Sydney will host Australia's first $10 million horse race at Randwick in October, making it worth nearly two Melbourne Cups in terms of stakes.
The race, to be known as The Everest, will target the best sprinters in the world and be run over 1200m at weight-for-age on October 14.
Owners will be able to buy a spot in the 12-horse field with a three-year commitment for $600,000 a year. It is similar to the Pegasus World Cup concept in America - and spots will be able to be traded.
The Melbourne Cup is worth $6.2 million in prizemoney, a purse dwarfed by the $10 million on offer at Randwick. It will be the richest race on turf in the world.
Racing NSW chairman Russell Balding and Australian Turf Club chairman Laurie Macri made the announcement on Wednesday afternoon after working on the race for the six months.
"It is a game changer for racing in Sydney," Balding said. "It will be known as 'The Everest' and will be the richest 1200m in the world and the richest turf race in the world."
The race will focus on an area which Australian racing is built on, and will not attempt to compete with the major staying races during the Melbourne spring carnival.
Macri said the sprint journey was chosen because there is not an opportunity to run for that sort of money over 1200m anywhere in the world.
"This is not about Sydney against Melbourne. This is about playing to Sydney's strength," Macri said.
"Our sprinting division is the strongest in the world and we think they deserve an opportunity to showcase them to the world."
While the initial concept is for 12 runners, Racing NSW and the ATC are prepared to extend the field if the interest is there, with the additional entry fees to be added to the purse.
The Everest will sit only under the $US12 million ($15.9 million) Pegasus World Cup over 1800m and $US10 million ($13.2 million) Dubai World Cup over 2000m.
The name was chosen because this will be peak of racing.
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