The Varsity Boat Race will now be known as ‘The Xchanging Boat Race’ after the business processing company which has sponsored the event for five years.

The sporting event, which began in 1829, will take place in April next year for the 156th time, with Xchanging branding featuring prominently on the new event logo and along the Tideway course from Putney to Mortlake.

Xchanging announced the renaming in a press statement released on November 19th. David Andrews, founder and CEO of the company, said: “We are pleased and honoured to assume title sponsorship of an event that typifies the best of sportsmanship and competitive intensity... Xchanging draws strength and inspiration from the determined example of the Oxford and Cambridge crews.”

However, the news was greeted with mixed responses from Cambridge’s rowing community. Many feel that the renaming undermines the integrity of one of Britain’s oldest and most iconic sporting events.

Nick Gates, Men’s Captain of Queens’ College Boat Club, said: “I’m personally not a big fan of it, and I doubt many others are. It has always been called ‘The Boat Race’, I’m not sure why that had to change.”

The renaming comes at a time of worry over the commercial influence on Cambridge’s academic institutions. Protests were voiced two weeks ago after it emerged that the opportunity to rename the University Library was to be sold to the highest bidder. And last week music students expressed their concern over the Music Faculty’s decision to rent the West Road Concert Hall to Kingsgate Community Evangelical Church, a move which would restrict the availability of the hall for Cambridge University musicians.

It is thought that the decision to allow the Boat Race to be renamed was made due to financial difficulties. Last year ITV decided not to renew their contract with the Boat Race Company Ltd.

Speaking to Varsity, 2009 Blues rower and current trialist Hardy Cubasch spoke of the “true honour” it was to row in the “historic and iconic event”.

He continued: ‘“In modern times though, the resources required throughout the season and on Boat Race day are extensive. It is only through partnerships that both the CUBC and OUBC have been able to support their students to the levels we are so fortunate to enjoy.

“In an ideal world, with the passionate and close knit student and alumni community that both our clubs share, perhaps it would be possible that one day we ourselves, through our own resources, could find a way to preserve and nurture an event we treasure so much.

“However, until that day, finding partners that respect the heritage of the Boat Race is our next best option and will allow the event to go forward as a highlight on the University and international sporting calendar.”