Kentucky Derby purse raised to $3 million

Churchill Downs officials announced Thursday in conjunction with the release of its 2019 spring stakes schedule that the purse for the Kentucky Derby has been increased to $3 million, the first raise for America’s most prestigious race in 14 years.

The purse for the Derby, which will be run May 4 for the 145th time, still lags well behind those for other races in North America and beyond, including the upcoming $9 million Pegasus World Cup at Gulfstream Park, but Churchill officials long have expressed their desire to make the financial rewards of the Derby commensurate with other major events. They attributed the latest raise primarily to early returns from the company’s new historical-racing machines at Derby City Gaming, located just a few miles from the flagship track in Louisville, Ky.

“It’s extremely gratifying to meaningfully raise the purse of the iconic Kentucky Derby,” Kevin Flanery, president of Churchill Downs racetrack, said in a prepared release.

The last raise for the Derby purse came in 2005, when it was doubled from $1 million to $2 million.

The Derby purse has actually been worth more than $2 million in recent runnings with the addition of certain fees paid by participating owners; the 2018 running won by Justify was worth a total of $2,192,000. The same stipulations will apply going forward, with Churchill guaranteeing at least $1,860,000 to the winning owner.

Meanwhile, Churchill also announced substantial purse increases for the two other major races on Derby weekend – the Grade 1 Kentucky Oaks now will be worth $1.25 million, and the Grade 1 Old Forester Turf Classic has been doubled to $1 million. The Oaks had been $1 million since 2011 and was worth $500,000 from 1996 to 2010.

Also, the Grade 1 Humana Distaff on Derby Day has been increased from $300,000 to $500,000. Four more races underwent $100,000 increases, including three on Derby Day and the Grade 2 Stephen Foster on June 15, while seven more got $50,000 raises.

In all, 18 stakes worth more than $9.5 million will be run during Kentucky Derby week, with several stakes that typically had been held later in the spring meet part of the Derby week lineup. For the full 38-day meet, which runs April 27 to June 29, there will be 34 stakes worth a total of $12 million.

Churchill also announced that four stakes formerly run as handicaps – most notably the Stephen Foster – will now be run under allowance conditions. The first condition book for the spring meet is scheduled to be released in early February.