04/22/2003 12:00AM

Fund of Funds out with injury

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OZONE PARK, N.Y. - Fund of Funds, runner-up to Ten Most Wanted in the Illinois Derby, was withdrawn from consideration for the Kentucky Derby with a tear in the tendon of his left foreleg, trainer Rick Violette said Tuesday.

Violette said he noticed something amiss with Fund of Funds on Monday after the horse galloped at Aqueduct. An ultrasound revealed "a small tear," Violette said.

Fund of Funds will get some time off and the foreleg will be ultra-sounded again in several weeks. Violette said the injury could be career threatening.

"Tendons, they can be the kiss of death," Violette said. "It's never good news. With bones, you can take a chip out or do surgery and they'll heal. With tendons they can be a nightmare. They can come back, be training great and then that last breeze it lets loose."

The injury was another in a long line of setbacks for Klaravich Stables, the owners of Fund of Funds. Over the years, Klaravich has had a number of horses incur injury, most notably Subordination, who broke a leg in his final workout at Churchill Downs prior to the 1998 Breeders' Cup Mile.

"It's devastating for the guy," Violette said of Seth Klarman, the managing partner of Klaravich. "It doesn't seem to stop."

Fund of Funds, a son of Saint Ballado, had a record of 1-2-1 from five starts and earnings of $143,170.

Also on Tuesday, owner Ernie Paragallo said New York Hero, winner of the Lane's End Stakes, developed a quarter crack in his left front foot and would not run in the Derby.