The inaugural Pegasus World Cup, an invitational proudly proclaiming to be the “world’s richest horse race” on their website, is expected to bring in top talent (and some fabulous, frilly derby hats) on Saturday in Hallandale Beach, Florida.
Each competing horse’s owner has reserved a spot in the starting gate for a whopping $1 million, with the shot of netting a world record $7 million prize. And that record-setting cash award is what garners the race the lavish moniker of “world’s richest.”
“The prize is really big here!” E! News host Maria Menounos, who’s covering the event, tells PEOPLE. “I think since we have a purse that big, it’s very exciting for people. I think they’re going to pull out all the stops.”
Look out for the 2014 Kentucky Derby and Preakness Stakes winner, California Chrome, who headlines the 12-horse race. The decorated horse, bred for just $10,500, has won more than $14 million on the racetrack, making him just about the best gamble ever. If he wins the Pegasus World Cup Invitational, he’ll have more career earnings than any horse in the history of worldwide thoroughbred racing.
Up against California Chrome is Arrogate, who won five races last year, including a tight victory over California Chrome in the Breeders’ Cup Classic in November. Keen Ice, who upset Triple Crown winner American Pharoah at the 2015 Travers Stakes, will also race for $7 million prize.
And, with big money, comes swanky style— and grandiose hats.
“I think it’ll be a glamorous event, of course you’ll see the fascinators, the amazing fashion, and hopefully we’ll get some crazy fashion because that’s always fun as well,” says Menounos, who most recently attended the Melbourne Cup and will cover the pageantry, celebrities and fashion aspects of this race. “The fashion is probably the biggest ticket!”
Ready your mint juleps!
The million dollar Pegasus World Cup Invitational will air this Saturday, Jan. 28, live at 4:30 p.m. ET on NBC.