The Everest Race in Sydney will hike its purse close to $10 million (AUS$13 million), a $2.3 million increase following the inaugural running of the event last year and twice what was offered up by Tuesday's Melbourne Cup.
The announcement was made via a full-page advert in national broadsheet newspaper The Australian, which also cheekily mentioned that the Melbourne Cup, known as the "race that stops a nation," only offers a total prize purse of $4.7 million.
This year's Everest winner Redzel, ridden by Kerrin McEvoy, pocketed close to $4.5 million.
"The world's richest turf race is not in Melbourne today," read the advert, "it's in Sydney at Royal Randwick, Saturday 13 October 2018."
The Everest's prize pot is set to rise to $14 million in 2019 and $15 million in 2020.
"Naturally we are in awe of the Melbourne Cup and its success," said
Peter V'landys, CEO of Racing NSW, in The Australian.
"Sydney, however, needs its own event.
"The Everest is that event. In its first year, it exceeded all expectations and the race has already established its own personality and charisma."
The two cities have long shared a cultural and sporting rivalry.
While The Everest's announcement came on the same day as the Melbourne equivalent, others were quick to defend the Melbourne Cup, a national institution that has been staged at Flemington racecourse since 1861 and attracts tens of thousands of spectators.
"Melbourne Cup's appeal is the history and the culture of the great race. Everest is a shabby, undignified attempt which will never match it," said
7 News Melbourne reporter Nick McCallum.
Bookmaker Stevie Patrick, meanwhile, tweeted that
"you can't buy tradition."
This year's Melbourne Cup was won by Rekindling, the youngest horse to take home the cup since 1941.