Horse racing-Kentucky Derby purse raised to record $5 million

Jan 10 (Reuters) - This year's Kentucky Derby will be the richest in history as the purse for the first jewel of U.S. thoroughbred racing's Triple Crown has been raised 67% to a record $5 million guaranteed, Churchill Downs said on Wednesday.

Previously, the Kentucky Derby purse had been worth $3 million since 2019, and was $2 million from 2005-18 and $1 million from 1996-2004.

Due to the changes, the winner of the 1-1/4-mile Kentucky Derby at Churchill Downs on May 4 will receive a $3.1 million payday. In addition, $1 million will be awarded to the runner-up, $500,000 to third, $250,000 to fourth and $150,000 to fifth.

Mage, ridden by Hall of Fame jockey Javier Castellano, won last year's Kentucky Derby, earning a $1.86 million prize for the colt's owners.

The Preakness Stakes, which is the second leg of the Triple Crown, is May 18 at Pimlico Race Course in Baltimore, followed by the relocated Belmont Stakes three weeks later at Saratoga Race Course in upstate New York. (Reporting by Frank Pingue in Toronto Editing by Toby Davis)