Two Royal Ascot races worth £1 million in 2020 as course aims for £10m meeting

Royal Ascot will have not just one but two £1 million races for the first time in 2020, with the move a first step towards having a £10m royal meeting.

Next June there will be a record £8,095,000 on offer across the five-day meeting, an increase of £765,000 on 2019.

The Prince of Wales’s Stakes (from £750,000) and the Diamond Jubilee Stakes (from £600,000), will offer seven-figure prize-money in 2020 as Ascot's executive seeks to entice international runners to boost the track's income from overseas betting and the media and data rights which go with that.

Across the meeting 16 of the 30 races will have increased prize-money, with the Queen's Vase rising by £25,000 to £250,000 and the Jersey Stakes by £20,000 to £110,000. No race over the five days will be run for less than £95,000.

Ascot's chief executive Guy Henderson said Royal Ascot played an important role for the wider industry in maintaining international interest in British racing through bloodstock and horses in training.

He added: "Our strategy is to increase the profile, popularity and prestige of Royal Ascot to drive international investment in British racing, which is so important.

"This is the first step in our journey to have our principal Group 1 races at Royal Ascot as million-pound races. It has been our aspiration for some time that prize-money at Royal Ascot be £10m when we could afford it, part of our balanced strategy of advancement.

"We have picked two races which genuinely attract international runners and if they do that, their participation can actually directly provide a return on the investment in the prize-money."

Nick Smith, Ascot's director of racing and public affairs, said the changes were also being aimed at the audience closer to home.

He added: "There are a lot of horses which are Listed, Group 3 and arguably Group 2 level who are trained in Britain but who are effectively farming these equivalent races overseas.

The Diamond Jubilee Stakes will receive a major boost in prize-moneyCredit: Alan Crowhurst / Getty Images

"It's not just a question of saying we want to get the best Australian and Japanese horses – of course we do – but it's also a question of making the prize-money down the field for these Group 1 races appealing enough for the outsiders in these race to stay here.

"We don't want the Queen Anne to decimate into a five or six-runner race because the 16-1 and 20-1 chances have alternatives elsewhere. It is as important for us to set these races for domestic audiences as it is to promote them internationally."

Asked why investment had not been spread across the programme, Henderson said racecourse models differed.

"Whilst we have a central funding mechanism which provides through the levy a subsidy for which there is an established mechanism for sharing across the programme, then it is down to each individual racecourse to do what is appropriate for their business," he added.

"Our business is different to other businesses. Seventy per cent of our revenues come from people who in one way or another come to our racecourse and spend money, and therefore the quality of what we have on offer is central to our investment programme."

Total prize-money at Ascot next year, excluding the industry-owned Qipco British Champions Day, will be £14.4m, an increase of £819,000, with Ascot's executive contribution rising to £8.1m from £7.4m and nearly doubling the 2010 figure of £4.1m.

However, Ascot is not immune from pressure on racecourse finances as media rights income falls due to the closure of betting shops caused by the government's crackdown on FOBTs.

Henderson added: "The UK LBO media rights landscape and levy picture remains very challenging, which makes it difficult to plan beyond 2020."

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