UPDATE: #Letdown, Gerry Harvey has announced there will be no increase in Magic Millions prize money at this time.

John Singleton dropped a bombshell earlier today when declaring that the Magic Millions Classic could be worth $10 million as soon as next year.

The comments come after the Magic Millions operation secured a $35 million grant from the state government for an overhaul of the Gold Coast circuit.

Singleton isn’t involved directly in the Magic Millions any more but said he would be holding Gerry Harvey to his word of providing the increase.

Singleton said that Harvey had earlier promised the $10 million race should the government confirm the funding, something they have now done.

“If the government would commit to a $35 million dollar upgrade he (Harvey) would automatically increase prize money to $10 million and it’ll be bigger than the Melbourne Cup,” he said.

There will be no gradual build up either with the funds to be available from 2013.

“The $10 million prize money is on and from next year, it’ll be worth more than the Melbourne Cup,” he said.

“We are going to have the biggest richest race, here on the Gold Coast.”

It’s worth noting that this is yet to be confirmed form Harvey himself however Singleton is adamant to hold him to his word.

In many ways it’s his method of staying involved in an organisation he spent so long creating.

“I didn’t realise quite the pride I had building this thing up the last 12 years…I underestimated the sense of loss I would feel,” he said.

He says it’s ironic Harvey has touted the $10 million race given he originally didn’t even want to keep the prize money at $1 million.

“I fought hard to keep this million dollar race here,” he said.