06/15/2004 11:00PM

'Smarty' '05 plans cloudy

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Smarty Jones's racing plans for the remainder of the year are set, but his future beyond that - including where he will stand at stud - were still unclear as of Wednesday afternoon.

Smarty Jones, trained by John Servis, is pointing for the Sept. 6 Pennsylvania Derby at Philadelphia Park, the Oct. 2 Jockey Club Gold Cup at Belmont, and the Oct. 30 Breeders' Cup Classic at Lone Star Park.

"Those are his next three races," said Mike Chapman, son of Smarty Jones's owners, Roy and Pat Chapman. "I spoke to my father and, in terms of a decision about whether to run him next year, that's for them and John Servis to decide. They haven't made a decision yet."

The Chapmans have indicated that insurance expenses for the Kentucky Derby and Preakness winner could become prohibitive, possibly reaching as much as $1 million, if he stays in training.

Negotiations for the stud career of Smarty Jones, an Elusive Quality colt, are well under way in central Kentucky and could have a bearing on their decision. Smarty Jones's total stud value is widely expected to be in the $30 million to $40 million range. Farms making such high-priced offers for the young stallion prospect may well call for an end to his racing career, both to preserve his future stud value and to protect him from the possibility of injury.