Racing NSW and The Australian Turf Club (ATC) announced a $10 million sprint race will be held at Royal Randwick in October.
Named ‘The Everest’ and held over 1200m, the race will not only replace the Melbourne Cup as the richest race in Australia, but it will become the richest turf race anywhere in the world.
The inaugural running of The Everest will take place at Royal Randwick on October 14, 2017 and thereafter on the second Saturday of October each year.
The race will be run under weight-for-age conditions and will be open to local and international buyers to purchase a place (slot) in the race for $600,000.
With a concept that resembles the recently run Pegasus World Cup ($12 million) on dirt, twelve or more slots will be available for purchase which will entitle the owner of the slot an entry in the field.
The owners of these slots will be able to trade their position or alternatively partner with owners not holding a slot to enter a horse in the final field for the race.
The prizemoney pool is to be fully-funded from subscribers and additional revenues generated from the event.
Traditionally, the Spring Champion Stakes (2000m) is the final Group 1 race of the Sydney Spring Racing Carnival before the focus switches to Melbourne, but with The Everest programmed for the October 14, the historic meeting will coincide with Caulfield Guineas Day.