve.

"It's only the last month he's shown us what he's made of. We were under a bit of pressure. You've got to get to know them like people. He's run OK this season."

Frank Keogh
BBC Sport at Cheltenham

Image source, Getty Images

Caldwell Potter was another poignant winner at Cheltenham.

The horse runs in the yellow and red colours of owner John Hales, who died aged 85 in January.

It is a 50th Cheltenham Festival winner for trainer Paul Nicholls.

And the first prize recoups nearly £50,000 for the syndicate, which includes Sir Alex Ferguson, who bought him for 740,000 euros (£630,000) last year.

That made Caldwell Potter the most expensive National Hunt horse ever sold at public auction.

Winning jockey Harry Cobden on ITV Racing: "He [Caldwell Potter] has been a difficult horse to train but fair play to Paul and the rest of the team, They had him at 110% - he travelled great and jumped beautifully.

"He was quick and efficient and felt I was taking lengths out of the other horses. He was so good in front and I couldn't be happier.

"We got a lot of stick when we got this horse because of his big price tag, but he has proved everyone wrong today."

Andrew Thornton
Former jockey on BBC Radio 5 Sports Extra

Paul [Nicholls] was saying Caldwell Potter's form is not that bad, he's a nice horse, just not a top-level horse. They got over every fence and it was jumping that won that. This was one where jumping was the name of the game.

We have sad news to bring you following the last race.

Springwell Bay suffered a fall and ITV Racing have said he suffered a fatal injury and has had to be put down.

Image source, PA Media

Cheltenham CEO Guy Lavender speaking to the BBC about the Festival's aims for improvement following the smallest crowd since 1993 on Wednesday: "I think we're going to have over 200,000 racegoers at the Festival. It doesn't feel like it's in crisis and numbers go up every year. We've invested a lot in car parking, in entertainment and how people go about the racecourse. It's all about delivery and we're doing that really well this year.

"Let's start with car parking, we've put in enormous amounts of track weight to make sure cars are parked on a hard surface. We've removed some of the restrictions on how alcohol can be moved around so more people can enjoy a drink and watch the racing. I've got the sense that customers have loved it.

"You have to look at the value proposition for what we're offering. We've got to work out. We know racegoers have choices to make over where they go and we want them to come here. The racing has been dramatic and it's been incredible. It's about delivery and reflection over the summer and plan for the next Festival.

"We want everyone to come here and enjoy the Festival but people have choices to make. We've got to make sure they want to come back. We're delivering it."