Micro ownership company miRunners has purchased a slot in this year's $15 million The Everest with 1000 shares to be offered to the public for $880.
In a move which is set to open up the slotholding process to a whole new market, miRunners has purchased GPI Racing's slot for Australia's richest race, which will be held on October 17 at Randwick.
It paid $880,000 (inc GST) for the slot and will now offer 1000 shares, or miEverest slot units, with each unitholder entitled to a pro rata share of any prizemoney from The Everest.
A panel of four industry figures, form expert Daniel O’Sullivan, former Group 1-winning jockey Tye Angland, SKY Racing's Lizzie Jelfs and former international cricketer Mark Waugh, the husband of trainer Kim Waugh, will work to decide on which horses will be considered for the slot with unit holders also having a voting role in the selection process.
While The Everest has already generated huge engagement in racing in its first three years, with its slotholder concept fuelling interest in the months building up to the race, access to the slots has been out of the reach of the everyday racing fan.
For miRunners CEO Steve Brown, the opportunity to open up the slotholder experience to up to 1000 people is extremely exciting.
"By offering anyone the ability to participate, miEverest blows any elitist paradigm associated with the race wide open.” - Steve Brown
"The Everest has been a revelation for the industry in terms of the level of excitement and engagement it brings to the sport,” Brown said.
“However, slots are currently owned by either large corporations or wealthy individuals. By offering anyone the ability to participate, miEverest blows any elitist paradigm associated with the race wide open.”
A proven formula
miRunners has been in action for just over two years, offering 1000-unit shares in premium horses, sourced through the top yearling sales and put under the care of leading trainers.
It’s a model which allows a level of affordability to encourage a whole new ownership base to the thoroughbred industry and it has celebrated success already through winners such as Zoushack (Zoustar), Dusty Tycoon (Written Tycoon), Bellarine Beauty (Not A Single Doubt) and Shezawitness (Star Witness).
Dusty Tycoon competed in the Magic Millions 2YO Classic in January while Fixated (Hinchinbrook) raced in the $2 million Inglis Millennium in February for his large syndicate of owners.
Zoushack (light blue cap)
miRunners has now applied that ownership model to The Everest slot in order to try and provide the slotholder experience to a much wider audience.
“Purchasing The Everest slot and splitting it into affordable units is based on the same underlying goals and objectives of miRunners; to make the top end of horse ownership experiences accessible to everyone. Now miEverest takes this to a whole new level,” Brown said.
“It’s a unique opportunity for social clubs, offices, sports teams, old school friends and groups of 10 mates to get together and spend $88 each for their slice of the action - their piece of The Everest." - Steve Brown
“In this COVID world, we really want to encourage groups to form up, position themselves for a bonding experience beyond anything they have done together before and buy their slot as a team.
“It’s a unique opportunity for social clubs, offices, sports teams, old school friends and groups of 10 mates to get together and spend $88 each for their slice of the action - their piece of The Everest.
“We’ll be pushing out regular content to bring everyone along for the ride, allowing them to get to know their horse, their trainer and their background stories in detail.”
Yes Yes Yes the 2019 TAB Everest winner
GPI back the initiative
Pre-registrations for the slot units opened on Tuesday, May 18 through miEverest.com.au, with the expectation that there will be considerable interest.
“I am particularly grateful to Greg and Barb Ingham of GPI Racing and Bruce Slade of Kestrel Thoroughbreds who negotiated the deal,” said Brown. “They were courted with higher offers throughout the slot negotiation process but demonstrated exemplary integrity by standing firm and held a strong belief in what we aim to achieve with miEverest.”
For Barb Ingham, the chance to sell the GPI Racing slot, with the potential of up to 1000 owners, was too good to refuse.
“We invested in this aspirational race to be part of one of the most exciting opportunities Australian racing has to offer,” Ingham said. “We couldn’t be happier to sell our 2020 Everest slot to the miEverest team, as their model allows all Australians the unique opportunity to share in a rare world-class event that we have had the honour of experiencing.”
Greg and Barb Ingham
The concept has been endorsed by fellow slotholder and miRunners shareholder Max Whitby.
“Let me tell you as a slot holder in my own team, you will never experience a buzz quite like this. The build up to the race will completely consume you,” he said.
“It is your chance to be a part of what is - in my opinion - the most adrenaline-charged sporting event on earth, in the running of the $15 million Everest at Randwick. Your chance to do what Australians have always done, take on the wealthy and now compete against the kings."
“Let me tell you as a slot holder in my own team, you will never experience a buzz quite like this. The build up to the race will completely consume you." - Max Whitby
GPI Racing's slot last year was purchased at auction by Hong Kong businessman Bon Ho, who utilised it for his sprinter Classique Legend (Not A Single Doubt), who finished sixth. In 2018, Le Romain (Hard Spun {USA}) ran fourth under the GPI Racing slot, while in the inaugural running of The Everest, the Inghams' own champion Chautauqua (Encosta De Lago) took the slot and also ran fourth.
Ho has purchased the slot for the 2020 event from the Australian Turf Club, while the TAB last month confirmed that G1 TJ Smith S. winner Nature Strip (Nicconi) would run in its slot in 2020.
