KDF officials need sponsor to come forward to fund 2020 Pegasus Parade

LOUISVILLE, Ky. (WDRB) -- For the first time in nearly 20 years, the Kentucky Derby Festival's oldest event is without a sponsor.

KDF officials are making a public appeal for a company or person to forward to shoulder the $150,000 cost.

"Our sponsorship team is out looking for sponsors now," KDF Spokesperson Aimee Boyd said. "But the festival is the community's festival, so we want to let them know what we're doing to find sponsors for this parade or to see if they have any ideas on anyone we haven't talked to that might be interested."

The Pegasus Parade is the founding tradition behind two weeks of partying that culminates in Louisville's big two-minute race. Republic Bank sponsored the parade for the last 18 years, but this year, it decided to split its donor dollars among two much smaller KDF events: The GospelFest concert and the Bourbonville Tasting Experience. Company leaders said they wanted to reach new audiences.

"This gives us the opportunity to evolve just as the Kentucky Derby Festival is evolving, with great new events," said Jim Ensign, chief brand officer with Republic Bank.

In 2016, a gunman opened fire during the parade, and that same year, groups protested when they were not allowed to participate in it. Boyd said she is unaware of any effect incidents like that have had on companies' willingness to sponsor the parade.

"It's still a community event, and for many, it's their Derby day, and it's an integral part of our celebration each year," she said.

The Kentucky Derby Festival includes 70 events taking place over the course of roughly two weeks. Tax records show it generates approximately $7 million a year, and in some years, the festival operates at a loss. Boyd said half of its revenue comes from sponsors.

The budget for the parade's first year in 1956 was a whopping $448.

So what do sponsor dollars pay for?

"There's a lot of logistics and infrastructure that goes into an event: insurance, road closures, barricades and then little things like entertainment features along the route to entertain the crowd," Boyd said.

Boyd said the biggest line item is helium and balloons. She said it cost $50,000 to cover the expense of filling the balloons that float down 17 blocks of Broadway.

Despite the challenge in funding, Boyd reassures the Louisville tradition will march on regardless of whether KDF secures sponsorship.

"We want everybody to know there's no danger that the parade is going to be cancelled," she said. "We will still have a parade on that Thursday before the big race."

Officials said a sponsor doesn't have to pay the entire $150,000. The amount can be split into smaller packages.