Melbourne Cup prize fund to increase but 'no competition' with Everest
Prize-money for the Melbourne Cup will increase from $6 million (£3.4m/€3.8m) this year, although the Victoria Racing Club insists there is no competition with The Everest in Sydney.
VRC chairman Amanda Elliott says there will be movement on the Cup prize-money, which will be announced when the board has decided the size of the increase.
Elliott said there is no competition with the world's richest race on turf, The Everest.
"It's not about a competition," she said on Tuesday. "We don't do anything in response to what happens across the border [New South Wales]. Good luck to them and I hope they survive 158 years."
The prize-money for The Everest has been boosted to $13m this year, up from $10m for the inaugural race held at Randwick last October.
Sydney-based trainer Gai Waterhouse, who is a VRC ambassador, also does not believe there is any competition between the two-mile Cup and six-furlong Everest.
"The Everest is a very new race and the Melbourne Cup's been going for more than 150 years," she said.
"Victoria has a public holiday and more than 100 countries watch the race, so I don't think you really can compare them."
Waterhouse, who won the Cup in 2013 with the previous year's runner-up Fiorente, does not believe the race needs a prize-money boost.
"Four or five million looks pretty good when you win it, I can tell you," she said. "We paid a lot of money for Fiorente when we bought him and he paid his purchase price by running second.
"It's a lot already and people come from all over the world to be able to win that prize-money."
Car maker Lexus has signed on as the sponsor of the Melbourne Cup in a five-year deal, replacing 2004-2017 Cup backer Emirates Airline.
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