Laffon Working To Build On ‘Head’ Start

It has been a poignant year for his mother's family, who last summer grieved not only their own venerable patriarch but the founder of many parallel equine dynasties. Within months of Alec Head's death, their Haras du Quesnay was being dismantled and, as a reflective young man, Fernando Laffon could not fail to sense the end of a cycle as his grandmother Criquette Head-Maarek was joined in retirement by her brother Freddy. But just as Freddy's children Christopher and Victoria meanwhile continue in training careers of their own, so Laffon is assisting the next turn of the wheel.

Though only 23, he is already a familiar sight on the bloodstock circuit either side of the ocean. He was born to the game, as son of trainer Carlos Laffon-Parias and Criquette's daughter Patricia. And his nascent agency, Fernando's Horses, already features Real Madrid full-back Alvaro Odriozola among its clients. Lately, moreover, he has been shadowing a paragon of his chosen profession, David Ingordo, round the American sales in completing his education with a stint at Lane's End.

Except, of course, with such a background Laffon understands perfectly well that one's education with Thoroughbreds is never “complete”. Though he will always stand out from a crowd, elevated by those long limbs, Laffon scrupulously renounces any entitlement through pedigree or upbringing. If anything, in fact, that's where he does have a “Head” start: in grasping that horses are ever here to keep us humble.

“I really have no expectations whatsoever,” he insists. “Because I've been taught not to have any; that any good surprise is a good surprise. I'm the last of my siblings, so have always been among older people. But in no way, shape or form am I any wiser than anyone else my age. I just try to keep quiet, be observant, and be respectful to everyone I work with. And, if I can, to make my way through the industry qualitatively and maturely.”

That said, the industry in question is entirely predicated on the principle that breeding and upbringing will show in performance-and sometimes that can apply on two legs, no less than on four. Laffon was only 12 when his father saddled Solemia (Ire) (Poliglote {GB}) to win the G1 Prix de l'Arc de Triomphe, compounding the extraordinary race record of his maternal family. Criquette won the next two runnings with Treve (Fr) (Motivator {GB}); and had earlier won with Three Troikas (Fr) (Lyphard), one of four Arc winners ridden by her brother. Freddy duly matched the quartet saddled by their father, whose own father William had in turn trained two.

“I feel very lucky to have been raised in the centre of racing: Chantilly,” Laffon acknowledges. “Growing up, I never really grasped the importance of my great-grandfather's name. His daughter became my mentor, but first and foremost she was my grandmother. But by the time I got out of college, and knew what area of the industry I wanted to be involved in, I started to realize how critical he had been, and who he was, and the love for the animal that he had. And as the years goes by, I'm sure I'll also find myself looking back on things that my dad has said or done, things I heard or saw as a kid falling into place with my own experiences. I'm going to have to make my name for myself, as obvious as that is. But those memories are always going to be there, in the back of your mind, giving you an edge.”

That kind of heritage, admittedly, can sometimes prove a double-edged sword. In this business you often see successor generations losing their way because they never sampled different ways of doing things elsewhere. So it feels very wholesome that Laffon has broadened his horizons, not just at Reading University/Henley Business School (plus a desk job in Geneva), but in taking the Irish National Stud course and learning the agency ropes under Tom Goff. He feels a huge debt to both; and now here he is in Kentucky.

“It's definitely something you have to do: experience different schools, understand the different ways that horses are managed, land is managed,” Laffon says. “From the very early morning training routines I once knew, growing up, it's so different over here. And I really acknowledge the privileged situation I'm in here, with the Farish family, it's an absolutely fantastic organisation.”

And the timing could not have been better, allowing such a young man already to have been on neck-slapping terms not with just Treve but now also with Flightline (Tapit).

“Oh, everything that's happened since I got here is a blessing, really,” Laffon enthuses. “Joining at such an important time in the farm's history, in any horseman's career really, was really something special. Being able to witness greatness, and the upcoming path for him, is so exciting.”

Given Alec Head's example, it would be fitting if Laffon could build on this transatlantic foundation to renew the kind of genetic transfusion so culpably neglected in recent times.

“Yes, my great-grandfather brought a lot of pedigrees over here and, most importantly, brought them back to Europe as well,” he agrees. “When he was surrounded with stallions such as Riverman and Lyphard and Anabaa and Mr. Sidney, it was all about exposing them to different markets, different methods of racing. And that's kind of been lost. People now want certainty, whereas before it was a gamble that either paid off or didn't.

“But now that we're seeing such improvement in the way Americans look at turf racing, I think there are definitely opportunities for working both continents at once; in fact, I intend to do so. And also for reconciling the racing, acknowledging that horses here are definitely different, they're bigger, and speed out of the gate is crucial. And the nutrition program is completely different. However I was shocked by the amount of European pedigree I have found, both on the farms and at the sales. So these horses can be super versatile, and exposing myself to both is a necessity.”

But you certainly learn fast in the Bluegrass. Laffon equates trying to keep up with Ingordo, round a single September Sale, with three full years on the European circuit. Again, it's about keeping humble–and keeping eyes and ears open.

“I've been raised in a very traditional manner,” Laffon emphasizes. “I just want to do right by me, and my clients, and the people I work with. Because in the end it's a game of honesty and trust. My end goal has always been to breed, which is something I've undertaken already back in Europe, with fillies in training and newly purchased mares.”

The commercial yearling represents a valuable new dimension for Laffon, the clienteles of father and grandmother alike having largely been owner-breeders.

“It's helped to evolve the way I see things,” he says. “You're not looking at the perfect horse, only at a certain stage of maturity, and asking yourself what improvement you can get from them. And I think that comes down to just understanding that every individual in your barn has different qualities. Spotting those is what sets apart trainers like my father and grandmother from others.”

With that old school background, it feels positive that Laffon should have joined forces with another young man from a very different world. For Odriozola, equally, it must have been refreshing to encounter someone who knew so much about racing, and plenty about rugby, but very little about soccer. They met when Odriozola, attending the Arc, was invited (as a fellow Spaniard) to visit his father's yard.

“Alvaro has sure made an impression, since the beginning,” Laffon says. “He's so eager towards the game we all love, passionate and knowledgeable. He and I are just on the same wavelength, we're friends before anything else, and both happen to share this unconditional love of the horse in its entirety. Spain is a small country, racing-wise, but any horseman or racing fan must experience Madrid La Zarzuela racetrack, architecturally it's one of the most beautiful in Europe. The quality of racing is without a doubt picking up. And that's one of the beautiful things I admire about Alvaro, that he's willing just to give back to the industry he so loves, in his country. He wants to breed, so has bought a few young fillies for racing: with Ramon Avial in San Sebastian, in Chantilly with Dad, but also at Joseph O'Brien's in Co. Kilkenny.”

Since establishing that link with Odriozola, a couple of years ago, Laffon has also assisted his grandmother in matings and stud management, and meanwhile built a few partnerships among friends and clients.

“I want a very close relationship with anyone I work with,” he stresses. “To me, it's not about putting yourself out there and buying the most horses you can, but about building trust with those you want to buy for.”

We're plainly talking to a pretty cosmopolitan young man here. Laffon went to school in England, his genes are French and Spanish, and he has embraced a career where his surname resonates internationally at Hall of Fame level. Yet he knows that he has barely scratched the surface; that even in our narrow walk of life, there's a whole world out there waiting to be discovered.

“I think the world is both a big place and a small place,” he suggests. “I want to go to many different places, discover many different cultures. It's such a short time that we have to experience everything. And that's what this industry gives us. One day you're in Keeneland, the next you're at the Magic Millions. It's a beautiful thing. We're so lucky to do what we love. There's no words to describe it: how this job that takes every single day of every week, every single hour of every day, but makes us proud just to be waking up and working hard.”

And perhaps it is that precocious insight–as much as any connections, any inherited lore–that represents Laffon's most precious family legacy.

“Yes, of course, having an 'in' is a positive,” he accepts. “In terms of the way I can look at and understand the animal, it's been great to have been brought up with a 'second nature' type of outlook. But one of the things I love about this industry is that it's really open to any hardworking person. If you have the drive, you can go anywhere: people will never overlook you. And that's why I wanted to come here. In America people are very outgoing: starting out in business, they get themselves heard. Obviously my great-grandfather did a lot here, and his name is very well regarded. But I really wanted to make my own way, a fresh start.

“In breeding, there's always progression. Change will always occur: not only in the way I do things, but in the way everyone does. So it's about adapting. A breeder has to be a seller, has to understand how the market works and how it may change. That's why coming here, and being exposed to all this, it's really the best thing I could do.”

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2023 Mating Plans, Presented by Spendthrift: A Selection From Flightline’s Book

The most exciting and highest-priced horse to go to stud in 2023, at a fee of $200,000, Flightline has amassed a book of mares as deep as any in recent memory for a first-season sire. We sat down with Lane's End Bloodstock's David Ingordo to hear about just 10 of those famous mares–a tough number to narrow down in a book so full of riches.

“We've got a ton of great support for the horse, from Eclipse Award-winning owner-breeders to successful commercial breeders,” said Ingordo. “We went out and bought five mares to support him, spending $4.5 million to do so. The book is a phenomenal first-season book, and it's hard to name all the good mares going to him. I have chosen just a few here, and we have just scratched the surface. It's such a deep, exciting group, both young mares off the track and proven producers like Queen Caroline, the dam of 2-year-old champion Forte (Violence).”

Ingordo said that a lot of thought went into what the champion's book size would be, and that many factors had to be balanced before a decision was reached by the Lane's End team, which included Bill Farish, Ingordo, Jill McCully, Chris Knehr and Bill's son, Will Farish III.

“We've committed to keeping him right at 150 mares,” said Ingordo. “We felt at the price for which we're standing him, that's a fair number. We need him to have enough mares that he has a chance, but we don't want people breeding to the horse at a very high stud fee to think they don't have exclusivity. The Lane's End policy and that of everyone in the ownership group has never favored big books, and that's how we agreed upon that number.”

With that in mind, Ingordo kicks off Flightline's book with two mares from one of the world's best operations: Juddmonte.

OBLIGATORY (5, Curlin-Uno Duo, by Macho Uno). Obligatory is a maiden mare by Curlin from one of their very, very deep families that they have curated for so long. She's the winner of the GI Derby City Distaff S., and a multiple graded stakes winner who placed in filly classics like the [GI] Acorn S. and the [GI] Cotillion S., amongst other races. She is the typical great Juddmonte race filly and this offspring will obviously go into their racing stable. We're very excited to have a mare like this.

PAULASSILVERLINING (11, Ghostzapper-Seeking the Silver, by Grindstone). Paulassilverlining is the other mare Juddmonte is sending us. She is the winner of the GI Humana Distaff S. at Churchill and the GI Madison S. at Keeneland. She placed in the GI Breeders' Cup Filly and Mare Sprint. Paulassilverlining has already produced Artorius (Arrogate) as her first foal, who was a nice late-developing 3-year-old that looks like he could be a force either sprinting or in the handicap ranks next year. She is a Juddmonte mare they purchased for Arrogate in the past, and to get her in Flightline's book is nice.

ROYAL FLAG (7, Candy Ride {Arg}-Sea Gull, by Mineshaft). From Lane's End, we're breeding one of our best maiden mares off the track, Royal Flag. She is a third-generation mare from Mr. Farish's breeding program. She won the GII Beldame S. and the GIII Shuvee S. and was placed in the GI Personal Ensign S. Royal Flag is a great physical and we love the cross with Flightline over Candy Ride mares or Gun Runner mares, because Candy Ride over Tapit seems to be working well, so we're doing that cross here. She's a beautiful maiden mare owned by Mr. Farish who is a half-sister to the very promising Lane's End first-crop 2-year-old sire of 2023, Catalina Cruiser.

QUEEN CAROLINE (10, Blame-Queens Plaza, by Forestry). Befitting Flightline–the co-highest rated horse in history along with Frankel, and now Horse of the Year–we are breeding him to the mare who produced the three-time Grade I winner and champion Forte (Violence). Forte is an exceptional prospect for the classics as well as down the road as a stallion, and so that Queen Caroline is going to Flightline is exciting. Her pedigree goes back to horses that Mr. Farish has had his hands on, like Jeano, and champions Folklore and Essential Quality hail from this family. That Queen Caroline is now coming to the most important stallion we've ever retired brings this pedigree back into association with the farm. There are three champions under the first four dams and we're very excited about having her in the book.

DELIGHTFUL QUALITY (14, Elusive Quality-Contrive, by Storm Cat). Speaking of the family of Queen Caroline, Flightline will be bred to Delightful Quality, a daughter of Elusive Quality and the dam of Essential Quality, by Tapit. Essential Quality, of course, was a champion 2-year-old and 3-year-old, a classic winner of the GI Belmont S., the GI Breeders' Cup Juvenile, the GI Runhappy Travers S., among many other races. This is another mare from the same family as Forte and not a one-hit wonder; she's also the dam of dual stakes winner Famed (Uncle Mo), who looks to be ready to have a good 2023 as well.

SHAMROCK ROSE (8, First Dude-Slew's Quality, by Elusive Quality). We are blessed that the Japanese have taken a strong interest in Flightline and they have committed Shamrock Rose, who was purchased by KI Farm for $3 million at the Keeneland November sale. She was the Champion Female Sprinter of 2018 after winning the GI Breeders' Cup Filly and Mare Sprint, along with multiple other stakes. We purchased a War Front yearling out of the mare and are quite happy with how he is training at this stage.

JUJU'S MAP (4, Liam's Map-Nagambi, by Flatter).This filly has a big pedigree. She was the winner of the GI Darley Alcibiades S. at two, and was second in the GI Breeders' Cup Juvenile Fillies. In addition to having a lot of 2-year-old form, she is a beautiful physical, an Albaugh family runner and another exciting young mare off the track that we think really fits Flightline.

BELL'S THE ONE (7, Majesticperfection-Street Mate, by Street Cry). Multiple graded stakes winner. She's the Grade I winner of the Derby City Distaff, and placed in the GI Breeders' Cup Filly and Mare Sprint. She was a tough and durable racemare, campaigned from two to six, with 13 wins. She's also a very pretty filly with a good family with which we have a lot of experience. This is a Ned Evans family, and a mare who I just loved on the track and worked hard to get into his book. I raced her sire Majesticperfection under Padua Stables with Satish Sanan, and thought he was a very underrated stallion, and this is arguably his best offspring to date. I thought she was one of the best fillies out there. She was one of the top mares I wanted to get into his book, and I really like the cross. Sid Fernando at Werk Thoroughbred Consultants was very helpful. We did some research work with him on pedigrees that would work well at the sale, including Bell's The One, and he's been a big help in crafting Flightline's book.

POLLY FREEZE (10, Super Saver-Elusive Gold, by Strike the Gold). Polly Freeze is a proven mare from Hertrich and Fielding, the breeders of Eclipse Award winners. She is the dam of Americanrevolution (Constitution), the winner of the GI Cigar Mile H. with earnings of $1.2 million. She's has a wonderful pedigree. Americanrevolution is by a son of Tapit, so this mating makes a lot of sense. She is also the dam of another winner, Bold Journey (Hard Spun) and I own the 3-year-old, Paleta (Collected), for whom we have high hopes. She's a proven mare with a good family from outstanding breeders.

LITTLEPRINCESSEMMA (17, Yankee Gentleman-Exclusive Rosette, by Ecliptical). From the Summer Wind broodmare band of Flightline's breeder and co-owner Jane Lyon, we have one of her crown jewels, Littleprincessemma, the dam of none other than Triple Crown winner and sire American Pharoah. She is also the dam of Grade I-placed American Cleopatra (Pioneerof the Nile), GI Starlet S. winner Chasing Yesterday (Tapit) and Flightline's paddock mate as a baby, Triple Tap (Tapit).

EDGEWAY (6, Competitive Edge-Magical Solution, by Stormin Fever). A new acquisition on behalf of Summer Wind for Flightline's book was Edgeway, purchased at Keeneland November for $1.7 million. John Sadler thought she was an exceptionally talented filly–a tough runner who raced from three to five for Hronis Racing. She was second in the GI Breeders' Cup Filly and Mare Sprint, and was a multiple graded stakes winner over her three seasons of racing. She comes from a deep family of tough, classy graded stakes runners in New York and California. Flightline always seemed to have an affinity for her; when she was walking around John Sadler's shedrow, he'd always look at her and nicker.

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No Shortage of Excitement For Lane’s End’s Newest Addition

Just a week and a half after GI Longines Breeders' Cup Classic winner Flightline (Tapit) was officially retired and shipped from Keeneland Race Course down the road to his new home at Lane's End Farm, the Versailles-based operation opened its doors to members of the media for an up-close and personal afternoon with their newest superstar addition on Wednesday.

With a group of nearly 15 in attendance, along with members of the Lane's End team, Flightline was walked around the stallion complex, displaying how well he has adapted to life on the farm. Despite the colder temperatures, with a hint of snow and the bite of wind in the air, the recently retired colt took everything in stride as those watching took videos and photos to document the experience.

After all facetime with Flightline was fulfilled, the group headed inside to hear from Lane's End's Bill Farish and David Ingordo, the operation's bloodstock agent, who provided further insight on the decision to retire Flightline this year. He will enter stud next season, standing for a fee of $200,000 LFSN.

“We got together the Sunday afterwards, the day after [the Breeders' Cup], and we went over every scenario, looking at the different races and different targets he could have had for next year,” said Farish.

The GI Pegasus World Cup, set for Saturday, Jan. 28, 2023 at Gulfstream Park, was brought up as an example, where the team weighed questions such as, “Who's going to run in the Pegasus against him? Is it going to be worth waiting that time and bucking up against breeding season?”

“To go on through the [next] year, again, he'd beaten the best four 3-year-olds and best other older horses that are out there. Who's going to emerge to run against him? By the time Breeders' Cup rolls around next year, maybe there will be a superstar that will be worthy of that, but that's a long wait for one race. There just really was no upside to keep him in training,” said Farish.

In the end, those factors along with the reality that he was at the end of his 4-year-old season led owners Hronis Racing, West Point Thoroughbreds, Siena Farm, Summer Wind Equine and Lane's End-affiliated partnership Woodford Racing to the ultimate decision to retire Flightline from his racing career and ready him for his first season at stud.

Flightine has proven to acclimate exceptionally well throughout his racing career. He did so when traveling from his home base at Santa Anita Park in Arcadia, CA, to Belmont Park in Elmont, NY, for a victorious romp in the GI Hill 'n' Dale Metropolitan H., and later back to the West Coast for his breathtaking GI TVG Pacific Classic win at Del Mar. And finally returning to what ended up being his final destination in central Kentucky, Flightline struts around Lane's End as if he's spent his entire life there.

“He just adapted immediately; we probably could have just turned him out the first day. He's been so relaxed and so intelligent about everything, it's amazing. He's a really smart horse,” said Farish.

Not only does Flightline add prestige to the farm's 2023 roster in the form of on-track success and exceptional conformation, but there's also immense hope that he will add to the legacies that have been created by his sire Tapit, grandsire Pulpit and great-grandsire A.P. Indy, the late stalwart of Lane's End.

“Having multiple generations of any sire line has always meant a lot to us here. With Dixieland Band, we've had four generations of that sire line, and now seeing the same thing happen with A.P. Indy, it's really special,” said Farish.

 

 

 

With all of that being said, the team at Lane's End has been under immense pressure to pull together the best possible first book for their new stallion. But even before the decision to officially retire Flightline to stud was made, a continuous stream of inquiries was flooding in and the team was diving into pedigree research in an effort to plan ahead.

“I think people in their minds maybe felt he would retire, so they took it upon themselves to say, 'I'm going to set this mare aside.' Nobody knew we were retiring this horse until the morning we did, because it was that kind of decision, it was a very difficult one,” Ingordo said. “When people would say, 'Well should I send you a mare?' I'd reply, 'If you want to set one aside, you go ahead, you send it to me, we'll figure it out [when] we do it,' and this was during the October sale, the September sale. Once the announcement was made, the inbox and texts and everything got full.”

“We did a lot of pedigree research ahead of time, and again, we didn't decide we were retiring him until Sunday morning, but we went on the offensive because we figured if he races on, we'll have this year's sales mares and next year's sales mares. We went through and worked with [Werk Thoroughbred Consultants'] Sid Fernando on some pedigree research, and later we graded them all, then we made a list. Once he was retired, we went through and looked at them all and we just [assessed] every mare that fit him.”

According to Farish, Flightline's first book of mares will be set around 150.

He remarked on the impressive quality of the mares submitted so far, with plenty of interest from many of the top breeders nationwide and substantial attention from prominent international interests. Notable mares that are already part of the book include champion Shamrock Rose (First Dude), purchased for $3 million in foal to Curlin at the Keeneland November Breeding Stock Sale by KI Farm; Queen Caroline (Blame), dam of 'TDN Rising Star' and multiple Grade I winner Forte (Violence); and Diva Delite (Repent), dam of champion Midnight Bisou (Midnight Lute).

“We've had a lot of interest from the Japanese. They were going to take their mares straight to Japan and I think we've got five or six horses that came out of the sale, that were purchased by Japanese [connections], that are going to hopefully breed to him and spread his influence over there,” said Farish. “That's one of the unbelievable added benefits with a horse like this, there's total international interest and a lot of European mares as well, so I think he'll have a really good balance. I wish it was this easy with all of them.”

“We bought the mares we thought we liked that fit him and we had notes on all of these other ones so when people were submitting them, we tried to be as thoughtful as we could without, as a friend of mine says, having 'Analysis to paralysis.' We think we've curated a pretty good book,” added Ingordo.

Until breeding season officially begins in February, all the team behind Flightline can do is wait, while continuing to field hundreds of emails, phone calls and a seemingly never-ending stream of farm visits.

“I don't know if it's going to work or not but we can't say we didn't try,” said Ingordo.

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Taking Stock: Flightline and that Share

About an hour or so after one of 40 shares in Flightline, a son of Tapit and the Indian Charlie mare Feathered, was sold for an unimaginable $4.6 million in an historic special session at Keeneland Monday, Flightline was led out of his stall at Lane's End and posed behind the stallion barn, oblivious to the hubbub on the sales grounds about 10 miles away.

He's a stunning and athletic physical specimen, standing 16.2 hands, with length to go with height and balance. He's so well put together and pleasing to look at that at first glance no one single feature jumps out and grabs the eye, because all of him does at once, flooding the senses. But zoom in here and there and it's evident that the parts that make up the whole are of the finest quality: a well-defined and chiseled masculine shoulder with depth; strong forearms over clean and smooth limbs with short cannons; pasterns at exactly the right angles that are neither too short nor too long; a big hip and butt; and hind legs set perfectly underneath. He'd first caught the eye of Lane's End Bloodstock's David Ingordo as an early and unfinished yearling at breeder Jane Lyon's Summer Wind, and later that year, in August, was purchased by his current ownership group on Ingordo's advice for $1 million at Fasig-Tipton's marquee Saratoga sale.

It's evident that Flightline gets some of his looks from broodmare sire Indian Charlie, who also had size, strength, masculinity, and similar patterns of muscling, except Indian Charlie was slightly back at the knee and had rough ankles, neither of which plagues Flightline.

What stands out the most about Flightline is his mind and presence: he's non-plussed, intelligent, and kind. Here he was, two days after he'd clobbered a high-level field in the GI Breeders' Cup Classic, calmly and confidently surveying his new home, and it's easy to understand how he overcame several mishaps and one major injury along the way and continued to train on with gusto and win at the highest levels.

At the moment, Flightline is being let down cautiously, spending time in a round pen when he's not in his stall. It's expected that by the end of next week he'll be in a paddock like the other studs at the farm, as he's transitioning quickly from a life of hard training at the track to an easier life on the farm for his next career as a stallion.

The Share

Flightline is owned by a 40-share syndicate, with Kosta Hronis and family controlling 15 shares; Lyon's Summer Wind, 10 shares; Terry Finley's West Point, seven shares; Bill Farish and partners' Woodford, four shares; and Anthony Manganaro's Siena Farm, four shares. Lane's End will get breeding rights for standing the horse, and a few others are in the hands of trainer John Sadler and David Ingordo.

The share–a 2.5% fractional interest–that was auctioned came from the West Point group, which is composed of seven individual partners with one share each (2.5% of 40 is one share). Some of them pooled portions of their fractional interests to form one share or 2.5% to offer at auction, and Freddie Seitz, as agent for an undisclosed Seattle-based owner and client with interests in the coffee business, held off underbidder Coolmore to secure the share for the $4.6 million, placing a “value” of $184 million on Flightline's head. In comparison, Triple Crown winner Justify (Scat Daddy) had a book value of $75 million as a new sire just a few years ago.

The big share price is, of course, a trophy prize, and in the strictest sense it will not bear a direct relationship to his stud fee, which is $200,000 live foal–as much as the entering fees of American Pharoah, Ghostzapper, and Devil's Bag. At that fee, based on a four-year return and, say, a 160-mare cap, a traditional market value for a share would likely be about $2.8 to $3 million based on pure back-of-napkin math without expenses: two seasons each year (each shareholder gets two seasons) is $400,000, multiplied by four years, is $1.6 million; and on the back end, a bonus pool of $12 million a year (say 60 mares at $200,000 is $12 million), divided by 40 shares, is $300,000 per share per year, times four years, is $1.2 million. Extending this example over five years, a case could be made for $2 million in stud fee income and $1.5 million in bonus-pool money (assuming the stud fee stays the same), for a value of $3.5 million, plus depreciation. And there's also the possibility of added bonus-pool monies from expanding his book and from breeding Flightline at Lane's End on Southern Hemisphere time.

The Flightline syndicate, of course, is tightly held by the colt's original ownership group, which is to say that not many shares will become available. That scarcity–think of it as an illiquid market–means that the shares that do become available will be snapped up by those few that have the means to pay premium-plus, like the unnamed buyer at $4.6 million and the underbidder, Coolmore, at $4.5 million.

For such owners, that type of money may not be as outlandish as it seems to some. An entity like Coolmore, for example, could breed to Flightline a mare like Gamine, who was purchased for $7 million, and race the offspring, hoping to get a top-class winner. And if Flightline becomes a success at stud like undefeated Frankel, who will stand for about $315,000 in 2023, that would be money well spent in hindsight.

Betting on any unproven stallion is a gamble, but Flightline has the impeccable credentials to succeed as a stallion. Not only is he a son of the elite stallion Tapit, whose son Constitution will stand for $110,000 at WinStar in 2023, he's from a mare, Feathered, who won a Grade 3 race and placed three times in Grade I races, earning $577,474. Moreover, Feathered, who was bred by Teresa Viola, spouse of Vinny Viola (who has a Flightline share under the West Point umbrella), is from the sought-after Phipps family of Blitey/Lady Pitt and was purchased by Lyon in 2016 at Keeneland November for $2,350,000.

In other words, Flightline was bred to be a superstar, and he's that rare example of a horse that realized his lofty potential–and some.

Combine this pedigree with Flightline's exceptional looks, astonishing talent, and undefeated race record, and he is–as the share price reflected–the most desirable new prospect to enter the marketplace in a long time.

   Sid Fernando is president and CEO of Werk Thoroughbred Consultants, Inc., originator of the Werk Nick Rating and eNicks.

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