North America’s largest thoroughbred racing company plans to inject some badly needed excitement into a stagnant industry by promoting the world’s priciest horse race next January.

Last week, the Stronach Group announced plans to hold the Pegasus World Cup at its Gulfstream Park track in Florida on Jan. 28, 2017. The 1+1/8 mile race will be limited to 12 horses, whose owners must pony up $1m apiece for the right to compete.

Aside from vying for the world’s largest purse – the Dubai World Cup’s purse is a paltry $10m – owners will share equally in 100% of the net income from the race’s pari-mutuel handle, as well as from media rights and sponsorships.

Once their $1m check has cleared, owners will have the right to lease, contract or share a starter with whomever they choose, or even sell their starting berth outright. As a further incentive, the original dozen entrants will have first crack at berths in future Pegasus World Cup events.