THE SUNSHINE COAST NEWSPAPER COLUMN: CHASING A POT OF GOLD AT THE END OF THE RAINBOW

By Graham Potter | Sunday, February 5, 2017

Graham Potter writes a weekly column for the Sunshine Coast daily. Due to demand from those having trouble accessing the paper these columns are now also published on HRO courtesy of the Sunshine Coast daily.

They have named it ‘The Everest’ but Racing New South Wales might just have given itself a mountain to climb by announcing a ‘buy in’ series of races, worth $10 million each, scheduled to kick off in October.

There was plenty to trumpet ... and trumpet they did. The $10 million race would make it the richest race in Australia (giving the $6.2 million Melbourne Cup a cold at it rushes past in the prize-money race). It would also make that day the richest race-day in Australia (surpassing Magic Millions where the day’s total prize-money is $10 million) and last, but not least, it will be the world’s richest race on turf.

Excited yet?

Ok, so what do you have to do to have a runner into the race?

Well firstly you have to purchase a $600 000 slot in the race which you then own. You can then use that slot yourself, trade it or lease it and, oh yes, you have to commit to that arrangement for three years, ie your core investment thus comes in at $1.8 million.

So, in essence, you are taking a $1.8 million gamble!

For what return?

There are currently twelve ‘slots’ in the $10 million race. All runners will earn prize-money ... but only the first three place-getters will show a profit. Their returns are $5.8 million (for the winner), $2.4 million for the runner-up and $800 000 for third place.

That’s all in terms of coming out on top financially. Even the $400 000 fourth place cheque translates into a loss of $200 000!

Of course the likes of Godolphin and Coolmore can purchase all twelve slots and still not feel the pinch so there will be takers ... but you would be forgiven for asking whether this is elitism gone mad?

Clearly the race conditions exclude all but a select percentage of racing connections from participation. The majority simply cannot afford to do so and there is no room for the battler with a surprise ‘cheap champion’ capable of upstaging them all which, it can be argued, takes away from the very soul of racing.

But then again, nobody is owed anything in this game ... even those wealthy enough to take a $1.8 million gamble.

At least that great leveller is always in play!