LEXUS has taken over as the major sponsor of the Melbourne Cup, one of the world’s richest horse races, replacing Emirates that has been the lead supporter for the past 14 years.

The Victoria Racing Club’s (VRC) Melbourne Cup – aka Flemington Race seven – this week officially welcomed Lexus as its new sponsor for five years. It is expected that there will be an increase in prize money to more than $10 million.

This would put the race back on the mantle as the world’s richest, trumping the Australian Turf Club’s $10 million The Everest 1200-metre race held for the first time at Royal Randwick last October.

The Melbourne Cup last year offered $6.25 million in total stakes, including a $3.6 million winner’s cheque.

Lexus, which has been involved with the cup for 14 years, becomes only the fourth major sponsor for the 157-year-old two-mile (3200m) classic race.

It will also retain sponsorship of the 2500m Group 3 Lexus Stakes held on VRC Derby Day.

Lexus was officially welcomed as the principal partner of the VRC’s Flemington Racecourse this week by VRC chair Amanda Elliott who handed Lexus CEO Scott Thompson the new $200,000 Lexus Melbourne Cup trophy.

The event was attended by VRC and Lexus executives, Lexus ambassadors including Neil Perry and Kate Waterhouse, and VRC ambassador Gai Waterhouse.

By Neil Dowling