Five to jump... King's Socks is travelling OK but is adrift of leaders Splash of Ginge and King's Odyssey.

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King’s Socks owner Bryan Drew: “I have had three winners before and this would be my fourth. It is a very good handicap and hope he comes back safe but it is difficult to get a winner here. We have had this race in mind for a while.“

Back to the track.... and we're under way in the Brown Advisory & Merriebelle Stable Plate.

Village Vic has the lead, of about a length and a half, as the large field makes it way around the 2m5f distance...

The television cameras have followed Paul Townend into the jockeys' changing room following his win on Penhill, catching him scrawling the name of his winning horse on the wall.

Don't worry, it's part of the Cheltenham tradition. He finds an empty spot, not taken over by Ruby Walsh, to mark his achievement.

Where are you putting your money in this race? King's Socks is the name on most people's lips and trainer David Pipe says the 6-1 favourite is his best chance of a win this week.

Another Gordon Elliott hope, The Storyteller, is also in the mixer.

That might have been the day's big race - but we're far from finished yet. Next up is the snappily-titled Brown Advisory Merriebelle Stable Plate Handicap Chase. Try saying that after a few glasses of fizz.

Penhill is owned by Tony Bloom, who is the chairman of Premier League football club Brighton and Hove Albion.

Hence why Paul Townend is dressed in blue and white silks, and was handed a Brighton scarf as he celebrated victory.

A Cheltenham winner and Premier League survival would be a cracking season for Bloom.

Image source, PA

Winning jockey Paul Townend on Penhill's victory: "It's been frustrating for a couple of days but this win made up for it. I'm just relieved.

"He's massive engine. It was some training performance. I got there too soon and luckily he kept going.

"He jumped rusty enough early on but when I needed him at the last he produced."

Image source, PA

Penhill's winning trainer Willie Mullins, speaking to ITV Sport: "He must have some engine! I couldn't believe watching Paul come down the outside.

"The horse's mind is fairly fragile and I'm going to attribute this win to Holly [yardhand who rides him every day]. It's fantastic for everyone.

"Now I want to put him away for Cheltenham next year.

"He's not suited for training for the flat and he's able to do this job so well. If we don't go flat training then we might have a better winter programme."

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Trainer Jedd O'Keeffe on Sam Spinner, the favourite who ended up finishing fifth: "Maybe it's come a year too soon for him. His lack of experience has told a little bit. I'm not feeling anywhere near as disappointed as I might. We'll see how he is and we'll consider Aintree."

Image source, BBC Sport

Jockey Paul Townend looks relieved more than anything as he jumps to his feet on Penhill as the pair return to the winner's enclosure. Penhill gets soaked with a bucket of water - as does his handler. She doesn't mind.

Penhill won the Albert Bartlett at Cheltenham a year ago, so becomes the first horse to claim this double.

Image source, Reuters

Cornelius Lysaght
BBC horse racing correspondent at Cheltenham

Four winners so far for Ireland today – Willie Mullins has his 60th winner which equals Nicky Henderson's record.

Tom Scudamore
Jockey on BBC Radio 5 live

Image source, Reuters

What a performance from Penhill who has not run for 323 days and ran this race to perfection. Take a bow.

1 Penhill (P Townend) 12-1

2 Supasundae (R M Power) 6-1

3 Wholestone (Aidan Coleman) 14-1

Image source, Reuters

Penhill wins! A fantastic victory for Willie Mullins and Paul Townend - on 12-1 shot Penhill's first run of the year. Remarkable.

Favourite - and long-time leader - Sam Spinner ran out of gas and ended up fifth...

This is anybody's with one fence to go.... Sam Spinner is faltering! Penhill and Supasundae are coming through....

One goes down at the back with four fences to go... it's Let's Dance.

Sam Spinner still leading, but hasn't turned the screw yet. Donna's Diamond is the nearest challenger with Lil Rockfeller and Penhill also in touch.

Tom Scudamore
Jockey on BBC Radio 5 live

They haven’t gone overly quick which is good for Sam Spinnner.

It's tightly packed out there as the field rounds the corner in front of the Cheltenham grandstand... six fences to go... Sam Spinner in complete control...

A steady gallop so far for Sam Spinner, none of his rivals putting on any pressure. The rest of the field remains intact, grey Donna Diamond tucked in behind the frontrunner.