Racing NSW unveils ‘The Everest’ horse race worth $10 million

The Melbourne Cup is no longer Australia’s richest horse race.

Racing NSW has just announced plans for a $10 million sprint race called ‘The Everest’.

It will be run over 1200 metres at Randwick on October 14.

Owners will have to fork out a hefty $600,000 entrance fee to run in the 12-horse field.

While it won’t affect fields in Victoria’s feature races such as the Melbourne Cup and Cox Plate, the world’s best sprinters will almost certainly now look north of the border at the start of the Spring Carnival.

The Melbourne Cup is currently worth $6.2 million.