Prizemoney Increase for Melbourne Cup
Release
The Chief Executive of the Victoria Racing Club, Dale Monteith, today announced the following increases in prizemoney and trophy values for the 2008 Emirates Melbourne Cup:
Prizemoney
• An increase of $500,000 (10%) on the 2007 race value, to $5,500,000. This maintains the Cup as the 2nd richest turf race in the world behind the Prix de l’Arc de Triomphe
• A first prize of $3,300,000 (a 10% increase)
• Prizes for 2nd – 10th have been adjusted upwards in a percentage formula commensurate with the various placings
• The Emirates Melbourne Cup was first run as a $5,000,000 race in 2005. (In 2004, the first year of the Emirates Airline sponsorship of the Emirates Melbourne Cup, it was run for $4,500,000)
Trophies
• The total advertised value of the 2008 Emirates Melbourne Cup trophies has been increased by 50% to $150,000
• The winning owner’s Emirates Melbourne Cup trophy made by Stuart Bishop of Hardy Brothers Jewellers and formerly valued at $80,000, is now valued at $125,000. With 1,650 grams of 18 carat gold contained in the Cup, the sustained higher price of gold has led to this revised trophy value figure, which, yet, remains “conservative”
• Values of the trainer, rider, strapper & breeder trophies, which are gold plated, have been adjusted upward, but at a lesser rate than for the main trophy
Monteith said, “The VRC Board is committed to providing appropriate prizemoney for the Emirates Melbourne Cup, recognising its position as Australia’s greatest race, and, as one of the most important in world racing.
An increase of 10% for the prizemoney will ensure that the 2008 Emirates Melbourne Cup maintains its relativity amongst the leading races of the world, providing an appropriate reward for those who take up the challenge to win “The Race That Stops A Nation”, particularly international entrants, who do so without any financial assistance from the VRC.
The higher values ascribed for the Emirates Melbourne Cup trophies reflect their current inherent cost, but of course, to the eventual recipients they will, as always, be “priceless”.
The challenge for all race Clubs is to incentivise Owners across the broad spectrum of races conducted. In this regard, the VRC, apart from this increase to prizemoney for the 2008 Emirates Melbourne Cup, has, since 2005, increased Saturday/Public Holiday standard race prizemoney by 25%, and Group and Listed Races (excluding the Emirates Melbourne Cup) by 9.4% on average.
The VRC remains committed to the principle that increases in Industry Distributions should be applied in accordance with the minimum prizemoney objectives of RVL. The VRC’s capacity to solely fund this increase is a reflection of the ongoing commercial success of the Melbourne Cup Carnival and the pivotal role that the Cup itself plays in that success.”
Victoria Racing Club
