A $500,000 prize is up for grabs for any horse that can win both the Ladbrokes World Hurdle and the Calvin Houghland Iroquois Hurdle in the United States.

The Brown Advisory Challenge aims to reignite trans-Atlantic rivalry by offering the bonus for winning the Grade One staying features at Cheltenham and Nashville within 12 months.

"The idea of this came from the people at Iroquois and if we can get some good horses coming over to America and vice-versa, I think it will be terrific," Mike Hankin, president of Brown Advisory, said at Cheltenham on Sunday.

"I spoke to (trainer) Nicky Henderson and he thought he had an idea of a horse that could be suitable for it, while I also spoke to Jonjo O'Neill and I could see his mind working on it.

"I think it might take two or three years to get going, but it seems like a reasonable thing to do."

Willie Mulllins, who has enjoyed success in recent seasons in both France and Japan, expressed his delight at the new scheme being launched

"We need to embrace international competition for the sport of National Hunt racing to grow," he said.

"I will support the Brown Advisory Iroquois Cheltenham Challenge as much as possible and hope it will encourage similar international initiatives."