Proposed $500,000 slot race to honour Deane Lester

A proposed new slot to be run at Cranbourne would be named after Deane Lester.

A $500,000 winner-takes-all slot race to honour the late, legendary horse racing identity Deane Lester has been proposed to be raced at Cranbourne in November.

The new race, to be known as "The Lester", would have slots available to Cranbourne trainers only and for horses trained at Cranbourne.

News Corp has seen details of the proposal where 12 slots would be available at $25,000 per slot, plus an additional slot which would go to a wildcard.

The inaugural race, set to be run on Cranbourne Cup day on November 25, would be a Benchmark 100 contest over 2000m.

"This uniquely Cranbourne race will be named after iconic Cranbourne racing identity Deane Lester, who sadly passed away earlier this year," a document, seen by News Corp, states.

"It's appropriate that in the inaugural running, the race is conducted for stayers, who were Deane's great passion.

"The winning trainer of The Ladbrokes Lester will receive $500,000 paid through normal Racing Victoria prizemoney distribution."

The slot race would be restricted to Cranbourne-trained horses. Picture: Racing Photos via Getty Images

Lester, the vastly respected racing analyst and tipster, was farewelled at his funeral at Cranbourne racecourse in February after losing a short battle with cancer.

Betting company Ladbrokes would sponsor the new race, with all slot-holders to be aligned to a community group based in the City of Casey.

The community group aligned to the winning horse would receive $10,000.

Lester had long been part of the fabric of the Cranbourne racing community and the Cranbourne Turf Club had been looking for a way to honour his legacy.

The Australian racing community plunged into mourning when Lester died, aged 54, in February.