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The Everest: The good and the bad around the all-new $10M race

1st February, 2017
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Randwick Racecourse (AAP Image/Daniel Munoz)
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1st February, 2017
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A day after we were quietly encouraged as The Jericho Cup was announced, Racing NSW has blown everyone away by offering a new-fangled $10 million dollar race called The Everest.

The Jericho Cup was a simple attempt to supporting staying, tied to history and tradition and supporting local racing.

The Everest, on the other hand, is a massive attempt to create not just the richest race in Australia, but the richest turf race in the world.

It’s set to shake-up the major spring racing season and create plenty of interest – but will it work? Let’s take a look.

The Everest

The race will be a 1200m weight-for-age event, run at Randwick, with the first race on 14 October 2017 and thereafter on the second Saturday of October each year. Note that this is also traditionally Caulfield Guineas Day.

If you saw the Pegasus World Cup over the weekend, won by Arrogate, it’s a similar exercise in a sweepstakes race. Many remarked that race felt like an ‘only in America’ deal. Hold onto your hats, because anything they can do we can do better.

Twelve entries, known as slots, will be made available for The Everest. Each slot will go on the market for $600,000, and aren’t restrictive – they can be both be tradeable and transferable – so anyone can buy and sell, although it will help to have a decent sprinter on hand.

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The twelve slots leave a prizemoney shortfall of around $2.8 million, which is to be topped up by a joint venture between the ATC and Racing NSW. The shortfall is expected to be replaced by revenue from the race meeting.

First prize has been set at $5.8 million, while the runner-up receives $1.425 million, and third $800,000. Fourth takes home $400,000, fifth $250,000, whilst sixth to last receive $175,000. $100,000 will be donated to the equine welfare fund, too – so it’s actually a $9.9M race, but never mind small details.

“We expect to attract horses from around the world,” said Racing NSW CEO Peter V’landys. This is also supported by a travel allowance and a quarantine centre being set up at Canterbury.

The good

Let’s start off with the good that could come from the race.

Keeping stars in racing
Overwhelmingly, the potential best outcome may be a big incentive for the start three-year old sprinters to continue into their four-year old season and possibly beyond, instead of heading to the (surely becoming crowded) breeding barn.

Having a crack is positive, never mind the naysayers
Like the Jericho Cup, having a go is to be applauded. You don’t get anywhere without taking a risk.

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Sydney racing will now have The Championships in autumn and The Everest in spring, along with the traditional Group and listed races and metro meets. Certainly, one big win has been the creation of the Country Championships within the autumn, which has a strong following from fans and punters alike.

All in all, quite suddenly, a big spring becomes a monster spring for racing and that’s a good thing.

The bad

Hang on, why ‘Everest’?
Why the name The Everest? Nothing about that says Sydney racing, or even Australia.

Was ‘The Kosciuszko’ deemed too regional? Is it a nod to the Kiwis? Why not the name of one of our great sprinters, or even a local landmark?

Also, did the marketing people realise that the ice-capped mountain featured on the brochure was actually Ama Dablam?

everest

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Everest sized entry fee excludes battlers
Really, the bad isn’t that much. There are obstacles, and there will be more than the usual rivalry from other states and jurisdictions who will return fire, over time.

The main issue I have with the race though is that it’s a showdown of wealth versus wealth. Racing has always had a mix of wealth and success together with the battlers. But could a true people’s horse like Takeover Target have been able to afford an entry?

That means the issue will be that we won’t necessarily see the best horses in the race, but just the owners with the deepest pockets. While the $600k fee is actually more like a maximum spend of $425k, given every horse gets something back, it’s still a big risk.

Rags-to riches-stories have always been an integral part of racing. This may become riches vs riches, which won’t grab nearly as much interest.

The ATC have made noises about buying a slot as a wildcard for an up and coming Sydney or NSW sprinter. That’d be good PR.

The questions

Further good or the bad will play out once we consider some key questions.

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Timing
As already pointed out, the timing of the race is a full-on assault on Melbourne racing. But it also doesn’t really appear to slot in well with international horses either, particularly those in Hong Kong and Japan.

It’s awkward for Hong Kong horses – Fairfax reported HK trainer John Moore was interested but concerned about the timing to get his horses back for the international meeting in December.

Japanese sprinters aim for the Sprinters Stakes, which takes place in late September or early October.

European horses may be more encouraged – planes will already be heading across with staying types to raid the Caulfield Cup and Melbourne Cup so costs may be less.

With the spring carnival to follow, connections will have a wealth of races to aim for should they head this way with their sprinters as well.

And it’s important – the Pegasus World Cup was a distinctly American version of ‘World’, suffering from a lack of international raiders – possibly due to a combination of Arrogate, California Chrome, and dirt racing.

Jockeys
Also on the riding front, where will jockeys choose? Given the clash with the multi-Group 1 Caulfield Guineas Day, top jocks are likely to be in high-demand. It may be enough incentive for overseas riders to attend.

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Group 1?
The Pegasus race, despite being the first time it was run as such, raced as a Grade 1 (Group 1), by taking the standing of the Donn Handicap, run over the same course and distance.

Will the ATC go for Group 1 glory with this race? The Pattern Committee await.

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