The National Stud said on Tuesday it will continue to take bookings for Advertise, the most expensive stallion on its 2020 roster, before his first covering season as a sire, despite the uncertainty surrounding the future and funding of the Phoenix Thoroughbreds operation, which owned and raced Advertise during a hugely successful campaign this summer.
Advertise was a Group One winner at both two and three, when his top-level successes included the Commonwealth Cup at Royal Ascot. It was quite a coup for the National Stud when it was announced that the son of Showcasing would join its stallion roster from 2020 at a fee of £25,000. Advertise’s covering fee is at least three times bigger than that for all three of the National Stud’s other Flat stallions for 2020, including Aclaim (£9,500), who also raced for Phoenix Thoroughbreds.
A spokesperson for the National Stud, which is owned by the Jockey Club, said: “Our roster of stallions, including Advertise, are being prepared for the new breeding season as normal and are proving popular with breeders.”
It is not known how many mares have already been booked to visit Advertise when the breeding season begins on 14 February, but he is not yet full and bookings will continue to be taken.
Phoenix Thoroughbreds, which was founded by Amer Abdulaziz, a Dubai resident, in 2017, has emerged from nowhere over the past three years to become one of the most prolific purchasers of racing and breeding stock in the business.
Its string has grown to around 300 horses in the United States, Europe and Australia, and Advertise – who was one of Phoenix’s early purchases when it bought a half-share from Martyn Meade, the colt’s trainer, in 2017 – is possibly the most valuable asset of them all.
Advertise was initially bought as a yearling by Dermot Farrington, Meade’s son-in-law, for £60,000. Now, with his entire stallion career in front of him, even a relatively modest book of 100 mares in his first three seasons would realise £7.5m in fees.
Amer Abdulaziz, who was both the founder and public face of Phoenix Thoroughbreds, has said the operation is a “regulated investment fund” using funds from wealthy clients to invest in bloodstock with the aim of generating a healthy and guaranteed return on their money. He has also suggested Phoenix’s long-term aim was to compete with global racing’s superpowers, including the Godolphin and Coolmore Stud operations.
Southwell
12.20 Bright Spells 12.50 Silverturnstogold (nap) 1.25 Cedar Cage 2.00 Kyllachy Warrior (nb) 2.30 Fancy Footings 3.05 Tynecastle Park 3.40 Letmestopyouthere
Hereford
12.30 Cougar Kid 1.00 Olly The Brave 1.35 Delface 2.10 Mr Muldoon 2.40 Sweet Adare 3.15 Jurys Out 3.50 Captain Biggles
Wetherby
12.40 Boreas Duke 1.15 Eceparti 1.50 Multellie 2.20 Dustin Des Mottes 2.55 Thomas Macdonagh 3.30 Headscarf Lil
Kempton
4.10 Fujaira King 4.40 Can’t Stop Now 5.10 Earth And Sky 5.40 Boccaccio 6.10 Lethal Talent 6.40 Busby 7.10 Torochica 7.40 Sweet Celebration
Another possibility, however, emerged last week, during a trial relating to an immense pyramid-selling – or Ponzi – fraud based on a failed cryptocurrency, OneCoin. Konstantin Ignatov, who pleaded guilty this month to several charges of money-laundering and fraud related to OneCoin, told the court Abdulaziz had used $100m from the OneCoin fraud to fund Phoenix’s huge investment in racing and breeding stock.
Phoenix Thoroughbreds issued a statement on Monday in which it said that it “categorically denies all allegations made against it, and its owner, Mr Amer Abdulaziz, in legal proceedings against OneCoin and its conspirators in the US”. The statement added Phoenix and Abdulaziz “acted according to the law at all times, and will vigorously contest any allegations of wrongdoing”.
Since the claim about Phoenix’s funding was made in open court, however, and by a witness who has agreed to work with the prosecutors in the case, racing authorities on three continents will be starting to work through the possible implications for the welfare and ultimate ownership of around 300 horses, including those at stud.