$10 Million Everest Race To Go Ahead!

Written on the 31 March 2017

Chief Executive Officer of Racing NSW, Peter V'landys took to Twitter for the first time on Tuesday to announce that all the slots for The Everest were now filled.

"It's only fitting that my first ever Tweet is to announce that all slots for The Everest have now been filled. Sydney now has a $10mil race," V'landys said.

The news of the $10 million Everest race to be held on Saturday, October 14, which is built around a sweepstake concept, was announced by Racing NSW less than two months ago.

The Everest will be run over 1200 metres at Randwick under weight-for-age conditions, offering a $5.8m purse, with $1,425,000 to go to the runner-up and $800,000 for third place. Fourth will also win $400,000, fifth $250,000, with runners sixth through to twelfth collecting $175,000. 

The terms of The Everest included the sale of 12 slots priced at $600,000 each per year with a commitment for 3 years.

At any time, owners can sell or trade their slots. They don't need to have a horse but they can strike a deal with those with local or international sprinters and basically share in the ownership for the day under mutually-agreed terms.

For example, Yu Long Investments bought a slot to accommodate Golden Slipper winner She Will Reign. The terms of the deal are that the jockey wears the silks belonging to Darby Syndications, who put together the ownership group and they split the prizemoney. Mr Zhang from Yu Long Investments will take home the trophy if She Will Reign wins The Everest.

One of the part-owners of Chautauqua has bought a slot and the acclaimed sprinter will take his place if his form and fitness warrant it, with all owners chipping in equal amounts to offset one-third or $600,000.

James Harron Bloodstock and Damion Flower have each bought slots while several companies, yet to be formally announced have secured slots as well.

The $10 million race is the first of its kind in Australia and the richest to date in Australia also, superseding the $6.2 million Melbourne Cup.

(Photo: Racing NSW CEO, Peter V'landys - photo credit: The Australian)