$12 Million Pegasus World Cup To Have Grade 1 Status

Posted Under: News by Jim Murphy on 23rd July 2016

The reign of the $10 million Dubai World Cup as the richest single race in the sport looks to be coming to an end. At least it will if they don’t raise the purse for the 2017 running of the race held in March at the Meydan Race Course in the United Arab Emirates (and don’t be surprised if they do come up with $2.5 million US to regain the ‘richest in the world’ distinction). The Stronach Group planned $12 Million Pegasus World Cup scheduled for January 2017 at Florida’s Gulfstream Park took another step closer to reality on Friday when it was awarded Grade 1 status by the The American Graded Stakes Committee of the Thoroughbred Owners and Breeders Association. The American Graded Stakes Committee has oversight over grading of stakes races in the USA and voted to give the Pegasus World Cup the highest competitive status.

The decision was based on the expected high quality of the field and the fact that it will replace another Grade 1 event, the Donn Handicap, on the Gulfstream Stakes Race Schedule. After the 2017 Pegasus World Cup, the The American Graded Stakes Committee will evaluate the race and particularly the unique nomination process (more about that in a moment) and make a recommendation on grading for 2018. The competitive class is shaping up to be impressive. There might, however, be questions about a nomination process that is unprecedented in North American horse racing, if not anywhere in the world.

The Pegasus World Cup is the brainchild of Stronach Group founder Frank Stronach. The conditions of the race are nothing out of the ordinary–1 1/8-miles on dirt for horses 4-year-olds and up. The nomination process is unusual to say the least and has as much chance of being a mess as it does working out well. The Stronach Group has sold spaces in the starting gate to 12 parties for $1 million each. The owners of these ‘shares’ can now choose to enter a horse, re-sell their share, lease their share, rent their share or anything else. Adding to the upside financial potential–these shares also give them a cut of the betting handle for the race and any sponsorship revenue.