Lexus Becomes Rights Sponsor of Melbourne Cup
The multi-million dollar deal for ‘the race that stops a nation’ runs for five years.
It looks like Lexus is set to become a major name in racing in Australia this year. However, it’s not the typical automotive racing you associate with the car manufacturer. Lexus and the Victoria Racing Club have announced that the luxury car maker is going to be the new naming rights sponsor of the biggest horse racing event in Australia, the Melbourne Cup.
While specific financial terms weren’t revealed, the deal is for five years, and puts Lexus at the top of what is known as “the race that stops a nation.” Previously, Lexus had sponsored some of the smaller races before the Melbourne Cup, but Emirates had a lock on the naming rights for the previous 14 years. Some reports put Emirates’ annual sponsorship at around $5 million AUD ($3.9 million USD), so it’s clear that Lexus has a large financial stake in the race.
“The A$6.25 million Lexus Melbourne Cup is a truly spectacular event and the focal point of the Melbourne Cup Carnival. Lexus is honored to be announced as the naming rights partner — the VRC perfectly aligns with our values of exhilarating experiences, innovation and sophistication,” Lexus Australia Chief Executive Scott Thompson.
“Together with the VRC, Lexus will continue to push the boundaries to pioneer exciting touchpoints and events for patrons on and off course. We look forward to driving the Melbourne Cup Carnival to even greater heights.”
According to reports, the first order of business is to perhaps increase the prize money for the race. Currently, the total prizes for the race total $5 million (USD). The Melbourne Cup has also reportedly fallen behind other prominent horse races. No word yet on what the total could increase to, but it should be significant.
Victoria Racing Club Chairman Amanda Elliot said, “As the custodian of Australia’s greatest sporting and cultural icon, we are incredibly pleased and thrilled to link the Melbourne Cup with a visionary luxury brand like Lexus. Sharing this extraordinary event with Lexus is something we are really looking forward to.”
The Lexus sponsorship is timed perfectly with the opening of the new $100-plus million Victoria Racing Club grandstand, which is set to open for the upcoming 2018 Cup. The deal also ensures front-row positioning for the Lexus Design Pavilion in Flemington’s exclusive Birdcage enclosure.
The 2018 Melbourne Cup is set to run on Nov. 5.
