Sydney will host a $10 million horse race, deposing the Melbourne Cup as Australia's richest turf event

Photo: Ryan Pierse/Getty Images.

Racing NSW and the Australian Turf Club have announced plans for a new $10 million sprint they say is the world’s richest turf race.

Dubbed “The Everest”, the 12 horse, 1200m sprint will run at Royal Randwick during the Spring Carnival on 14 October, 2017, then held on the second Saturday in October annually.

The move throws shade on the nation’s premier horse race, the Melbourne Cup, just a few weeks later, taking away its title as the world’s richest turf race. The Everest pot is more than 50% higher than the $6.2 million up for grabs at Flemington.

Only the $US12 million Pegasus World Cup in Florida and the $US10 million Dubai World Cup, both run on dirt, pip the new Sydney race.

But the chances of a rank outsider creating a rags-to-riches story at Royal Randwick, like 100-1 outsider Prince Of Penzance in 2015’s Melbourne Cup, are extremely remote unless the connections are already flash with cash. Entry is $600,000, thus generating nearly three-quarters of the prize money for the organisers.

The joint venture between Racing NSW and the ATC is being described as “unique in Australian racing in that the race will be open to local and international buyers to purchase a place”.

The 12 slots will be sold through an expression of interest that entitles the owner of the slot an entry in the field. The owners will be able to trade their position or partner with owners not holding a slot to enter a horse in the final field. It will run under weight-for-age conditions.

ATC CEO Darren Pearce said The Everest added to his organisation’s goal of attracting a global audience.

“We couldn’t be more excited to add The Everest, Australia’s richest race, to our Sydney Spring program,” he said.

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