Cup’s cash splash
MELBOURNE Cup prizemoney will be lifted to a record $8 million as new figures reveal the race that stops a nation pours almost $1 billion into the Australian economy.
Victoria Racing Club will today announce the biggest cash prize pool in 158 years of Australia’s great race, and a range of events to bolster the sporting treasure’s success.
And – in a salvo to NSW racing chiefs who are trying to buy their way to major event relevance – VRC chair Amanda Elliott said the Melbourne Cup would never sell its soul.
“Connections cannot buy a place in the Melbourne Cup, it has to be earned,’’ she said.
A new study has found every $1 dollar spent on the Melbourne Cup in Victoria, $1.09 is poured into the national economy by Aussies in every state and territory.
Last year’s Melbourne Cup contributed $934 million in gross economic benefit nationally, the study has found.
It pumped a record $447.6 million in gross economic benefit to Victoria, with more than 300,000 attending the carnival.
“We take great pride in the economic contribution Cup week makes to Victoria but it extends well beyond its home state with a gross economic benefit of close to a $1 billion nationally,” Elliott said.
This year’s record prize pool will be revealed at a Cup tour launch event at Flemington today, with the winner to pocket $4.4 million plus $250,000 in trophies.
“At $8 million, the Melbourne Cup is the world’s richest handicap and the world’s richest staying race,” Elliott said.
“It is the race every Australian owner, trainer and jockey wants to win and, internationally, has become one of the most sought after prizes in world racing.’’