New Zealand hero Matt Payne has taken out the Jason Richards Memorial Trophy, cantering to victory in a crushing performance at the ITM Taupō Super 440.

Billionaire Marwan Koukash has promised a celebration like no other if his horse Magic Circle wins Tuesday’s Melbourne Cup, saying he will strip down to his G-string to receive the trophy.

Heading into Sunday's 140-point Race 10, Payne leads Race 9 winner Chaz Mostert by 33 points, with Will Davison a surprise ...