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Sydney to host lucrative new horse race

Racing New South Wales and the Australian Turf Club have launched a new event which is set to become the world’s richest horse race staged on turf.

The Everest will be staged for the first time at Royal Randwick racecourse (pictured) in Sydney on October 14, and thereafter held on the second Saturday of October each year. Prize money of A$10m (€7.04m/$7.56m) will also make it the richest 1200 metre race in the world, while it will eclipse the Melbourne Cup, which currently has a prize purse of A$6.2m, as Australia’s most lucrative event.

The Everest will be unique in Australian racing in that the race will be open to local and international buyers to purchase a place in the race at a price of A$600,000. 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 prize money pool is to be fully-funded from subscribers and additional revenues generated from the event.

“This represents an innovative concept and a tremendous new event to promote thoroughbred racing to a broader audience,” Racing NSW chief executive Peter V’landys said. “Being a sprint over Royal Randwick’s testing 1200m circuit, The Everest is tailored to Australian racing.”

Australian Turf Club chief executive Darren Pearce added: “Sydney racing is going from strength to strength, and The Everest furthers our goal to attract a global audience, whilst providing Sydney with a massive drawcard in the spring.”