Plans have been unveiled by Frank Stronach, founder and honorary chairman of The Stronach Group – parent company of Gulfstream Park – for the track to host the Pegasus Classic, whose purse money of $12 million would make it the richest race in the world.
The proposal calls for the race to be conducted over the classic distance of 10 furlongs at either Gulfstream Park or Santa Anita Park in mid-January, thereby avoiding a conflict with the Breeders’ Cup and Dubai World Cup.
The plan calls for 12 equal shareholders to put up $1 million each. The shareholders would have the opportunity to lease the facilities at either track to stage the race. Shareholders would be entitled to one spot for each share owned and if a shareholder does not have a suitable horse, they are entitled to make arrangements with another owner and race that horse in that spot.
The Stronach Group would underwrite the race to ‘make sure it is conducted to the highest standards’ and will guarantee that all income, including handle, media rights, and sponsorship minus expenses, will be split 70% shareholders and 30% The Stronach Group.
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