His latest iteration - let's call it Frank three point oh - involves a $12 million race at Gulfstream. The "Pegasus World Cup" is a race where 12 owners will place hold a spot in the gate by ponying up $1 million each. The winner will receive $7 million, and all entrants below the top three will receive $250,000.
Frank is spicing up the offer - he'd darn well need to, because most will lose the average price of a house in
"In addition to the prize money, participants would share in 100 percent of the net income from pari-mutuel handle, media rights and sponsorship.", notes Paulick.
With say $10M in handle, which about 10% (one million) is realized from the takeout, a TV deal that would be hard to fathom at this nascent stage and sponsorship dollars, it's difficult to see them realizing more than $2M, split 12 ways. Many owners will lose a sizeable amount of money, if so.
The above is back of the napkin, but the math seems to not work very well.
Meanwhile, Frank doesn't seem to give a damn, and maybe he shouldn't.
This is a sport where $200,000 was paid for Oscar Nominated to start in the Derby gates as a monster long shot.
This is a sport where millions are spent for a two year old horse who runs 220 yards with alacrity.
It's a sport where millions are doled out to a stud farm for a Mohaymen, and countless others, based on breeding on a piece of paper.
It's a sport where when $7M is won, most of it (after taxes) is sunk right back into the industry, benefiting the same breeders who will likely own a spot in the 12 horse field.
The math might not be there, but the concept is as old as horse racing itself is. It's "stakes racing" with a little edge.
I would not bet anyone $2 that this will not come off. When Frank has the bit between his teeth - with this overarching love of the sport that's in every fiber of his being - he usually gets something done.