The 131st running of this celebrated event is scheduled for May 7, 2005, at Churchill Downs in Louisville, Ky on NBC Television at 5PM.

Churchill Downs announced the Kentucky Derby has been doubled to a record $2 million guaranteed. Making it one of the richest prizes in North American racing events. The increase in the Kentucky Derby purse, the first since a $500,000 raise nine years ago, places the Derby in a tie for second with the Breeders' Cup Distaff and Turf on the list of the richest races in the United States. The $4 million Breeders' Cup Classic - worth $3,668,000 after nominator awards are paid out - is North America's richest race. The Kentucky Derby, which will be run for the 131st time this year, began as a $1,000-added race in 1875.

Over its lengthy history it has steadily grown, reaching $500,000-added in 1991, and $1 million guaranteed in 1996. Track officials said Tuesday that they did not anticipate the purse hike to significantly increase participation in the Derby because field size is limited to 20 runners. The change, officials said, was necessary to maintain the Derby's stature. "It was a show of our commitment," Churchill Downs president Steve Sexton said. The additional purse will be funded by an increase in entry and starter fees, and from a redistribution of funds in the track's stakes program, including a reduction of four stakes races purses and the elimination of the Grade 3 Kentucky Breeders' Cup.
Churchill Downs had come under fire in recent years for the purse of the Derby, which ranked as only the 55th most valuable race in the world in 2004.

Provided there are no other major changes in the stakes schedule this year, the Derby will become one of the world's top 20 richest races and the third richest national Derby race behind the Japanese Derby and Epsom Derby.

Track officials do not anticipate that changing in 2005. As a result of the higher fees, the purse for the Derby could actually climb above its $2 million minimum guarantee. This year's Kentucky Derby could carry a purse close to $2.2 million if 20 horses race, Churchill Downs spokesman John Asher said.

The purse distribution for the Derby has also been revised. Horses running first through fifth will earn purse money. Previously the race had paid only to the top four finishers. The payment of 3 percent of the purse to the fifth-place finisher, or $60,000, will contribute to a lower percentage payoff for the winner. The winner is assured of earning 62 percent of the $2 million guarantee purse, plus any nomination, entry or starter fees that result in the purse vaulting past the $2 million mark.

The second- through fourth-place finishers will receive a higher percentage of the purse in 2005. The runner-up will receive 20 percent, or $400,000, up from $170,000 last year. Marty Maline, executive director of the Kentucky Horsemen's Benevolent and Protective Association, whose organization approved the changes along with the Kentucky Thoroughbred Association, said his group played little role in determining the changes necessary to bring the Derby purse up to the $2 million level. He said cuts to the stakes schedule were necessary to maintain the agreement that Churchill Downs has with Kentucky horsemen, which states that no more than 30 percent of purses are allotted to stakes. "The hope, obviously, is that later that they could get a sponsor so that would not have to take away from [other stakes] purses," he said.

Visa sponsors the Triple Crown, and offers a $5 million bonus to the owner of any horse that sweeps the series, but the Derby itself does not have a sponsor, Asher said. Churchill Downs's decision to raise the purse of the Derby comes roughly six months after the New York Racing Association reached an agreement with ABC on exclusive television rights to the Belmont Stakes, beginning in 2006. All three Triple Crown races will be shown on NBC this year, the fifth year in a row.