The Victoria Racing Club is on Tuesday expected to unveil luxury Japanese carmaker Lexus as the new naming rights sponsor for the Melbourne Cup in a multimillion-dollar deal for the race that stops the nation.
The VRC, which controls Flemington and presides over the biggest week of the spring carnival, may also announce an increase in prizemoney for the $6.2 million Cup.
VRC chairman Amanda Elliott told Fairfax Media after last year's Cup that the issue of prizemoney for Australia's best known race needed to be addressed.
The 3200 metre classic has now been eclipsed by The Everest, run over 1200 metres at Randwick at the end of Sydney's spring carnival.
Prizemoney for the latter, which generated enormous hype last October, is set to jump to $13 million from the $10 million it boasted in its first running last year.