The world’s richest sprint race, Randwick’s $20 million The Everest, has received Group 1 status in time for this year’s running.

Racing Australia on Wednesday announced that the 1200-metre event, which will be run for the eighth time next Saturday, had been upgraded to Group 1 status after ratification at board level.

Victoria’s All-Star Mile, which is run in March, has also been granted Group 1 status.

“Racing Australia is pleased to announce the elevation of 2 major races to Group 1 Status,” RS said in a release.

“Following the recent agreement and adoption of the Australian Black Type Guidelines by the Racing Australia Board, a review of races under those guidelines is being conducted.

“As a priority, the following races have been determined to have achieved the criteria and will be recognised as a Group 1: The Everest (and) All-Star Mile.

“The All-Star Mile and The Everest race upgrades have been ratified internationally.

“Whilst these upgrades will take immediate effect, further analysis and review of all Black Type races is being undertaken with the expectation that further announcements will be made in the near future.”

Both races have consistently met with the international requirements required for Group 1 status with The Everest rating 120.5 both last year and in 2021, having rated 120.8 in 2022 when won by Giga Kick.

The All-Star Mile rated 118.3 last year, when Pride Of Jenni defeated Mr Brightside and Cascadian, after earning ratings of 117.3 and 117.5 in 2022 and 2021.