The Stronach Group Wednesday announced the creation of the $12 million Pegasus World Cup, to be run Jan. 28, 2017, at Gulfstream Park as the world's richest thoroughbred race.
The 1 1/8-miles event will have some unique conditions. The 12 starting slots are for sale at $1 million each. Purchasers will be allowed to use their spot in the starting gate for their own horse, sell or lease the slot or partner with others in filling it.
Participants will share in the purse money, plus all net proceeds including handle, media rights and advertising, the Stronach Group said. Technical details were not immediately announced.
The Pegasus World Cup, in terms of total purse, would exceed the $10 million offered for the Dubai World Cup in March at Meydan in Dubai.
The conditions are a significant twist on traditional entry and purse procedures. In many cases in U.S. racing, big stakes events require a paid nomination or supplementary fee, a fee to enter and another to start. By contrast, many major international events are by invitation and the inviting jurisdiction offers subsidized international transportation for horses, owners, trainers and jockeys.
"The Pegasus World Cup will be conducted to the highest standards," said Frank Stronach, "and will held on Saturday Jan. 28, thereby avoiding a conflict with either the Breeders' Cup (run in November) or the Dubai World Cup."
Jack Wolf, founder and co-managing partner of Starlight Racing, was named CEO of the Pegasus World Cup to assist with the marketing and coordination. Tom Ludt, a board member of Breeders Cup, will assist with the marketing and coordination of the Pegasus World Cup, Stronach said.
The Stronach Group owns Gulfstream Park, Pimlico and Laurel Park in Maryland, Santa Anita and Golden Gate Fields in California among other racing properties.