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Japan’s Big Red Farm paid $10 million for the breeding rights to Kentucky Derby and Preakness winner I’ll Have Another, the colt’s owner Paul Reddam has confirmed.
Reddam told Daily Racing Form that Shigeyuki Okada’s Big Red Farm topped another Japanese farm’s $9 million offer. Both bids were well above what American stud farms had offered for the 3-year-old Flower Alley colt.
Big Red Farm, Reddam said Tuesday, “knew there was another offer, and we said we’d take $10 million,” Reddam said he did not consider the alternative of buying a herd of mares and standing the stallion in the United States with his support.
“That’s not the direction I would have wanted to go,” he said. “I’m not a breeder.”
On Monday, Reddam wrote a blog post in the Blood-Horse that a pair of Japanese farms stepped in to bid on I’ll Have Another, with Big Red Farm making the winning offer in the private sale. United States farms showed far less interest, Reddam said, with just two written offers: one for $3 million and another for a half-interest, plus nine lifetime breeding rights, for $2.5 million.
“By contrast, the offer from Big Red in Japan was $10 million, with another farm bidding just under that,” Reddam wrote. “For further contrast, Bodemeister’s rights recently purportedly sold for about $13 million in America.”
WinStar Farm and Ahmed Zayat announced a private deal last month that will send Bodemeister to WinStar Farm in Kentucky at the conclusion of his racing career.
I’ll Have Another’s Triple Crown bid was aborted the day before the Belmont Stakes when he turned up with a tendon tear that Reddam described in the Blood-Horse as “like a tear in the seam of a pair of pants.”
“You could keep wearing the pants, and maybe the first time or two, the pants would hold, but eventually they would rip,” Reddam told the Blood-Horse. “Knowing this could happen, there was no choice but to scratch.”
With I’ll Have Another facing a long recovery time, Reddam opted to retire the colt, and he announced the deal selling I’ll Have Another to Big Red Farm in late June.
“I would have liked the stallion to have stood here,” Reddam told Daily Racing Form . “Do you take $2.5 million and roll the dice over the next four or five years? Or you can take $10 million and the downside is you don’t get to see the horse anymore.”
– additional reporting by Glenye Cain Oakford
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NY Times article already being challenged.
http://www.bloodhorse.com/horse-racing/articles/71178/ill-have-anothers-treatment-routine-care
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Mr. Okada made an excellent breeding and business decision in buying I'll Have Another. In Mr. Okada's article in TDN, he said he's already completed a great deal of business on IHA's behalf, and in the very short span of three days at that! Impressive! Mr. Okada says he is thrilled to be adding IHA to his stable of champion horses, and that there is a lot of excitement about IHA coming to Big Red Farm.
I'm going to miss I'll Have Another, I love him very much. It's my prayer he is a fabulous success as a sire in Japan, just as he has been a super, fabulous success as a 3 year old champion on the race track in the States. I wish IHA great good fortune, now and in the future. And I'm also thrilled that the Japanese people are so happy and enthusiastic about him, and are welcoming him with open arms. IHA defintely deserves that honor.
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Great NY Times article. The IHA story should be turned into a movie with all the crap we have heard. Only thing missing was somebody like Mike Smith apologizing for a messed up ride.
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Someone mentioned the NY Times and reporting... funny how the two horse they did all this wonderful reporting on were both CA based horses! I am in Ky and play both NY and CA racing and this East vs West crap has to stop. The best horse is the best horse once it is proven on the track. I am all for fans matching up West vs East and then the media rolling with it if it helps the sport in anyway, but this hated for horses such as Zenyatta and IHA has to stop. Zenyatta was the better then Rachel when you look at the overall picture. Yes Rachel had a better season being a 3 year old filly running against males and she deserved the HOY title that season... but looking at the two now that they are both gone Zenyatta was the better race horse and that takes nothing away of a great horse such as RA. IHA is the best of this crop so far, simple as that... owner/trainer little shaky with the way all this went down but do not hate the horse because of humans. On the track IHA is the top 3 year old so far this year simple as that. Like it or not East coast / NY fans as well as media need to just shut up and realize there will be plenty of other times they can say they are number one at something, including there favorite horse on the track. But in these two cases they were and are wrong, and that goes for all you East coast DRF guys as well.
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Strange tale. What is the syndication price for a good stakes winning colt? For example Union Rags, Honour and Serve, As a comparison what did the Japanese pay for Sunday Silence who also won the Preakness and Belmont. I'm just asking as the price seemed less than I would have anticipated.
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THey dropped 2 nuclear bombs on the japanese peasants and the emperor cast the deciding vote--4-3 ( military voted to continue ) to surrender..............
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i wish i could have sold my ex wife for ten million....
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Keep in mind the total sale price is shared by the owner with his training/bloodstock team. While Mr Reddam is extremely wealthy the rest of Doug Oneils staff are not. I'm just guessing but the hot walker and groom probably received 1% of the sale. 100k to a groom is possibly 3x what he will make in a year. Doug and his brother most likely received 10% of the total sale each for training and buying the colt. A million dollar payday for each of them. Point being Mr Reddam was considering the impact of many people when he decided to retire the colt when he did and for the amount he did.
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Oh my goodness! Ten million was far too low a price for this horse. (But, it is a lot of money for the breeders to risk, too). When you have plenty of money in the bank, it is worthwhile to take a risk when you can afford it. I think Reddam missed out on a lot of upside, in both profit and enjoyment. "I am not a breeder?" I remember the story of IBM who basically gave Bill Gates the DOS program which made him a billionaire. I am sure they said, "We make hardware...we're NOT programmers!" Oops. Reddam was a college professor, did he say, "I am not a financier!". I guess he just wanted to cash a ticket.
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The NY Times has done some terrific reporting on the vet records of a couple of high profile Ky Derby horses, I'll Have Another and I Want Revenge.
Both had very controversial owners......both have had interesting ends to their racing careers.
Mr. Reddam is a loan shark and a very sharp businessman. He didn't get as wealthy as he is by having emotional attachments to his investments.
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