Dubai to lose world’s richest horse race crown?

The Dubai World Cup could be about to lose its claim to be the world’s richest horse race following the announcement of a rival competition this week.

A new $12m thoroughbred race in the United States, held for the first time on January 28 next year, will top Dubai’s $10m March tournament prize assuming it is not increased.

The Pegasus World Cup will be held at Gulfstream Park in Florida with 12 starting positions open for $1m each.

The competition has been proposed by Austrian-born Canadian businessman Frank Stronach’s company, which owns Gulfstream and several other racetracks across the country including Pimlico and Santa Anita.

In a press release, Stronach Group said those that pay for a spot will be able to race, lease, contract or share a starter or sell their place in the starting gate.

Entrants will also have the first option to buy into the next year’s event and share equally 100 per cent of the net income from handle, media rights and sponsorships from the race, Stronach said.

The company said the January 28 date was chosen to not conflict with the Dubai World Cup or the Breeders’ Cup.

Admissions will be restricted to horses of four years and older and the race will be run on 18,000m of dirt track.

Local Florida publication SunSentinel said the admission price and distance would eliminate most racehorses.

In March, Victor Espinoza galloped to victory at the Dubai World Cup on winning horse California Chrome.

The joint-favourite, trained by Art Sherman, won despite Espinoza having difficulties with his saddle.