Six contestants will be broken up into two groups of three with each group being guided by a trainer. Each contestant will be stakes $25,000 to buy their own Thoroughbred. After purchasing their horse, they will be charged with hiring a jockey and training their horse at one of the top stables in America in preparation for the big event.

Viewers will be able to follow the training and competition on-air in the weekly episodes and online at GSN.com. Each of the six horses will compete in several races against other Thoroughbreds to establish their track records leading up to the final live race event, the American Dream Derby, which will feature all six horses competing against each other for the first time.

Fans will be able to wager on the race.

The final race is winner take all, with the winning owner being awarded all six horses, a contract with their trainer, and $250,000 in cash to fund their racing stable.

The contestant search begins May 1 at GSN.com, where racing fans can download an application to become a contestant/owner. In person videotaped auditions will occur this summer at select race tracks across the country.

In addition to the contestant selection, episodes will cover the choosing of trainers, horses, and jockeys and the actual training process. As the contestant owners get closer to race day, and the pressure increases, all of the rivalries, bickering and jockeying for position will be captured on camera.

"The winning contestant of The American Dream Derby series will go from being an obscure fan to being the owner of a hot new stable of Thoroughbreds with one of the best trainers in the country as their advisor. It's the chance of a lifetime," said GSN president and chief executive officer Rich Cronin