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The Everest Opens for Bidding

Friday, 10th March 2017

Racing NSW and the Australian Turf Club (ATC) yesterday announced details of the terms and conditions and bidding process for slot licenses in the $10 million The Everest to be run at Royal Randwick Racecourse for the first time on 14 October this year. The concept of The Everest involves 12 people, syndicates or organisations purchasing slots in the $10 million race. They can then do a deal with the owner of a possible contestant for the race (i.e. a split of prize money). Accordingly, they don't need to own a horse themselves. Alternatively slot holders may have their own horses to nominate for the race, or slot holders could also sell their slot to another party (subject to probity) at a price negotiated by them. This concept allows flexibility for slot holders to maximise return on investment and manage their risks. Racing NSW and the ATC are accepting unconditional bids for slot licences in the first three years of The Everest as well as an option for a slot in the 2020 race. Racing NSW and the ATC reserve the right to grant slot licences at their discretion. "There has been massive interest in The Everest. Racing NSW and the ATC are accepting bids for slot licences, but interested bidders should act quickly. It is largely first in best dressed," said Racing NSW Chief Executive, Peter V'landys. ATC CEO Darren Pearce said international interest in The Everest had been "tremendous". Click here to view the terms and conditions.

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