Ascot has announced an increase in prize-money for 2024 when the King’s Stand sprint will also be run as the King Charles III Stakes for the first time.

Prize-money for 2024 will be worth £17.5million, an increase of 3.9 per cent on 2023, with Royal Ascot accounting for £10million on its own.

The figure excludes the industry-owned Qipco British Champions Day fixture in October.

Group One races at Royal Ascot will be run for a minimum of £650,000 (up from £600,000) while no race will be worth less than £110,000 at the big meeting.

Royal Ascot 2023 benefitted from the first royal winner since the King’s succession to the throne through William Haggas’ Desert Hero.

Nick Smith, director of racing and public affairs at Ascot, said: “We are pleased to be delivering these prize-money increases in 2024 against a backdrop of uncertainty and an unprecedented number of negative headwinds for the industry. The financial impact on all facets of the industry is already being acutely felt.

“It is, however, crucial for Royal Ascot to maintain its position on the global stage at a time when participants at home and abroad have so many alternative lucrative options away from Britain.

“Whist the main increases have been made to the Royal meeting to enable us to get to £10million for the first time, we have made increases in other areas of the programme as well.

“These include increases to fit with the new Premier fixture structure, including at the Dubai Duty Free Shergar Cup, where there is a particular focus on maintaining full fields.

“Importantly, no race at Ascot will be run for less than in 2023 including at our core (non-Premier) fixtures. This is in spite of a reduction in central funding to this element of the programme, which has therefore required further increases in executive contribution.”