Winning connections of the Phoenix will collect a cool $1 million first prize as the race joins Sydney's Million Dollar Chase, which was won by McInerney in September, as the world's richest greyhound event.

In its inaugural running last year the Phoenix saw Wow She's Fast take home the $750,000 first prize for its owners.

An increase in stakemoney this year from Greyhound Racing Victoria and the eight successful slot holders who have increased their investment from $75,000 to $100,000 sees the race gain world recognition.

Owner and breeder Noel Mugavin is thrilled that RSN 927 Radio and Sport took the slot for McInerney.

"I've got to pinch myself that I've got a greyhound which was bred in Warrnambool good enough to run against the best greyhounds in Australia," Mugavin told The Standard.

"It's wonderful to have RSN 927 as our slot holder. They have been heavily involved in greyhound races in Victoria for decades and decades.

"My family has had a lifelong involvement in greyhound racing. The breeding of McInerney goes back into our families involvement more than 50 years ago."

Bernard Saundry, CEO of RSN 927, said the station was delighted to be the slot holder of the Victorian-bred greyhound.

"Noel and his family have been a huge part of the Victorian greyhound industry and we couldn't have selected a better representative," Saundry said. "McInerney has had some fantastic success so far and we hope that it keeps going into the Phoenix."

Andrew Bensley, program director at RSN 927, said McInerney is one of Australia's best greyhounds and that it was tremendous to have him representing the station.

"The Phoenix is a fantastic concept and RSN is thrilled to have one of Australia's best greyhounds representing them," Bensley said.

"We are excited to be part of the Phoenix and bringing all the action live from The Meadows, December 17.

"RSN will be covering the night with all the interviews, celebrations and stories."

McInerney is trained by Geelong greyhound trainer Brendan Pursell.