Five horses have secured their slots for the 2025 Everest, but the remaining seven positions remain highly contested, with negotiations complicated by the presence of Hong Kong sprinter Ka Ying Rising, who is currently top-ranked globally and seen as the likely favorite. This dominance has shifted the dynamics, making it difficult for other contenders to negotiate favorable deals, as slot holders hold significant leverage due to the $700,000 annual cost of owning a slot and the prize money distribution favoring top finishers. Trainers and owners of horses like Baraqiel are cautious, recognizing the need to carefully plan their campaigns and secure advantageous arrangements amid this competitive environment.

Meanwhile, key races such as the Group 2 Run To The Rose at Rosehill and the Poseidon Stakes in Melbourne are shaping the Everest field, with promising three-year-olds like Tempted, Wodeton, and Legacy Bay vying for attention. Established contenders like Joliestar, a multiple Group 1 winner, are also preparing for another shot at the race, highlighting the depth and quality of the competition. The evolving strategies and negotiations reflect the high stakes and prestige of The Everest, underscoring the importance of timing, performance, and deal-making in securing a place in the $20 million event.