Nick Smith, Director of Racing and Public Affairs at Ascot Racecourse, has heralded the “significant momentum” behind the King George VI and Queen Elizabeth Stakes, with a top-class edition in prospect on Saturday and it being announced that the midsummer highlight will be worth £2.5 million from 2027.
Currently, the King George shares top spot with the Derby among the richest races staged on British soil, with Saturday's Group 1 feature set to offer total prize-money of £2 million for the first time, having been run for £1.5 million when the Francis Graffard-trained Calandagan (Gleneagles) emerged victorious 12 months ago.
At £2.5 million, however, the King George is set to stand alone as Britain's richest-ever race, offering £500,000 more than the Derby and £1 million more than the Sussex Stakes and Juddmonte International, both of which will be run for £1.5 million in 2026 following further prize-money increases announced by Goodwood and York, respectively.
As things stand, the Prix de l'Arc de Triomphe, which is currently worth €5 million (£4.24m), will be the only race in Europe run for more than the King George in 2027.
“In a week where the significant prize-money boost to this year's King George has resulted in two of the best horses in Japan and France being set to run, as well as Irish Derby winner Benvenuto Cellini, and eight Group 1 winners in total, we are delighted to confirm further significant momentum for Britain's premier all-aged race with £2.5 million on offer next year,” said Smith.
“In a fiercely competitive international market, it is crucial that Britain's flagship midsummer races are appealing to connections of the world's best horses. The Elite Races Scheme, backed by the Levy Board and BHA in 2026, has played an important part in this venture as we continue to work with our racecourse colleagues at the Jockey Club, Goodwood and York to promote the midsummer highlights of British racing, namely the July Cup, the King George VI and Queen Elizabeth Stakes, the Sussex Stakes and the International Stakes.”
Headlining the list of eight Group 1 winners in contention for Saturday's King George are defending champion Calandagan and Japanese star Masquerade Ball (Duramente), the one-two from last year's Japan Cup.
Calandagan prevailed by a head at Tokyo on his way to being crowned Longines World's Best Racehorse for 2025. The five-year-old has already raced three times in 2026, notably winning the Dubai Sheema Classic at Meydan and Grand Prix de Saint-Cloud, either side of a rare below-par display in the Coronation Cup at Epsom when floundering on the soft ground.
Meanwhile, this race has been a long-term target for last year's Tenno Sho (Autumn) hero Masquerade Ball, who bids to become the first Japanese-trained winner of the King George, having returned to action with a creditable second behind the redoubtable Romantic Warrior (Acclamation) in April's QEII Cup at Sha Tin. He is joined from the Far East by Wurttemberg (Kitasan Black), who is yet to open his account at the top level but was beaten just a nose in the Tenno Sho (Spring) when last seen.
Graffard will also have a second string to his bow in the 2024 King George victor Goliath (Adlerflug), while Aidan O'Brien could field up to four runners, including Irish Derby scorer Benvenuto Cellini (Frankel), three-time Group 1 winner Minnie Hauk (Frankel) and last year's Derby hero Lambourn (Australia).
Finally, the home challenge is made up of George Scott's runaway Coronation Cup winner Bay City Roller (New Bay) and the Andrew Balding-trained Kalpana (Study Of Man), who will be bidding to go one place better than when chasing home Calandagan in 2025.
“He [Calandagan] is obviously a very good horse and we couldn't match him last year, but we'll take him on again and who knows?” Balding said of his star mare, who continued her love affair with Ascot when beaten just a short head by Giavellotto (Mastercraftsman) in the G2 Hardwicke Stakes last time.
“I think she's a little bit fitter than she was last year. We were always sort of struggling to get weight off her last year. This year, she has come to hand and stayed in a good place. It just seems to have occurred that way, but we are very happy with her.
“She worked well on Saturday. She's a very good horse on her day and loves Ascot – she's not put in a bad turn there yet, so hopefully that will continue. I'm sure she'll be there or thereabouts again. She seems fairly versatile these days with the ground but, if it does rain, it might suit her a bit better than some of the others.”
He added of the King George, “It's one of the most important middle-distance races of the summer and has always been a main target for her. This race and Ascot on Champions Day [Fillies & Mares Stakes won by Kalpana in 2024 and 2025] have always been the key races for her.”
'Sustainable growth is fundamental to our long-term success'
In addition to the further cash injection that the King George will receive from 2027, Ascot Racecourse announced on Monday its financial results for the 12 months ended December 31, 2025, which showed consistent growth across the board.
Turnover increased by 4.8% to a record £118.6 million, driven by strong performances across hospitality, retail catering, admissions and sponsorship.
Gross profit also rose in line with the increase in turnover, with profit before tax up by £2.1 million, while EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation) rose by £2.3 million (14.2%), including a £1.2 million business rates refund following a successful appeal against a rateable valuation.
The mandatory £3 million loan repayment was made in 2025. This follows repayments of £5 million in 2024, which included a voluntary early repayment of £2 million. As a result, as of December 31, 2025, net cash stood at £10.4 million, compared with net debt of £4.6 million at the end of 2024.
Racecourse attendance also grew strongly, with 532,956 racegoers attending Ascot's fixtures in 2025, a 3.7% increase on the 513,869 recorded in 2024.
Capital investment totalled £4.8 million during the year, supporting the first phase of the new weighing room project, technology upgrades, improvements to the stabling area and enhancements to the customer experience as part of Ascot's long-term strategy.
Felicity Barnard, Chief Executive Officer at Ascot Racecourse, said, “Sustainable growth, both domestically and through our international relationships and partnerships, is fundamental to our long-term success. It allows us to invest in our site, enhance the customer experience and continue to strengthen our racing product.
“We were delighted to welcome over 286,000 guests to Royal Ascot in 2025 and saw attendances increasing again this summer for the third consecutive year. This continued growth reflects our focus on strengthening the Ascot brand and listening closely to what our guests value most.”
The strong financial performance has also enabled Ascot to programme a record £19.4 million in prize-money for 2026, excluding the industry-owned QIPCO British Champions Day.
Smith added, “Our whole programme is important to us, of course, as demonstrated by 52% of our races this year being run for more than 2025, and a full prize-money announcement for 2027 will be made in December.”
Not a subscriber? Click here to sign up for the daily PDF or alerts.
