Hawk High wins the Juvenile Handicap Hurdle.

Clarcam, leading at the time, takes a painful looking fall. Orgilgo Bay takes on the pace.

A succession of fallers with Goodwood Mirage, with Tony McCoy on board, taking a tumble. McCoy gingerly makes his way off the course after a bit of a trampling. Astre De La Cour and Wayne Hutchinson also ended up on the deck. Horse and jockey both OK.

Azza is out in front with Orgilgo Bay on his shoulder.

No time for any more pre-amble, we are off and running.

Next up on the card is the Juvenile Handicap Hurdle.

Dawalan is well fancied on the back of some superb flat form in France, can he transfer it to the hurdles?

Cornelius Lysaght
BBC horse racing correspondent at Cheltenham

"Sire De Grugy is a huge win for GB jump racing as lower profile owners/trainer/jockey team show you don't have to be big to win big."

Sire De Grugy's backstory is a beauty. Co-owner Steve Preston was given £2,000 to put towards a racehorse for his 50th birthday. Having brought in some friends he upped the budget to £35,000 to secure their first horse.

Since then Sire De Grugy has paid his way by bringing home £543,000 in prize money - including close to £200,000 for his win in the Queen Mother Champion Chase today.

Image source, PA

As Helen Skelton says there is a lot of tweed on display. Fifty shades of brown in the stands.

Frank Keogh
BBC Sport at Cheltenham

Helen Skelton is making her Cheltenham Festival debut, as a roving reporter for BBC Radio 5 live, and is enjoying the colour and atmosphere on Ladies' Day.

She told me: "It's the poshest race meeting I've ever been to. I've been to lots of different flat and jump race meetings, such as Carlisle, York, Chester, Newcastle, Epsom, Aintree, and this looks like the creme de la creme when it comes to the women and what they are wearing. There's lots of tweed, lots of jewels, sheepskin, feathers.

"My dad said to me 'Oh I'd love to be at Cheltenham, I'd love to hear that roar when the first race goes off, and now I know exactly what he means.

"I'm only 5ft 3in and a bit. I like to go down to the rail right by the finishing line. I can't see a thing but the hairs on the back of your neck stand up because it's so exciting. Everybody is cheering, bouncing around like Tiggers on pogo sticks. It's a great atmosphere, but I normally have to wait for the commentator to check who's won."

Winning jockey Richard Johnson tells BBC Radio 5 live that he would like to see Balthazar King in the Grand National next. There is plenty of grit and jumping ability in there to give him as much chance as any other horse.

BBC Radio 5 live

The wife of Balthazar King's trainer Philip Hobbs on BBC Radio 5 live: "He jumped so well. He's a very brave horse and he was amazing. He digs deep, he's as brave as a lion. He feels like that when you ride him. He can go to France now, where there is better prize money!"

It was eyeball to eyeball down the home straight with Balthazar King and Any Currency staring each other other down. When the cards were turned over Balthazar King has slight more stamina in hand and takes the win by a nose.

BBC Radio 5 live

BBC Radio 5 live's Luke Harvey: "It's a furlong shy of four miles and Balthazar King is obviously tired now but he loved that race. He is a horse who enjoys his work."

1. Balthazar King R Johnson 4-1

2. Any Currency Ian Popham 10-1

3. Big Shu P Carberry 3-1 Fav

4. Duke Of Lucca T J O'Brien 25-1

Balthazar King wins the Handicap Chase.

Balthazar King and Any Currency are going to have to be split by the officials.

Big Shu is in hot pursuit of Balthazar King with one more jump to take.

Balthazar King hits the front with three to jump. Quantativeeasing is out of contention.

Bishopsfurze and Sin Palo have both pulled up and out the race.