Billionaire investor Michael Gregg’s Mulberry Racing has bought a slot at The Everest, taking the position left vacant by an embattled Star Entertainment in the $20 million horse race.

Gregg, who made The Financial Review Rich List with an estimated worth of $1.1 billion last year, paid an undisclosed sum to secure one of the 12 slots for the next three years. The deal included “promotional initiatives” that would help the race reach new audiences, Racing NSW said.