KEY POINTS:
A stake of $2 million was yesterday confirmed for this year's Kelt Capital Stakes.
The Hawkes Bay spring carnival feature was already New Zealand's richest race carrying a $1 million stake for the last three years.
It will be the first race held in New Zealand with a stake of more than $1 million.
The announcement to double the stake was something sponsor, Hawkes Bay merchant banker Sam Kelt, had talked about two years ago.
Kelt said in 2005 he wanted to have a $2 million race by this year as part of his desire for the race to gain international runners.
When the group one 2040m weight-for-age race was first run for $1 million in 2004, it attracted the Australian-trained Starcraft.
He won the first two races of the Hawkes Bay spring treble and was second in the Kelt.
Kelt said yesterday: "This is a very significant development for New Zealand racing in terms of positioning us at a new level on the world racing scene.
"It will bring serious international credibility for our industry. Importantly not one dollar of the increased prizemoney is from industry funds."
Kelt was hopeful horses from Japan would contest the race.
"New Zealand Thoroughbred Marketing has already made the Japanese owners aware of the new stake for the Kelt Capital Stakes and they have expressed an interest in bringing horses to New Zealand," he said.
This year's race, run on October 6, will be the 17th year Kelt has sponsored the race.
When he took over its sponsorship, it was a group three race under threat of demotion.
The first year Kelt sponsored the race, the stake increased from $50,000 to $75,000.
In 2000 it was worth $250,000 and in 2002 it was the equal-richest race in New Zealand with a prize of $500,000.
John McGifford, general manager of Hawkes Bay Racing, said the club was hopeful the race would attract international interest.
"The race is already an internationally recognised event and the next step is to have it internationally contested," McGifford said.
"Sam Kelt has done an incredible job in developing the race and in doing so has shown again what a wonderful supporter of New Zealand racing he is.
"A review of all the major races over the Kelt Capital spring carnival is also under way and it is envisaged details of this review will be announced prior to the National Yearling Sales [which start at the end of the month]."
- NZPA
