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The Everest: World's Richest Turf Race Set to Run in Australia on Saturday

Set to be run for the first time on Saturday at Randwick in Sydney, the Everest will immediately become the world's richest turf race. With a prize fund of A$10 million – £5.92m (or $7.82m) at current exchange rates – the 1,200-metre (six-furlong) contest stands behind only the Pegasus World Cup (projected at $16m for 2017) and the Dubai World Cup ($10m) on the overall prize-money list. Joint-second on the turf list are the Dubai Turf (formerly Duty Free) and Dubai Sheema Classic with $6m purses.
 
The brainchild of combative Racing NSW chief executive Peter V'landys, the Everest has been set up to provide a new highlight for the revamped Sydney spring carnival, largely overshadowed in the past by the offering of arch-rival Melbourne. "Being a sprint over Royal Randwick's testing 1,200m circuit, the Everest is tailored to Australian racing," said V'landys. That may be one reason why there is only a purely domestic field, although at least they've got Jamie Spencer in for 25-1 shot Brave Smash. An American, pop star Jason Derulo, is doing the post-race concert.
 
Launched in February, the new race is based on the Pegasus World Cup, the first edition of which was won by Arrogate at Gulfstream Park in Florida in January. There, 12 'shareholders' forked out $1m for a guaranteed place in the starting gate. The Everest is A$600,000 a throw, with all investors locked in for three years (so A$1.8m in total). Slot owners have the right to lease, share or sell their starting position, a concept that resulted in a lively market in the final weeks before the Pegasus.
 

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