Australia Models AUS$10M Turf Race After Pegasus

An event modeled after the Pegasus World Cup Invitational (G1) will become the richest turf race in the world this fall, with a AUS$10 million purse on the line at Royal Randwick Race Course.

Lauded as a "game changer" by organizers from Racing NSW and the Australian Turf Club, the 1,200-meter (six-furlong) race offers the same shareholder buy-in concept pioneered by The Stronach Group, which organized the Pegasus.

"We couldn't be more excited to add The Everest, Australia's richest race, to our Sydney Spring program." said newly appointed racing minister Paul Toole. "I'm extremely excited about the staging of this new race. The Everest will provide another positive boost to NSW racing bringing to Sydney a world class event along with the substantial economic benefits associated with the race."

Named The Everest, to be run for the first time Oct. 14—and thereafter on the second Saturday of October each year in Australia—the race will be open to local and international buyers to purchase a AUS$600,000 starting spot, with an initial three-year commitment.

Twelve slots will be sold in The Everest through an expression of interest entitling 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, which will be run under weight-for-age conditions. The winner will get AUS$5,800,000 while the runner-up is awarded AUS$1,425,000. Awards to third (AUS$800,000), fourth (AUS$400,000), and fifth (AUS$250,000) are on a gradual scale, while sixth through 12th is worth AUS$175,000. A donation of AUS$100,000 will be made to the Equine Welfare Fund. A travel allowance will be available to international contenders. 

The purse will be fully funded from the entry fee and additional revenues generated from the event, such as wagering, sponsorship, broadcast, and other raceday revenues.



"The Everest will be a game-changer for racing in Sydney and provide a stage for showcasing the best Australian sprinters against leading international contenders," said Racing NSW chairman Russell Balding.

Added Australian Turf Club chairman Laurie Macri, "The Everest is a joint venture between Racing NSW and the Australian Turf Club, who share a vision to see more Sydney racing on the world stage. Royal Randwick itself is an international landmark, and it will now rightly showcase the world's richest sprint over one of the best but most testing 1,200-meter courses anywhere in racing."

Echoing sentiments relayed by The Stronach Group in their development of the Pegasus World Cup, Racing NSW chief executive Peter V'landys spoke of a desire to develop the global Thoroughbred racing audience while embracing an outside-the-box concept.

"This represents an innovative concept and a tremendous new event to promote Thoroughbred racing to a broader audience" he said.