Revealed: The Melbourne Cup is set for a major prizemoney boost for the new racing season
This masthead has established a long-held Victoria Racing Club (VRC) dream – a $10m Melbourne Cup – has finally been realised.
Racing Victoria is set to confirm prizemoney for the 2025-26 season, as early as this week.
The Melbourne Cup has carried an $8m prizemoney pool since 2020 – marketed as $8.75m including the iconic 18-carat gold three-handled trophy, valued at $750,000.
It is only the sixth significant prizemoney boost for 'the race that stops a nation' since 1990 – the first seven-figure ($1m) purse.
The Melbourne Cup has increased in 2000 ($2m), 2009 ($5.5m), 2010-17 ($6-6.2m), 2018 ($7.3m) and 2019 ($8m).
RV controls prizemoney in the thoroughbred racing industry.
The VRC has lobbied RV since 2022 for a $10m Melbourne Cup, as part of annual industry-wide prizemoney submissions to RV.
This masthead in May revealed the latest VRC bid again included a $10m Cup wish.
RV rejected past submissions due to a tough economic and wagering environment.
Wagering returns, which fund the racing industry, dropped 10-15 per cent year-on-year after an explosion during the Covid pandemic.
While wagering income and cost control remains crucial, better collaboration between RV and stakeholders, including racing clubs has allowed for important prizemoney adjustments.
The total Victorian prizemoney pool – $316m last season – is likely to largely be retained but greater flexibility at club level, in particular, to redistribute funds has afforded select changes.
It is understood the VRC has been able to trim prizemoney off other feature races to achieve the $1m and change required to secure a $10m Melbourne Cup.
The All-Star Mile and Australian Cup dropped from $3m to $2.5m last season.
The Group 1 features could be subject to further reductions.
RV chief executive Aaron Morrison declined to comment on prizemoney discussions.
However, Morrison said any changes for the upcoming season would benefit Victorian racing from grassroots to the top tier.
Australia's best race, the Group 1 W.S Cox Plate (2040m), could jump to $6m – up from $5m – ahead of a historic last weight-for-age championship on the traditional Moonee Valley racecourse.
The Valley is being redeveloped after the 2025 Cox Plate, with a return to racing on a reconfigured circuit slated for 2027.
RV has yet to anoint a host for the 2026 Cox Plate but Flemington remains the logical frontrunner.
The $5m Caulfield Cup (2400m) is likely to remain unchanged prizemoney wise however the purses of other Melbourne Racing Club events could be adjusted to afford select increases.
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