A win on the Kentucky Derby trail can change a horse's value drastically, and a February assessment released by co-owner SportBLX Thoroughbreds Corp. showed that Kentucky Derby hopeful Max Player was valued well into the seven figures following his win in the Grade 3 Withers Stakes.
A February 19 assessment by Peter Bradley of bloodstock agency Bradley Thoroughbreds gave Max Player a “Fair Market Value” of $1.75 million, shortly after his 3 1/4-length Withers win at Aqueduct on Feb. 1.
Of course, a lot has changed since mid-February, including Max Player's likely fair market value. The valuation came before the COVID-19 pandemic shuffled the economy and the 2020 racing calendar, especially in the spring, where many traditional Kentucky Derby preps were canceled or postponed, affecting the Honor Code colt's present and future earning potential.
On the other side of the coin, Max Player is now a classic-placed runner after finishing third in the Belmont Stakes on June 20, and the qualifying points he earned in that effort all but clinched a spot in the gate for the Derby in September. Punching that ticket would be worth something to a buyer trying to get in the race, and that possibility is reflected in Bradley's assessment.
Though it's outdated now for the individual, the February valuation can provide a useful – and somewhat rare to the public – snapshot of what a 3-year-old colt in a similar stage of his career might be worth on paper.
The criteria for assigning fair market value to a Thoroughbred can vary from person to person, accounting for differences of opinion, method, and preference. As has been seen in the wide disparity between assessment and value at auction in the Zayat Stables dispersal, a bloodstock agent's valuation is not a binding assignment of value if the parties disagree, but an expert's opinion is an invaluable tool in guiding the conversation between the two sides of a transaction, and for other matters including insurance.
In his correspondence with Joseph De Perio of Sport BLX published on the company's website, Bradley said he reviewed Max Player's race record and pedigree, and assessed the horse's physical conformation through video provided by trainer Linda Rice. Veterinary assessments were not performed as part of the analysis, and Bradley noted that the valuation was based on the colt being “insurable and sound.” Rice vouched for Max Player's soundness and “noted that to the best of her knowledge he has not had any surgeries or intra-articular joint injections.”
In the letter, Bradley wrote;
“Based on information and videos received from Linda Rice, MAX PLAYER is a big strong colt standing 16-2 hands tall. From the videos, he appears to have long pasterns and is offset (2/5) through his left knee. He has a slightly high neck tie but moves nicely at the walk. These observations are supported by the fact that the colt RNA'd as a yearling for $150,000. While the conformational flaws could have affected his value as a yearling, they are not significant and should not affect the horse's soundness. All in all, he is an above average individual and for the purpose of this appraisal has been given a B+ physical rating.”
As expected, much of Bradley's assessment centers on Max Player's ability to enter the Kentucky Derby, arguably the biggest economic driver for any young horse.
At the time, Max Player had 10 qualifying points for the Derby, by virtue of his Withers score. This ranked him 19th among eligible contenders as of mid-February, but Bradley noted the colt would likely need significantly more points to ensure a spot in the race. The average cutoff point for the previous three Derbies was 33 points.
With so much still to be determined on the Derby trail at that point, Bradley's next point of assessment came in projecting his likelihood of making it to Louisville by seeing how he stacked up against the other 3-year-olds vying for one of the 20 spots. He did this by using comparative speed figures, including Beyer Speed Figures and Ragozin Sheet numbers, the distances of his previous races, pedigree history, and his placement on Derby rankings put out by the Daily Racing Form, BloodHorse, and Thoroughbred Daily News.
Based on the doors that were open for him at the time, and the ability that Max Player had already shown winning two of his first three starts, Bradley said the colt had what it took to be in the Derby mix, and that was worth something.
Bradley further elaborated:
“In 2017 the North American thoroughbred foal crop was 22,156 foals, and MAX PLAYER has the racing credentials to be considered one of the top 20 candidates from that foal crop to potentially participate in the KY Derby. He still needs a win or enough points to make the cut and would be considered to be in the bottom half of the top 20 possible. Nonetheless, a colt that is on the Kentucky Derby trail is valued at a premium price. 19 of the 20 Derby starters will be worth significantly less the day after the race.”
SportBLX is an agency that offers investment opportunities in athletes, sports teams, and racehorses. The company is owned by George Hall, who owns and bred Max Player. The colt will target the G1 Travers Stakes for his next start.
On Tuesday, SportBLX announced a second round of public investment in Max Player, through its Annestes Thoroughbreds program, which focuses on ownership in Kentucky-breds raised at Hall's Versailles, Ky., farm. SportBLX owns a 14-percent stake in Max Player.
To view Max Player's full assessment, click here.
The post How Much Was That Horse Worth? Max Player Valued At Seven Figures After Withers Score appeared first on Horse Racing News | Paulick Report.
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