It’s official – the Cup is going on tour and hitting the road in preparation for the 150th running of the world’s greatest two-miler. Damien Oliver and a host of other racing legends farewelled the $150,000 trophy from Flemington Racecourse this morning.

VRC deputy chief executive Sue Lloyd-Williams said that the 2010 edition of the Melbourne Cup will be the biggest sporting and social event in the city’s history.

The 2010 trophy, which was crafted from 18-carat gold by Hardy Brothers Jewellers, is patterned after the super-sized 1930 version, which was won by incomparable Phar Lap. The newly minted chalice will travel to 10 international destinations before returning to Australia in August for a 32-city tour.