A guide to the $10m Everest at Randwick

The inaugural Everest sprint will run as race eight at Randwick on Saturday at 4.15pm (AEDT)

WHAT IS IT?

* A $10 million race over 1200m at weight-for-age offering a $5.8 million first prize purse down to $175,000 for sixth to 12th-placed finishers

* A dozen slots are sold at $600,000 a year with buyers committing for three years but able to sell, lease or joint-venture

HOW DID IT COME ABOUT?

* An idea by Racing NSW chief executive Peter V’landys modelled on the Pegasus World Cup (1800m), run for the first time in Florida in January offering up $US12 million ($A15.4m)

WHO OWNS A SLOT?

* Greg Ingham’s GPI Racing, Max Whitby Syndicate, James Harron Bloodstock, The Star Casino, Jadeskye Racing, Chris Waller Racing, Inglis, Australian Turf Club, TAB, Yu Long Investments, Aquis Farm, and Coolmore

WHO WILL RACE?

* The field of 12 has seven Group One winners and includes the world’s highest-rated sprinter Chautauqua as well as this year’s Golden Slipper and Magic Millions winners

* Slot holders can choose In Her Time, Takedown or Ball Of Muscle as emergencies if their horse is scratched

IS IT THE RICHEST HORSE RACE IN THE WORLD?

* No. But it’s billed as the world’s richest race on turf. While the Pegasus and the 2000m Dubai World Cup ($US10m, $A12.84m) both carry more prize money but are run on dirt. The Melbourne Cup is worth is $6.2 million

WHY DOES IT MATTER?

* It keeps the spotlight on Sydney racing for another week given attention in spring is traditionally on Melbourne

* It is hoped the Everest will become a sprint as prestigious as the Melbourne Cup is as a staying race

* The race hasn’t attracted overseas runners but they are expected to turn up in future editions