(Reuters) - British horse racing is hoping to be on to a winner after unveiling a new Formula One-style championship for teams and jockeys with prize money of more than 100,000 pounds ($138,200) per race.

Championship Horse Racing on Monday presented ‘The Series’, a 12-team championship to start in 2019 with competitors battling for points and prize money at Group 1 racecourses across Britain.

Races will be televised and held over eight consecutive Thursdays.

Owned by top brands from around the world, each team will have squads of 30 horses under the guidance of leading racehorse trainers and four dedicated jockeys for the duration of the competition.

“This is a fantastic chance for racing to lead the way in changing how people watch sport, both live and in terms of bite-size, interactive content,” Championship Horse Racing chief executive Jeremy Wray said in a statement.

Race days will feature six handicap flat races, with teams nominating one runner for every race to create 12-runner fields.

The competition, also backed by racecourse owner The Jockey Club, will have a total of 48 races across eight fixtures and a points system similar to Formula One to determine the team and jockeys’ championships.

“The Series is the most creative and positive racing sponsorship opportunity I have seen and I hope it will become a tremendous success,” said trainer John Gosden.

Formula One, the global Grand Prix motor racing series, has drivers’ and constructors’ titles with points awarded to the top 10 finishers in every race.

($1 = 0.7239 pounds)