THE Stronach Group has announced the inaugural running of the $12 million Pegasus World Cup will be held on 28 January at Gulfstream Park in Miami, Florida.

With a purse that would make it the world’s richest Thoroughbred race, the Pegasus World Cup will be contested at 1800m on dirt and was created to attract the world’s biggest stars in racing.

The race will be restricted to 12 horses whose connections will be required to pay $1 million each to buy a spot in the Pegasus World Cup starting gate.

The entrant’s owner can then race, lease, contract, or share a starter or sell their place in the starting gate, The Stronach Group said in a media release. Original entrants will also have the first option to participate in future Pegasus World Cup races.

All entrants will not only be competing for the world’s largest purse, but they will also share equally in 100% of the net income from pari-mutuel handle, media rights, and sponsorships from the Pegasus World Cup, according to The Stronach Group announcement.

Frank Stronach, founder and honorary chairman of The Stronach Group, first announced plans for the race at the Thoroughbred Owners Conference in January at Gulfstream.

“The Pegasus World Cup will be conducted to the highest standards,” Stronach said, “and will be held on Saturday, Jan. 28, thereby avoiding a conflict with either the Breeders’ Cup or the Dubai World Cup.”

The Stronach Group also announce that Jack Wolf, founder of Starlight Racing, has been retained as the chief executive officer of the Pegasus World Cup to assist with the marketing and coordination of the race. Jack Wolf is the co-managing partner of Starlight Racing.

Tom Ludt, who is a board member of Breeders’ Cup, will also be assisting with the marketing and coordination of the Pegasus World Cup.