The prizemoney increase continues the monumental rise of The Everest,which was first run just six years ago as Australia’s first $10 million race and has since become the focal point of the sport in this country.
Slot holders have been asked to lift their investment to $700,000 for a place in the race,but in return they will see a $5 million increase to the 2022 purse,with the prizemoney for last place to cover the slot fee in a change to the way the purse is distributed.
“It’s a ridiculous amount of money and something I never thought I would see in Australian racing,but Peter V’landys and his team have done it,” a source with knowledge of the situation told this masthead. “The way they are going to do it,everyone wins.”
Racing NSW has always maintained slot holders had a lifetime option on the slot they bought when the race was first run in 2017,but had to ask them for an extra $100,000 to make the $20 million prize pot viable.
V’landys targeted the younger generation with The Everest,and its brash nature has disrupted racing’s traditional calendar. In a mark of its lavish nature,the winner receives a diamond-encrusted trophy worth more than $600,000.
It has become the biggest race in Australia,exceeding even V’landys’ lofty expectations. But the Racing NSW CEO has always been open about when asked about how big the event could become.