Point Of Law’s famous Melbourne Cup win wasn’t bad news for King Charles III.
The victory of the horse he sold in August earned the Royal’s racing operation a financial kicker in the range of half a million Australian dollars due to a clause included in the sale in which the owners benefited if the Frankel horse won Australia’s biggest race.
Despite a week having passed since the victory, the hounds were set on a hunt for the final piece of the Point Of Law story when rumours began circulating on Tuesday that the King was due $1 million for the win.
That seemed too good to be true given the Royal racing and breeding operation still owns Point Of Law’s mum, the broodmare Portfolio, which carries the blood of Japanese staying legend Deep Impact. The value of Portfolio’s progeny has increased as a result of the Melbourne Cup result.
Ciaron Maher’s bloodstock agent Will Bourne, who brokered the sale with the King’s racing manager John Warren to buy the horse, not only would not reveal the figure but could not even if he wanted to due to the terms of the deal which remained confidential.
The horse’s connections were only prepared to say it was “a substantial sum” although they well and truly disputed the figure being as high as the rumour mill. No-one mentioned it being a king’s ransom, but the phrase seemed to fit.
Such clauses are common in the sale of horses, particularly if the transaction happens with everyone aware the buyers have a target in mind for the purchase.
In fact, including such a clause was an important factor in assisting the sale as the Royal’s racing operation is not silly. They know when they have a good horse on their hands. And they sell and buy horses in a rational, commercial manner.
But with Maher’s mum, Eileen, charming the King with her natural personality over lunch at Royal Ascot and the persistence of Bourne and a big group of owners who crowded Flemington’s mounting yard last Tuesday, the sale went through in August.
It wasn’t the first time the Royals had sold a horse to Australian connections with Circle of Fire winning a Sydney Cup and group one winner Just Fine dominating for Gai Waterhouse.
With so many connections involved, this masthead eventually found a source with knowledge of the agreement who wanted to remain anonymous due to the commercial sensitivities who said the kicker due to Royal’s racing and breeding operation was $500,000 Australian, or thereabouts.
That would represent about 10 per cent of the Melbourne Cup winner’s purse, not a bad split for everyone given Point Of Law earned $4.8 million prize money for winning the Geelong and Melbourne Cups in a golden month for the Maher stable.
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Disclaimer : This story is auto aggregated by a computer programme and has not been created or edited by DOWNTHENEWS. Publisher: www.smh.com.au
