Royal Randwick racecourse in Sydney will be home to the world's richest 1200-metre race and the richest turf race with the announcement of the A$10-million The Everest, a concept modeled after Gulfstream Park's GI Pegasus World Cup. An initiative of Racing NSW and the Australian Turf Club, The Everest will be run on Oct. 14 under weight-for-age conditions and subsequently on the second Saturday of October on an annual basis.
“This represents an innovative concept and a tremendous new event to promote Thoroughbred racing to a broader audience,” said Racing NSW Chief Executive Peter V'landys. “Being a sprint over Royal Randwick's testing 1200 metre circuit, The Everest is tailored to Australian racing.”
Like the Pegasus, starting spots in the race must be purchased. There will be 12 spots available at a cost of A$600,000–with a three-year commitment–and buyers will have the right to run any horse under their name, or to trade their slot or partner with other owners not holding a slot. The race is open to local and international participants.
The A$10-million purse will be fully funded from the entry fee, as well as from additional revenues generated from the event, such as wagering, sponsorship, broadcast and other raceday revenues. Racing.com reports that the winner of The Everest will receive A$5.8-million, with A$2.4-million to second, A$800,000 to third, A$400,000 to fourth, A$250,000 to fifth, and sixth to 12th A$175,000.
Australian Turf Club Chief Executive Officer Darren Pearce said, “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.
We couldn't be more excited to add The Everest, Australia's richest race, to our Sydney spring program.”
Newly appointed Racing Minister Paul Toole added, “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.”
Bookmakers started setting odds for the inaugural running of The Everest on Wednesday. Winx (Aus) (Street Cry {Ire}) features at the head of Sportsbet's offerings at $6, followed by champion sprinter Chautauqua (Aus) (Encosta de Lago {Aus}) at $7 and Group 1-winning 3-year-old sprinters Flying Artie (Aus) (Artie Schiller), Astern (Aus) (Medaglia d'Oro) and Extreme Choice (Aus) (Not A Single Doubt {Aus}) at $8. Top international sprinters Lady Aurelia (Scat Daddy) and Limato (Ire) (Tagula {Ire}) both feature in the betting at $15.
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