Australia’s richest horse race looks set to finally gain 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.

But according to a report from 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.

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

The All Star Mile is the Victorian race that will get the nod.

Confirmation of the upgraded races is expected on Monday, two days after the Victorian spring racing carnival began at Caulfield.

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.