A horse race billed as the richest thoroughbred showdown in the world will come with a $US1 million entry fee.
The Pegasus World Cup, to be staged at Florida’s Gulfstream Park next January, will add a unique twist to racing.
The event, organised by the Stronach Group, a gambling and horse racing company in North America with several holdings in Europe and Australia, will be run over 1 and 1/8 of a mile on a dirt track for stakes of $US12 million.
There will be only 12 entrants who will each pay $US1 million to line up at the starting gate. The entrants can then race, lease, contract or share a starter, or even sell their place in the starting gate.
Original entrants will also have the first option to participate in future Pegasus World Cup races.
All entrants will not only be competing for the world’s largest purse, but will share equally in 100% of the net income from the handle (betting on the race), media rights, and sponsorships from the race.
The race, the vision of 82-year-old Frank Stronach, who founded the Stronach Group, is expected to attract the world’s biggest thoroughbred racing stars.
The company hopes the event will promote racing while also creating a lucrative opportunity for owners of world class thoroughbreds.
“The Pegasus World Cup will be conducted to the highest standards,” Stronach said.
The race is scheduled for January 28 to avoid any conflict with the Breeders’ Cup and the Dubai World Cup.
Jack Wolf, the founder of Starlight Racing, has been appointed chief executive of the Pegasus World Cup to assist with the marketing and coordination of the event.