Buveur D'air, external  leads as they reach the last, a record for Nicky Henderson?

Petite Mouchoir taking the running with three to jump as they begin to move downhill. The New One second, from Brain Power. All still in it except for Moon Racer who is pulled. Yanworth is struggling....

We are off and running, eight fences, 12 runners, one big title on offer and one heavy favourite who starts a bit eagerly. Brain Power also makes an early mistake. 

Trainer Nicky Henderson is of course bidding for a sixth win in this race. Though he's not won it in six years. He has three runners,  Buveur D'air, external , My Tent or Yours and Brain Power.

Lizzie Kelly
National Hunt jockey at Cheltenham

When you're down there you're finally away from everyone and what you've talked about for weeks is about to happen. It's the chance to relax and concentrate on the job in hand. It's the best place in the world.

John Inverdale
BBC Radio 5 live

I wonder sometimes if people at home can see just how steep the hill in the final furlong here is.

You can listen to BBC Radio 5 live, just click 'live' at the top of this page. The jockeys are at the start chatting while aboard their mounts.

Andrew Thornton
National Hunt jockey at Cheltenham

The one that caught my eye for the wrong reasons.  Petit Mouchoir, external  was very uneasy in the parade. Very much on its toes and wound up. Keep an eye on him at the start.

Yanworth placed second in the Neptune here at Cheltenham last year and in his three races since it's win, win, win.

Hence the strong favouritism. 

Nicky Henderson saddles Buveur D'air which is second favourite currently at around 5-1. Footpad is the mount of Ruby Walsh, a man who loves these big occasions.

Moon Racer - ridden by Tom Scuadmore who won our last race - is at 10-1 and has two wins on the spin. Scudamore cheekily told us this horse would take this, though he was pumped with adrenaline seconds after his win.

Around £200m will be bet on races at Cheltenham this week and some £30m, give or take, will be on this next race. 

We have a strong favourite in Yanworth at 9-4, so much of the action will be on the Alan king trained horse.

Back to Cheltenham for the big one. The Champion Hurdle...

Swansea City have signed Arnor Gudjohnsen, the 16-year-old half-brother of former Chelsea and Barcelona striker Eidur Gudjohnsen.  

Gudjohnsen was on trial with the Swans earlier this year. The midfielder has returned to his Icelandic club Breidablik and will officially join Swansea in July.

New Derby County manager Gary Rowett has been talking at a news conference.

"It was important to be patient and wait for the right opportunity," said Rowett, who was sacked earlier in the season with Birmingham seventh in the Championship. "It was crucial I had an opportunity that challenged me in a different way. With my history here as a player, coach, and I live in the area, it was a really easy decision.

"Before my previous job people said it was an impossible job and I like a challenge. It is a really exciting opportunity. They have played in the Premier League, there is a lot of work to be done to get them back, but it is a challenge and we will try to move things forward as quick as we can.

"We want to win games as quickly as we can and find solutions to winning games in what is a really tough league. We have a lot of good, talented players. We've had great meetings with the staff and a really good meeting with the players, outlining what we were expecting from them."

Image source, Getty Images

Earlier today, two-time Olympic Games gold medallist Joanna Rowsell Shand announced her retirement from international cycling.

She has just posted on Twitter after an awful lot of people have paid their tributes to her on social media.

Image source, Getty Images

We will nip away from Cheltenham for 10 minutes to take in some other sport but be back in plenty of time for the big race of the day.

Tom Scudamore aboard Un Temps Pour Tout is waving as he passes the stands to cheers. What a feeling.

Trainer David Pipe tells BBC Radio 5 live: "To do it under top weight was a great performance. We fancied him in the Hennessy and went back over hurdles afterwards. I'd love to say it was a great plan but it wasn't. We were seven pounds higher than last year, a great performance.

"Prize money doesn't come into it, it's about winning here. It's the Olympics of racing. You're judged on how you do here, a bit harsh but that's how it is."

Scuadmore adds his ride was "right out of the top drawer". "I knew he'd really battle up the hill. David Pipe is a genius. This means the world."

1. Un Temps Pour Tout, external  (9-1)
2. Singlefarmpayment (5-1)
3. Noble Endeavour (15-2)
4. Buywise (33-1)

A photo finish but Un Temps Pour Tout, external  has got it done. The horse won this race last year and comes back for more. A thrilling finish, a nose in it and no more. Gutsy, proper gutsy.

The favourite still in the mix and moving smoothly in this one but Holywell - winner in 2014 - is a faller. Just three to jump, chances everywhere you look in this big field as they tackle the hill.

A few packed in...

Image source, Getty Images

Bring your best hat, wear your best coat and buffet from the boot of the car. High society meets picnic on top of an engine.

Image source, Getty Images

BBC Radio 5 live

We're racing in race three of the day. Click 'live coverage' to listen to BBC Radio 5 live now.

Holywell makes a mistake at the second, Caid Du Berlais goes down early. Backed him? Rip the ticket up, kick the other shin, not the one you wellied in the last race.