Horse racing betting

The debt crisis in Dubai was being closely monitored Friday by buyers and sellers of high-end racehorses, but there was no immediate indication Dubais ruler would scale back his enormous financial ties to the industry in the United States and elsewhere.

The emirates ruler, Sheik Mohammed bin Rashid Al Maktoum, and his family have been among the highest spenders at major American thoroughbred auctions dating to the 1980s, often paying millions of dollars for top bloodstock even during market downturns such as the current one.

Dubai World, the main investment arm of the Middle Eastern city-state, is asking for at least a six-month delay on paying back a nearly $60 billion debt. It was unclear what effect the countrys debt crisis would have on the sheiks horse racing and breeding interests and whether the American thoroughbred market would feel any repercussions.

Weve seen no sign that its going to have any impact, and we certainly hope theyre able to work their way through the situation, said Nick Nicholson, president of Keeneland, a Lexington racetrack and auction house where the sheik is a major horse buyer and regularly attends sales.

Sheik Mohammed has been a longtime horse enthusiast. He is one of the worlds premier endurance riders and is married to Princess Haya of Jordan, president of the International Equestrian Federation.

In 2001, he bulked up his horse operations in the United States with the purchase of Jonabell Farm in Lexington. Among the top stallions stabled there are 2007 Kentucky Derby winner Street Sense and his sire, Street Cry, 2006 Preakness winner Bernardini, and Medaglia dOro, who sired Rachel Alexandra, winner of this years Kentucky Oaks and Preakness Stakes.

Oliver Tait, chief operating officer at Jonabell, declined to comment Friday about the debt crisis except to say that operations at the farm hadnt changed.

Its business as usual, Tait said. Our object has remained the same. Were carrying on.

Seven horses owned by the sheiks Godolphin Racing stable have run in the Kentucky Derby, including Desert Party and Regal Ransom this year. The highest finish for a Godolphin horse in the Derby is sixth, by China Visit in 2000.

Mohammeds goal of winning a Derby has been amplified in recent years with some record-shattering purchases of not just stallions but also mares, including Playful Act, which he bought in 2007 at Keeneland for an unprecedented $10.5 million.

Sheik Mohammed obviously has a passion for thoroughbred racing, said Case Clay, president of Three Chimneys Farm in Lexington. Im guessing the money hes using to buy is small potatoes compared to whats going on over in Dubai. If it all falls down in Dubai, I think he still has disposable income to enjoy horse racing.

In this months recently concluded Keeneland sale, however, neither Mohammed nor his representative John Ferguson participated, even though the sale featured the dispersal of about 150 horses that belonged to the great Kentucky horse breeding operation, Overbrook Farm.

I think many of us were surprised given some of the pedigrees we were selling, said Ric Waldman, who served as Overbrooks stallion consultant.

Waldman said he didnt know if the sheiks absence from the November sale had anything to do with the debt crisis.

The influence of Dubai on horse racing extends far beyond the sheiks individual interest. Last year, a company headed by one of his close associates purchased Fasig-Tipton, the other major horse auction house in Lexington.

Dubai each year also hosts the worlds richest horse race, the Dubai World Cup. A world-class racecourse seating 60,000 people is being planned for next years event.

Meydan, the company spearheading that project, also is a top sponsor of next years World Equestrian Games in Lexington. Jamie Link, CEO of the World Games 2010 Foundation, said he expects Dubais financial troubles will have no effect on that commitment.