Horse industry watches Dubai debt crisis

Seven horses owned by the sheik's Godolphin Racing stable have run in the Kentucky Derby, including Desert Party and Regal Ransom this year. The highest finish for a Godolphin horse in the Derby is sixth, by China Visit in 2000.

Mohammed's goal of winning a Derby has been amplified in recent years with some record-shattering purchases of not just stallions but also mares, including Playful Act, which he bought in 2007 at Keeneland for an unprecedented US$10.5 million.

“Sheik Mohammed obviously has a passion for thoroughbred racing,” said Case Clay, president of Three Chimneys Farm in Lexington. “I'm guessing the money he's using to buy is small potatoes compared to what's going on over in Dubai. If it all falls down in Dubai, I think he still has disposable income to enjoy horse racing.”

In this month's recently concluded Keeneland sale, however, neither Mohammed nor his representative John Ferguson participated, even though the sale featured the dispersal of about 150 horses that belonged to the great Kentucky horse breeding operation, Overbrook Farm.

“I think many of us were surprised given some of the pedigrees we were selling,” said Ric Waldman, who served as Overbrook's stallion consultant.

Waldman said he didn't know if the sheik's absence from the November sale had anything to do with the debt crisis.

The influence of Dubai on horse racing extends far beyond the sheik's individual interest. Last year, a company headed by one of his close associates purchased Fasig-Tipton, the other major horse auction house in Lexington.

Dubai each year also hosts the world's richest horse race, the Dubai World Cup. A world-class racecourse seating 60,000 people is being planned for next year's event.

Meydan, the company spearheading that project, also is a top sponsor of next year's World Equestrian Games in Lexington. Jamie Link, CEO of the World Games 2010 Foundation, said he expects Dubai's financial troubles will have no effect on that commitment.

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