There is much speculation on here about potential cancellation of the Festival but if the situation can't be resolved in time for mid March and requires a few more weeks, there may still be the option to postpone and reschedule. They attempted to do this in 2001 but regrettably still ran out of time.
I appreciate this probably wouldn't safeguard existing bets but might still mean the Festival could go ahead this year, if more time needed.
## The article from 2001 ##
https://www.telegraph.co.uk/sport/horseracing/3000868/Cheltenham-rearranged-for-April-17.html