Sydney will host Australia's first A$10M ($7.6M) horse race at Randwick in October, "making it worth nearly two Melbourne Cups in terms of stakes," according to Chris Roots of the SYDNEY MORNING HERALD. The race, to be known as The Everest, "will target the best sprinters in the world" and be run over 1,200m at "weight-for-age" on Oct. 14. Owners will be able to buy a spot in the 12-horse field with a three-year commitment for A$600,000 ($455,200) per year. It is "similar to the Pegasus World Cup concept in America -- and spots will be able to be traded." The Melbourne Cup is worth A$6.2M ($4.7M) in prize money. Racing NSW Chair Russell Balding said, "It is a game changer for racing in Sydney" (SMH, 2/1). SKY SPORTS reported The Everest is a joint venture between Racing NSW and the Australian Turf Club. Racing NSW said in a statement, "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" (SKY SPORTS, 2/1).
NOT FOLLOWING: In Hong Kong, Alan Aitken reported the Hong Kong Jockey Club has "no intention of following other jurisdictions into the major sweepstake race business" despite the announcement of The Everest. While the concept "is a talking point," Jockey Club CEO Winfried Engelbrecht-Bresges said that Hong Kong "would not be considering anything similar." Engelbrecht-Bresges: "It will be interesting to see how many owners are willing to pay A$600,000 to get a place in this race. ... I firmly believe that these 'limited number of owners financing majority of prize money races' will be difficult to sustain" (SOUTH CHINA MORNING POST, 2/1).
