Australia’s richest horse race has finally gained group 1 status.

Racing Victoria has repeatedly denied Racing NSW’s requests to have the $20 million Everest upgraded to the highest classification in Australian thoroughbred racing.

As first reported by The Sydney Morning Herald, a change at the top of Racing Victoria has seen that impasse lifted.

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A new set of rules will also be introduced for Australian group racing.

Six races, including The Everest, are set to be upgraded to Group 1 status, with five of them Sydney-based events.

“Following the recent agreement and adoption of the Australian black type guidelines by the Racing Australia Board, a review of races under those guidelines is being conducted,” a statement from Racing Australia said.

“As a priority, The Everest and The All Star Mile, have been determined to have achieved the criteria and will be recognised as a Group 1.

“The All Star Mile and The Everest race upgrades have been ratified internationally. Whilst these upgrades will take immediate effect, further analysis and review of all black type races is being undertaken with the expectation that further announcements will be made in the near future.”

According to The Herald, the Premiere Stakes, Russell Balding Stakes, Golden Eagle and The Shorts will also be elevated.

The Everest has doubled its prize money from $10m to $20m in the seven years since it was created by Racing NSW and the Australian Turf Club.

Think About It took out last year’s 1200m race at Randwick, with other winners including Redzel and Nature Strip.