News

Inglis to manage sale of GPI Racing's Everest slot

25th Feb 2019

A rare opportunity to participate in the world’s most popular horse race has presented itself, with GPI Racing selling its slot in the 2019 The Everest.

Inglis will manage the sale process, which will involve interested parties submitting bids through an expression of interest process over the next nine weeks.

The successful bidder will be determined by the vendor (GPI Racing) at the end of the expressions of interest period, on the basis of what is the highest offer at that time.

The successful bidder will act as ‘Slot Licensee’ (as referred to in the conditions of the race) from the date of completion of sale through to the date of payment of prizemoney for the 2019 renewal of The Everest.

Expressions of interest open today and close at 5pm on Tuesday April 30th 2019.

All expressions of interest are to be made in writing to Inglis’ General Manager of Bloodstock Sales Sebastian Hutch at sebastian.hutch@inglis.com.au.

The Everest is worth $14m this year, a further increase of $1m from the 2018 race.

GPI Racing’s Greg Ingham said the decision to relinquish its Everest slot for 2019 would present another organisation or individual with a “rare world-class experience’’.

“When we purchased our slot in The Everest, it was with a view to our champion Chautauqua (pictured) competing in the race year after year,’’ Ingham said.

“He is essentially retired therefore we have decided to make the opportunity to be part of this great race available to someone else.

“It is already an incredible sporting spectacle and we have loved being a part of it in its first two years and there is no doubting that the third renewal is going to be even bigger and better again.”

Racing NSW Chief Executive Peter V’Landys welcomed what he believes will be “intense interest’’ in the available slot.

“It was always envisaged that the slots in The Everest would be tradeable,’’ V’Landys said.

“Accordingly, we are happy that this part of the concept is being utilised as this adds even further intrigue to the race.

“With prizemoney of $14 million, it’s potentially very good value for an owner of a horse that may be otherwise a fringe contender to get a start in the race.

“The successful buyer of the slot will then be part of, and a personality in, one of the most exciting and publicised sporting events in Australia.”

Inglis Managing Director Mark Webster urged all interested parties to enter the race for the GPI slot.

“When Inglis purchased its Everest slot we, like all the other slot holders, really had no idea how much of an amazing experience it would be,’’ Webster said.

“The Everest is arguably the most talked about horse race in the world and it is only two years old.

“For another organisation or individual to have the chance to be involved with this spectacular event so early in its inception is a truly wonderful opportunity which I expect will be extremely highly sought after.’’

The 2019 The Everest will be run at Randwick on Saturday October 19.

Sub notes:

*The vendor reserves the right to accept any offer prior to the cessation of the expression of interest period.

*The successful bidder will be invoiced at the cessation of expression of interest period, or prior if agreed with the vendor in writing. Payment is due within 14 days.

*Prizemoney payout post-race will be at the timing discretion of Racing NSW.

*All bids are subject to any restrictions or exclusivity arrangements are prescribed by Racing NSW.

*Any enquires to be forwarded to Sebastian Hutch on sebastian.hutch@inglis.com.au or 0423 770 854