Sydney will host the richest turf race in the world when The Everest is run at Randwick on October 14.

12 horses will compete at Randwick for a prizepool of $10 million on October 14.

The $10 million weight-for-age affair will be conducted over a distance of 1200-metres and is the result of a joint venture between the ATC and Racing NSW.

Twelve ‘slots’ will be made available for The Everest, each slot to go on the market for $600,000.

The ‘slots’ will be tradable and transferable, with a three-year buy-in clause ensuring The Everest has enough time to develop its brand and take its place on the global racing calendar.

First prize has been set at $5.8 million which is almost ten times the original outlay for the owner of the winning slot.

Runner-up receives $1.425 million whilst third will bank $800,000.

Fourth and fifth receive $400,000 and $250,000 respectively whilst sixth to last receive $175,000.

$100,000 will be donated to the equine welfare fund.

“We expect to attract horses from around the world,” Racing NSW CEO Peter V’landys said.

“The event will generate publicity, charisma and mystique.”

The Everest concept is based on the Pegasus World Cup Invitational which was conducted at Florida’s Gulfstream Park on Sunday.

Contested on a dirt track, the 1-1/8 mile (1800m) event offered prizemoney of US$12 million.

It cost US$1 million to purchase a slot in the event, which was won by Arrogate.