LOUISVILLE, Ky.– They don’t have the numbers or typically spend the type of money that seemingly would make them consistent participants in the Triple Crown. Yet, three years after upsetting the Kentucky Derby with Mage, the Delgado family is back to take another run at the world’s most famous horse race, their fourth time going for the roses. Trainer Gustavo Delgado and his son Gustavo Delgado Jr. are here with The Puma, a legitimate contender based on his win in the Grade 3 Tampa Bay Derby and his nose defeat to Commandment in the Grade 1 Florida Derby, races run three weeks apart in March. Three years ago, Mage was stabled in barn 42, stall 10, and that’s exactly where The Puma has taken up residence at Churchill. In addition to training Mage, the Delgados were part-owners of the colt. Some of the owners of Mage are affiliated with The Puma, including Ramiro Restrepo, who now serves as bloodstock agent to owners Jose Aguirre and Rina Camargo, who race as JR Ranch. Others who were part of the CMNWLTH syndicate that was in on Mage have expanded their operation under the banner High Step Racing. In the last week, The Puma ownership group expanded to include Michael and Jules Iavarone and Bruce Zoldan, the CEO of Phantom Fireworks. :: DRF Kentucky Derby Package: Save on Past Performances, Clocker Reports, Betting Strategies, and more. “To do it once is a dream, a blessing, it’s one of the most beautiful memories you can share with a group of people,” Restrepo said, recalling the 2023 Derby win with Mage. “To even say that you have a logical contender such a short timespan later is a testament to the team that’s been put together and the hard work Gustavo and his staff put in.” Gustavo Delgado Jr. has worked with Restrepo at the sales. In addition to Mage, they have picked out young horses who showed some talent, including Victory Avenue and Ferocious, who sold for $1.3 million, as some of the partners took their profits from Mage and invested it into the son of Flatter. Ferocious, an impressive juvenile debut winner at Saratoga in the summer of 2024, was twice Grade 1 stakes-placed but he died due to laminitis. Victory Avenue, who ran a 97 Beyer Speed Figure in defeat on debut as a 3-year-old, also had to be euthanized due to injuries suffered in training. The Puma will be the fourth Derby starter for the Delgados. They also sent out Majesto (18th in 2016) and Bodexpress (13th in 2019). They were pointing Caracaro to the 2020 Kentucky Derby, but he got hurt in his last work before the race. “Every time we go to the sales we think about the Derby,” the younger Delgado said. The Delgados operate under the moniker OGMA Investments. The name comes from Celtic mythology. Gustavo Delgado Jr., who nearly became a lawyer before deciding to join his father at the track, has shown a keen eye at the sales. “We like to put a little skin in the game,” Delgado Jr. said. “We like to go to the sales and select our own horses and we stay away from those big-number prices. But we also want to scout the horses that can go the classic distances. We’ve done a pretty good job selecting them.” Delgado selected The Puma, a son of Essential Quality, and was able to get him for a modest $150,000 at the 2025 OBS April 2-year-old-in-training auction. Delgado Jr. said he felt there were a couple of reasons The Puma didn’t bring a lot of money. “He was fat and a bit choppy,” Delgado Jr. said. “He paddles. Not the best mover. People sometimes stay away from those.” Paddling, a deviation from a horse’s normal gait, is when the horse swings his hoof out in an arc-like fashion. “We have dealt with those kinds of horses before,” Delgado Jr. said. “If you keep an eye on them close, they can last. Mage did it too. This is a bit more pronounced.” It hasn’t prevented The Puma from performing well in all four of his starts. Off slowly in his well-bet debut on Jan. 10 at Gulfstream Park, The Puma finished second, beaten 1 1/2 lengths by Chief Wallabee. Entered in both a maiden race at Gulfstream and the Sam F. Davis at Tampa on Feb. 7, the Delgados opted for the latter. Jockey Javier Castellano had commitments at Gulfstream so Edwin Gonzalez was tabbed to ride The Puma in the Sam Davis. The Puma never had clear sailing in that race, and found more traffic when moved toward the rail in deep stretch. He finished third, six lengths behind Renegade. In the Tampa Bay Derby, the Delgados wanted to give The Puma another chance to prove himself. Purposefully kept wide by Castellano, The Puma won the Tampa Bay Derby narrowly over Further Ado, a graded stakes-winning 2-year-old who would come back to win the Grade 1 Blue Grass. “For that race we wanted to give the horse a fair chance to win the race,” the younger Delgado said. “In the Sam Davis, we were a little bit frustrated. But just like anything we got to learn about him more.” The Delgados kept The Puma at home for the Grade 1 Florida Derby at Gulfstream. He ran a winning race but somehow lost by a nose to Commandment. Castellano may have moved early as he was following Nearly and didn’t want to let that horse get away. “He had to make the first run and he paid the price,” Delgado said. The elder Delgado believes The Puma has faced the division’s best and will enter the Derby battle-tested. “My impression – Tampa Bay Derby, Florida Derby – any of those horses can win the Kentucky Derby,” he said. That he had wide trips and still ran on in his last two starts may bode well for The Puma in the Kentucky Derby. In a 20-horse field, it’s likely that ground loss will come into play. “The distance is not the question. I think the key about him is keep him out of trouble, not too much kickback,” Castellano said. “At some point you have to save ground, but he’s a better horse with a clear trip.” :: Want to learn more about handicapping and wagering? Check out DRF's Handicapping 101 and Wagering 101 pages.