If a massive Thoroughbred conglomerate can also be a tight-knit family operation, Spendthrift Farm is such an operation, and it rode its connections to success as both an owner and breeder in 2025.
Remarkably, this would be the first Eclipse Award for Spendthrift, which was founded in 1937 by Leslie Combs II. The farm was revitalized into its current era by the late B. Wayne Hughes, starting in 2004. Hughes died in 2021, and the farm is now owned and overseen by his son-in-law Eric Gustavson and daughter Tammy Hughes Gustavson.