Racing NSW and the Australian Turf Club today officially announced details of the terms and conditions and bidding process for slot licenses in the $10 million The Everest to be run at Royal Randwick Racecourse on 14 October 2017.
The terms and conditions of The Everest and Bid forms are available on both the Racing NSW and ATC websites or on direct request from both Racing NSW and the ATC.
The concept of The Everest involves 12 people, syndicates or organisations purchasing slots in the $10 million race.
They can then do a deal with the owner of a possible contestant for the race (i.e. split of prizemoney). Accordingly, they don’t need to own a horse themselves.
Alternatively slot holders may have their own horses to nominate for the race, or slot holders could also sell their slot to another party (subject to probity) at a price negotiated by them. This concept allows flexibility for slot holders to maximise return on investment and manage their risks.
Run under weight-for-age conditions, The Everest will be the pinnacle of racing in Sydney’s spring and both the richest 1200-metre race and the richest turf race in the world.
Racing NSW and the ATC are accepting unconditional bids for slot licences in the first three years of The Everest as well as an option for a slot in the 2020 race.
Racing NSW and the ATC may grant slot licences at their discretion. However, parties making early bids are best placed to secure positions in The Everest.
“There has been massive interest in The Everest. Racing NSW and the ATC are accepting bids for slot licences, but interested bidders should act quickly. It is largely first in best dressed,” said Racing NSW Chief Executive, Mr Peter V’landys AM.
“By the amount of calls I have received from interested parties I believe the slots will go very quickly,” Mr V’landys added.
Australian Turf Club CEO, Mr Darren Pearce, expects bids from outside Australia: “The international interest in the race has been tremendous.
"Just this morning it was pleasing to hear leading US trainer Wesley Ward say that everyone in US racing circles are aware of The Everest,” said Mr Pearce.