Today News Journal
    What's Hot

    Fake Meat’s Beyond Impossible Quest to Win Over Americans

    February 5, 2023

    Here’s How Finland, Sweden and NATO Should Deal With Erdogan

    February 5, 2023

    What Europe Risks With Wider Sanctions on Russian Oil

    February 5, 2023
    Facebook Twitter Instagram
    Facebook Twitter Instagram
    Today News Journal
    Contact Us
    • Home
    • Trending
    • Business
    • Health
    • Technology
      • Automobile
      • Gadgets
      • Mobiles
      • Robotics
    • Lifestyle
      • Culture
    • Sports
    • Travel
    • Editorials
    • News
      • Politics
    Today News Journal
    Home » Sports » Talking Horses: sorry saga of unpaid £20m bill will resonate in racing world | Horse racing tips
    Sports

    Talking Horses: sorry saga of unpaid £20m bill will resonate in racing world | Horse racing tips

    James MartinBy James MartinJanuary 9, 2023No Comments4 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp VKontakte Email
    Share
    Facebook Twitter LinkedIn Pinterest Email


    We are scarcely a week into 2023 but Tattersalls, the venerable Newmarket bloodstock sales company, has already supplied a strong contender for the racing world’s Understatement of the Year, after it emerged over the weekend that 17 yearlings which were knocked down for an average of 650,000gns (£68.3k) at Tatts’ showpiece October sale last year have not – as yet – been paid for, and may need to be resold. “Obviously,” a spokesperson for the firm commented in a brief statement, “this is a regrettable situation”.

    It is, in all, just under £11m-worth of “regrettable” at Tattersalls alone, after an individual who was described at the time as a “mystery buyer” went on a major spending spree at the world’s most prestigious yearling auctions last year. Richard Knight, a Newmarket-based bloodstock agent who was bidding on the mystery buyer’s behalf, also signed for five lots worth a total of €1.98m (£1.74m) at Arqana’s Deauville sale in August; three more that added up to €2.92m (£2.57m) at Goffs’ Orby sale, including the €2.6m (£2.28m) top lot; and six at Keeneland in September, worth $4.875m (£4m). Exchange rates were, as you may recall, somewhat volatile last autumn, but however you choose to add it up, the overall spend comes to around £20m.

    Knight, who has been approached for comment, is believed to have had all the necessary paperwork and guarantees in place before signing for any purchases.

    Tattersalls, meanwhile, is, to date, the only one of the four major auctioneers involved to break cover about non-payment for the yearlings, and it is still possible that the “buyer” – who has been named by the Racing Post as Saleh Al Homaizi, who had a share in the 2007 Derby winner, Authorized – has paid, or will eventually pay, for some or all of them.

    Tatts, though, have the biggest sum outstanding by some way, as the biggest auction houses pay the breeders who sell their yearlings almost immediately, and then take their commission when the buyer settles up, normally within 28 days. Big players in the bloodstock game may also have significant sums lodged with Tatts, to show that they mean business, but if that was the case here, the buyer did not have anything like enough in the bank to cover all their high-ticket spree.

    Tattersalls emailed all clients who had bought yearlings at the Book 1 or Book 2 sale last year on Friday evening, to alert them to the possibility that the 17 horses signed for by Knight could soon be reoffered. As someone clicked “send”, the firm will have been well aware that it would take between 30 seconds and a minute for the story to leak onto social media.

    That may, in turn, persuade the “buyer” that the time to settle up has arrived. If it does not, however, the how, when and where of the reselling process, for yearlings that are now two-year-olds, will be a fascinating departure from the norm for a business that tends to stick rigidly to its cycles and seasons.

    Breeze-Up sales, which give buyers the opportunity to watch pre-trained two-year-olds in fast work on the gallops before deciding whether to put in a bid, are a popular source of (almost) ready-to-race juveniles every spring. The Craven Breeze-Up at Tatts in mid-April is the most prestigious of its type and will lure plenty of Flat racing’s heavy-hitters to town.

    The most choicely bred colts and fillies in every generation, however, are generally sold the previous autumn, on looks and pedigree alone and very much before they have been asked to publicly put one hoof in front of the others at high speed.

    The 17 individuals that Tattersalls currently has on its hands include a Frankel colt with several Group One winners on the distaff side of his pedigree, who was initially knocked down for 2m guineas (£2.05m), and a filly by Lope De Vega who was “sold” for 1.8m guineas (£1.89m). These are simply not the types that generally appear even at the Craven Breeze-Up, where the median price in 2022 was 90,000 guineas (£94,500) and just one of the 114 lots sold went for more than half a million.

    Waiting until the Breeze-Up would also keep the 17 horses on Tattersalls’ books for another three months, and raise the interesting issue of whether they would risk breezes in an attempt to maximise the price. Alternatively, they could decide to draw a line and move on by selling as soon as possible.

    However, the whole sorry saga plays out – and there is no news as yet, remember, of the stock that Knight signed for elsewhere – the only certainty is that “regrettable” will be far too short a word for all concerned.



    Source link

    Related posts:

    1. Wimbledon may face legal action over ban on Russian and Belarusian players | Wimbledon
    2. Premier League 2021-22 review: managers of the season | Premier League
    3. Emma Raducanu must focus on long-term pursuit of glory as injuries take toll | Emma Raducanu
    4. Stanley Gene and Kev Deighton to take over Danny McGuire as Hull KR reserves coaches
    Share. Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp Email
    Previous ArticleCDC has tested wastewater from aircraft amid concerns over Covid-19 surge in China
    Next Article Google’s Pixel 7 phones are up to $150 off right now
    James Martin
    • Website

    Related Posts

    Hull City have golden chance to prove their Championship promotion credentials

    January 11, 2023

    All 25 of Hull FC's NRL signings over last decade including cup winners and crowd favourites

    January 11, 2023

    Mark Williams shakes off David Gilbert and persistent wasp to win at Masters | Snooker

    January 11, 2023

    Newcastle 2-0 Leicester: Carabao Cup quarter-final – live reaction | Carabao Cup

    January 10, 2023

    Leave A Reply Cancel Reply

    Search
    Categories
    • Automobile
    • Business
    • Coronavirus
    • Culture
    • Editorials
    • Finance
    • Gadgets
    • Health
    • Lifestyle
    • Mobiles
    • Money
    • News
    • Politics
    • Sports
    • Technology
    • Travel
    • Trending
    • World
    Latest Posts

    Fake Meat’s Beyond Impossible Quest to Win Over Americans

    February 5, 2023

    Here’s How Finland, Sweden and NATO Should Deal With Erdogan

    February 5, 2023

    What Europe Risks With Wider Sanctions on Russian Oil

    February 5, 2023

    Why Pakistan Is Struggling to Get Another IMF Bailout

    February 5, 2023
    • Facebook
    • Twitter
    Don't Miss
    News

    Fake Meat’s Beyond Impossible Quest to Win Over Americans

    By James MartinFebruary 5, 20230

    Comment on this storyCommentNot so long ago, alternative protein products like Beyond Meat and Impossible…

    Here’s How Finland, Sweden and NATO Should Deal With Erdogan

    February 5, 2023

    What Europe Risks With Wider Sanctions on Russian Oil

    February 5, 2023

    Why Pakistan Is Struggling to Get Another IMF Bailout

    February 5, 2023
    • Facebook
    • Twitter
    About Us

    Hello friends, I am James Martin. Welcome to my blog todaynewsjournal.com. We are a team of experienced journalists who are passionate about delivering the latest news and current events to our readers. Our editorial team is dedicated to providing the most accurate and up-to-date information possible. We aim to be your go-to source for news and current events. Here on this site, You will get up to date information regarding all important categories like business ideas, health tips,... (Read More)

    Latest News

    Fake Meat’s Beyond Impossible Quest to Win Over Americans

    February 5, 2023

    Here’s How Finland, Sweden and NATO Should Deal With Erdogan

    February 5, 2023

    What Europe Risks With Wider Sanctions on Russian Oil

    February 5, 2023
    SIGN UP NEWSLETTER

    Join The Conversation sign up to receive emails for The Daily special tips general info.

      Facebook Twitter Instagram Pinterest
      • Home
      • Editorials
      • Get In Touch

      Copyright © 2021-2023 · Today News Journal Privacy Policy

      Type above and press Enter to search. Press Esc to cancel.

      We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
      Cookie SettingsAccept All
      Manage consent

      Privacy Overview

      This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
      Necessary
      Always Enabled
      Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
      CookieDurationDescription
      cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
      cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
      cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
      cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
      cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
      viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
      Functional
      Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
      Performance
      Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
      Analytics
      Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
      Advertisement
      Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
      Others
      Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
      SAVE & ACCEPT

      Sign In or Register

      Welcome Back!

      Login to your account below.

      Lost password?