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.
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.
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 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.
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.
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.
charbel
Guest
Deploy wins this easily by a country mile....
AnotherFastnet
Guest
Surely you jest jeff dustby. The Flemington 4 days is the pinnacle of racing in this country, without a shadow of a doubt. It has the history, the media coverage, the trackside facilities and the world stage. The Melbourne Cup is part of the very fabric of this great nation. Even Banjo Patterson has written about it. The Mackinnon Stks is set to rival the Cox Plate in the coming years as Australia's premier 2000m WFA race. The Coolmore Stks is this country's premier 3yo sprint and the Darley Classic is the spring's premier open class sprint. That's not even mentioning the Derby, Myer Classic, VRC Oaks etc. It's the single most attended race week in the world and of course it's held at one of the world's premier tracks. No amount of money will change that. This Everest concept, whilst initially sounding exciting, could in all likelihood be a massive dud. It is nothing more than a breeders benefit race. I hope I'm wrong but I suspect I won't be. Who is going to come up with $1.8 million over 3 years for a slot ? I say the owners of fillies/mares (a Black Caviar for instance) or the owners of a gelding (like Chautauqua) will not be prepared to fork out $1.8 million @ $600,000 a year over 3 years. So this leaves the entires/colts and in particular the 3yo colts who are owned by the numerous big breeding operations. Sure the slots can be onsold but to do that there needs to be somebody willing to buy. I can see this race being half full of 3yo colts and the odd international. The breeders, should they be lucky enough to win, will no doubt be whisking these winners off to stud quick smart and then simply filling their remaining slots in years 2 and 3 with a colt from their new crop of 3yo's. There will be no incentive to race these colts on when you consider the vast amounts of money that can be made in the breeding barn. Why would they risk injury and loss of form ? It's ironic that John Messara, the owner of Arrowfield, resigned late last year from his role as Racing NSW Chairman and then early the next they announce this type of race. Beautiful timing to avoid any conflict of interest discussions but in actuality he was part of the decision making process.
michael steel
Guest
1 The comments about which is the best race meeting bla bla bla bla bla have nothing to do with this article and are tit for tat. 2 Call it the Paramount, they are using the Paramount Pictures mountain. in the promo. ( I wonder if that's copyright) 3 Twelve Group 1 sprinters in the one race, that I'd like to see.
michael steel
Guest
Of course prizemoney earned doesn't mean you're a champion. You know that. Was Phelan Ready a champion?
Tristan Rayner
Editor
Always welcome your thoughts sheek.
Tristan Rayner
Editor
The small-print always catches you out on refunds!
Tristan Rayner
Editor
Might need to pass the hat around but it's a sure thing!
jeff dustby
Guest
ok, i bet you are one of those melbourne types that doesnt even look at other states the sydney derby is miles superior due to the horses being more mature. the doncaster is better than the emirates. the tj smith is superior to both the sprints and the sydney derby day features a G1 two year old race.
AR
Guest
You must be kidding. Derby Day is an extraordinary day of Group racing.
Haradasun
Guest
Does prizemoney earned give a fair indication of whether you can label a horse a champion? Amazing to think the likes of mummify, elvoestoem, super impose, grand armee and might and power have all earned over illustrious careers a similar value to what the winner of the everest could win in a single race.
Razzar
Guest
Love the cut of your jib Floyd. Cash, dash for cash. Is your first name a Pink? If we're talkn' money; and you're dam right we are! " a slice of the pie" ... Maybe call it the Big Pie. What a gas... Or is it ?
no one in particular
Roar Guru
yep, Everest = pinnacle
James Mathers
Guest
I tried to buy the 12 slots yesterday. Missed out! By my calculations a $21.6m outlay would generate $29.7m revenue. A fabulous dividend for an Aussie battler!
no one in particular
Roar Guru
Studs, not just Godolphin, will buy up the slots and sell them to smaller owners in exchange for an undervalued share of their colt/filly.
Haradasun
Guest
How many o/s sprinters could compete anyway? Lucky bubbles?
Floyd Calhoun
Guest
I too find "The Everest" name a bit baffling. Surely it implies a long, gruelling ascent to the top. If you were ever serious about using such a Vegas-like title, a distance race would be more befitting. But anyway, they should just call it for what it is; The Dash For Cash*. * For the cashed up only. Conditions apply.
Jack
Guest
Bit rich claiming it is an assault on Melb racing, maybe a bit of payback when Vic moved the Aus Guineas to the same day as the Randwick Guineas. What a joke. Money certainly talks, but lets be honest, Sydney now in terms of quality is superior to Melbourne. Stables and Jockeys have vastly more depth. The Championship may not have the theatre but it certainly has the quality. Personally, I would have liked this to have been put into a 2400m WFA race, this is an area where we severely underperform, and it would at least dangle a huge carrot in front of breeders, studs and top line international stayers to come across, although the timing is difficult with the Arc around that time. At least they are having a crack, and i applaud them for it. Time will tell if it works, but I'll back them in.
sheek
Roar Guru
Hi Tristan, I have mixed feelings about this. In broad terms I like the concept but I am becoming fed up with just about everything being about the money. Yeah, I understand that life is essentially about the money but it shouldn't be that way. Even when you try to avoid being caught on the merry-go-round, you inevitably find yourself caught up in the never-ending money trap. So another 1200m race? Hey, we just don't have enough of them, do we?? But this one's a whopper - $10 million worth! But if bigger prize money will keep horses away from the stud for longer, then that's a win for racing fans & punters. I'm not a fan of V'Landys & Messara. Here's a pair of money men just trying to make more & more money for themselves & their hobbies. But like I said, I like the broad concept. But if the hefty entry money is being paid those with deep pockets, we also know that deep pockets doesn't always have the best horses. So ATC might need more than one wild card entry. One thing I like is that European owners now have the choice to bring across more than just their stayers. They can bring their best sprinters & also top 3yo's & wight carrying horses. The Melbourne carnival is the best programmed carnival in the world in my humble opinion. A Europen trainer with good stayers, weight-for-age horses, 3yos & now sprinters, can cu the cost of travel by bringing more horses & winning more prize money. They might as well come here & plunder our races because apart from a couple of exceptions here & there, Australian thoroughbreds have gone down the gurgles in terms of quality. Easy pickings for overseas connections.....
Jeff dustby
Guest
No slipper day is better or Doncaster derby Flemington has better marquees
BrainsTrust
Guest
This is like Formula One,Sandown 500 or Polo, I wonder if they will allow anyone to ride the horse, imagine how hard it would have been in polo with Kerry Packer riding you. Imagine if Tinkler was still in the game, and fancied a ride. The Sheik himself isn;t he a former jockey would be a more appropriate and lighter rider; The Sheik could buy all the slots without blinking an eyelid then make sure he rides the winner.