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Britain's leading racecourses have got together to launch the Sovereign Series, linking 10 of the most prestigious races of the domestic season into a major new competition worth $10m.

It is a major new initiative aimed at broadening consumer interest in racing, running for an initial period of three years starting in May 2010 with new terrestrial and commercial agreements planned.

The series, which features 10 Group 1 races, has been created with the full support of the British Horseracing Authority, and has received industry-wide backing from owners, trainers and jockeys, as well as all major stakeholders.

Racing UK, the media rights company representing the courses, will be promoting and managing the collective broadcast and multimedia rights.

In addition to the existing prize money of just over £5 million, a further £5 million per annum will be added to the Series, culminating in a £2 million prize for the overall winner. An extra £3 million has also been committed to the marketing, promotion and production of the Series both on and off the course.

Simon Bazalgette, Executive Chairman of Racing UK and Chief Executive designate of The Jockey Club said: "Horseracing is one of Britain's great sports but is faced with increasing competition from other sports and leisure activities, so racing needs to evolve and appeal to a wider audience.

"We believe the Sovereign Series will capture the imagination of a new generation of sports fans who have never before been interested in Racing.

"By linking Britain's best flat races into a season-long competition, and transforming the viewer experience both on and off the course, the Sovereign Series will strengthen consumer interest in the sport and create a new proposition for broadcasters and sponsors.

"Our vision is that in 5 years The Sovereign Series will have become established as a major sports competition on the British calendar alongside Wimbledon, The Open and other similar events."

The Sovereign Series:

Stan James 2,000 Guineas, Newmarket
Juddmonte Lockinge Stakes, Newbury
The Derby, Epsom
Prince of Wales's Stakes, Royal Ascot
Coral Eclipse, Sandown
King George VI & Queen Elizabeth Stakes, Ascot
BGC Sussex Stakes, Goodwood
Juddmonte International, York
Queen Elizabeth II Stakes, Ascot
Emirates Airline Champion Stakes, Newmarket

Points will be awarded according to a horse's placing in each of the races, with the winner being crowned the British champion flat racehorse for the season.