In this Jan. 28, 2017, file photo, jockey Mike Smith is congratulated by assistant trainer Jim Barnes after riding Arrogate to victory in the inaugural running of the $12-million Pegasus World Cup horse race in Hallandale Beach, Fla.Lynne Sladky/The Associated Press
The Pegasus World Cup horse race will carry a $16 million purse for its second running in 2018.
That's an increase of $4 million from this year, when it was run for the first time at Florida's Gulfstream Park. Arrogate defeated a field that included California Chrome in the nationally televised race.
The Stronach Group announced the purse increase on Wednesday, saying it would contribute the additional $4 million.
The 2018 edition, to be run on Jan. 27, will be open to 12 owners who put up $1 million each for a spot in the starting gate.