Racing League, a new ground-breaking initiative on the Flat this summer, was unveiled in London on Monday.
Championship Horse Racing is hoping the team-based league format will "bring increased levels of innovation, fan engagement and accessibility" to the sport.
Twelve teams each consisting of two to four trainers working together, three jockeys, stable staff and a squad of 30 horses, will battle it out for a total of £1.8million in prize money, as well as an overall prize to the team that wins the league title.
Held over six consecutive evening race meetings in July and August, the Racing League will be contested at four racecourses - Doncaster, Lingfield, Newcastle and Windsor.
Racing in bespoke team colours, the 12 teams will compete across 36 handicap races (rated 0-90), each worth £50,000.
The Racing League's inaugural meeting is set to be held on July 16. Each race meeting's six races will be contested over distances between five furlongs and a mile and a half, with all 36 races broadcast live on Sky Sports.
The project has been well received by racing professionals.
Classic-winning trainer Andrew Balding said: "I look forward to being involved in the inaugural Racing League and welcome the innovation it brings to our sport."
Derby-winning rider Martin Dwyer added: "I think the Racing League is a really exciting addition to the British racing calendar and I believe the fans will welcome it.
"It's a positive step for the racing industry to take, and the increase in prize money at handicap-level racing can only be good for the sport."
Matthew Imi, chief executive of Sky Sports Racing, said: "In recent years Sky Sports has been instrumental in helping mainstream sports grow their fan bases exponentially, appealing to a broad audience of sports enthusiasts and innovating in the process.
"We are confident that we can achieve something similar with horse racing, so partnering with an exciting new initiative like the Racing League makes absolute sense.
"If the Racing League and Sky Sports Racing's coverage encourages the person who goes racing once a year to go again, then I would consider that a success."