Sydney to Host 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 turf-staged horse race.

The Everest will be staged at Royal Randwick racecourse in Sydney once per year.  Prize money of A$10m (€7.04m/$7.56m) will also make it the richest 1200 metre race in the world. It will eclipse the Melbourne Cup as Australia’s most lucrative event.

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.

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.