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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Lyon Looking Forward to the Future With Flightline and His Siblings

After watching her undefeated homebred sensation Flightline (Tapit) demolish the GI TVG Pacific Classic field by 19 1/4 lengths Saturday, Jane Lyon was in just as much awe as the rest of the racing world.

“It was unbelievable,” Lyon said. “The fact that I bred him almost doesn't come into my mind. I don't take credit for any of that because I think a horse like this is a gift. After not running until a very late 3-year-old, he is just seems like he is getting better every day and more mature. He is just now coming into himself. That's not something you can plan. I am very proud of him.”

Lyon was so amazed by Flightline's latest accomplishment that she decided she simply could not part with his yearling half-brother by Curlin and withdrew the colt–who is named Eagles Flight–from next week's Keeneland September Sale.

“We will see what Flightline does in November [in the GI Breeders' Cup Classic] and I'm going to make my decisions from that point,” Lyon said. “I'm partnering already in two of my horses [out of Feathered]. I've been thinking about it and it would be hard to part with him and the [Into Mischief–Feathered] filly, if Flightline is what they say he is.”

The breeder continued, “Somebody interviewed me for a podcast, I think in Europe, and they had met [husband] Frank [Lyon] long time ago. Anyway, a question they asked me was, 'Well, after that race, what do you think Frank would have said?' I said he probably would have said why didn't you keep all of him? That really put it into focus.”

When asked if Lyon would consider partners on the Curlin colt, she said, “I have not made that decision. I need a little time. My world has just exploded since last week. I need to savor it. Everyone who has come to see this colt has been extremely positive about him. If Flightline is capable of doing what he did at Del Mar in the Breeders' Cup, I will have just as many people, if not more, interested in [the Curlin colt] after that.”

The other son of Feathered that Lyon owns in partnership is Flightline's unraced 2-year-old full-brother Olivier. The colt RNA'd for $390,000 at Fasig-Tipton's Saratoga Sale last year, after which WinStar acquired majority interest in the gray. He has been training at WinStar's training center with Rodolphe Brisset and his last breeze was at Keeneland, going five furlongs in 1:02.20.

Flightline's MGSW dam Feathered (Indian Charlie) produced an Into Mischief filly this year and was bred back to Tapit. The filly will be retained by Lyon and one day join her dam in Summer Wind's star-studded broodmare band.

“I will be keeping her as well. She's a lovely filly,” Lyon said. “She's very independent.”

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Tapit’s Flightline In A Race Of His Own In Pac Classic

The $1-million question heading into Saturday's 'Win and You're In' GI TVG Pacific Classic was if unbeaten superstar Flightline (Tapit) could handle the 1 1/4-mile Classic distance.

Here's a scary thought: he may be even better going longer.

Stopping the timer just .17 seconds off Candy Ride (Arg)'s track record for 10 furlongs established in the 2003 renewal, the dominating last out GI Hill 'n' Dale Metropolitan H. winner absolutely crushed his five rivals by a geared-down record margin of 19 1/4 lengths–yes, you read that correctly–in a performance for the ages while making his two-turn debut in the Del Mar centerpiece. Country Grammer (Tonalist), winner of this term's G1 Dubai World Cup, was second.

“Did I think he could do that–win like that? Kinda yeah,” winning trainer John Sadler said after saddling his fourth Pacific Classic winner. “You don't want to say it in front of the race, but now that he's done it. The thing about him is that he's fast and he can carry it. Some horses are fast, but they can't go on. This horse can. He's an exceptional horse.”

Off at his 1-5 morning-line quote, the Hronis Racing, Siena Farm, Summer Wind Equine, West Point Thoroughbreds and Woodford Racing colorbearer cruised up to the front while racing about four wide heading into the clubhouse. Flavien Prat positioned Flightline in a perfect spot in second just off outsider Extra Hope (Shanghai Bobby) through early fractions of :23.42 and :46.06. Flightline could wait no longer as they hit the backstretch and tugged his way to the front. Prat didn't get in his way and let last term's GI Runhappy Malibu S. winner do his thing from there and this is where it got fun. Very fun.

About a little over a length in front with a half-mile remaining, the $1-million FTSAUG graduate hit the gas while Prat continued to sit chilly heading into the far turn, opened an “embarrassing lead” per legendary announcer Trevor Denman leaving the quarter pole and was in a race of his own down the Del Mar stretch in an absolute masterful performance.

“As soon as I looked back and saw how far in front he was, I wrapped up on him,” Prat said. “Obviously, this is the best horse I ever rode.”

Pedigree Notes:

Summer Wind Equine's Jane Lyon has steadily acquired a stellar broodmare band since buying her first Thoroughbred mares in 1995. Although it may be hard to believe, her first Grade I winner as a breeder didn't happen until just five years ago with Moonshine Memories (Malibu Moon). She's added quite a few more in the last five years, with Flightline–rumored to be the most valuable stallion prospect in history–undoubtedly the greatest feather in her cap to date. Click for a feature on Lyon's beginnings in TDN Weekend.

Lyon bought Feathered, Flightline's dam, for $2.35 million at the 2016 Keeneland November sale, and never was a mare more worth every penny. Her granddam is dual GISW Finder's Fee (Storm Cat), her great-granddam is GISW Fantastic Find (Mr. Prospector), and her great-great granddam is the unparalleled Phipps mare Blitey (Riva Ridge), whose descendants include champion Heavenly Prize; MGISWs Dancing Spree, Finder's Fee, and Good Reward; and GISWs Furlong, Oh What a Windfall, Dancing Forever, Persistently, and Instilled Regard.

Feathered has a 2-year-old full-brother to Flightline named Olivier, who was a $390,000 RNA at the 2021 Fasig-Tipton Saratoga sale. The colt has been working at Keeneland and Lyon reportedly has retained him in partnership. Feathered also has a yearling colt by Curlin named Eagles Flight, a filly foaled May 17 by Into Mischief, and has been bred back to Tapit. Flightline is one of 95 Northern Hemisphere-bred graded winners for Tapit and one of 152 black-type winners for the perennial leading sire, who stands at Gainesway.

Saturday, Del Mar
TVG PACIFIC CLASSIC S.-GI, $1,000,500, Del Mar, 9-3, 3yo/up, 1 1/4m, 1:59.28, ft.
1–FLIGHTLINE, 124, c, 4, by Tapit
                1st Dam: Feathered (GSW & MGISP, $577,474), by Indian Charlie
                2nd Dam: Receipt, by Dynaformer
                3rd Dam: Finder's Fee, by Storm Cat
'TDN Rising Star'. ($1,000,000 Ylg '19 FTSAUG). O-Hronis
Racing LLC, Siena Farm LLC, Summer Wind Equine LLC, West
Point Thoroughbreds & Woodford Racing, LLC; B-Summer
Wind Equine LLC (KY); T-John W. Sadler; J-Flavien Prat.
$600,000. Lifetime Record: 5-5-0-0, $1,394,800. Werk Nick
Rating: A+. Click for the eNicks report & 5-cross pedigree.
Click for the free Equineline.com catalogue-style pedigree.
2–Country Grammer, 124, h, 5, Tonalist–Arabian Song, by
Forestry. ($60,000 Ylg '18 KEESEP; $450,000 2yo '19 OBSAPR;
$110,000 4yo '21 KEEJAN). O-Commonwealth Thoroughbreds,
LLC, Winstar Farm LLC & Zedan Racing Stables, Inc.; B-Scott &
Debbie Pierce (KY); T-Bob Baffert. $200,000.
3–Royal Ship (Brz), 124, g, 6, Midshipman–Bela Val (Brz), by
Val Royal (Fr). O-Fox Hill Farms, Inc. & Siena Farm LLC;
B-Haras Belmont (Brz); T-Richard E. Mandella. $120,000.
Margins: 19 1/4, 7, HF. Odds: 0.30, 3.80, 10.20.
Also Ran: Express Train, Extra Hope, Stilleto Boy.
Click for the Equibase.com chart and the TJCIS.com PPs. VIDEO, sponsored by TVG.

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Rising Star Flightline Dazzles at Del Mar

'TDN Rising Star' Flightline (Tapit), away since turning in one of the best debut performances of all time, a 13 1/4-length romp at Santa Anita Apr. 24 that earned him a 105 Beyer Speed Figure, showed that effort was far from a fluke Sunday as he demolished winners at Del Mar to remain unbeaten and completely untested.

Reportedly given ample time so as not to react from his freakish first outing before then coming up with a foot abscess, the $1-million Fasig-Tipton Saratoga grad had generated more buzz with his recent local works, and was off at 1-5 odds that in retrospect were free money. Away without incident from the outside, the bay pressed a :22.01 opening quarter and took over midway around the bend. He posted a :44.17 half with no ask, and soared to the wire with his head cocked slightly towards the stands, officially 12 3/4 lengths in front at the finish. Escape Route (Hard Spun), who earned a 91 Beyer himself last out, was best of the rest. The winner stopped the clock in 1:08.05.

Jane Lyon's Summer Wind purchased dam Feathered (Indian Charlie) for $2.35 million in foal to War Front at the 2016 Keeneland November sale. The 2015 GIII Edgewood S. winner, who was also a MGISP juvenile, is a granddaughter of MGISW Finder's Fee (Storm Cat). Her now 2-year-old Pioneerof the Nile colt sold for $100,000 at Fasig-Tipton October and was subsequently sent to Russia, where he too won on debut. Feathered has a yearling colt named Failsafe (Tapit) and a foal colt named Eagles Flight (Curlin). She visited Into Mischief this past season.
8th-Del Mar, $73,496, Alw (NW1$X)/Opt. Clm ($40,000), 9-5, 3yo/up, 6f, 1:08.05, ft, 12 3/4 lengths.
FLIGHTLINE (c, 3, Tapit–Feathered {GSW & MGISP, $577,474}, by Indian Charlie) Lifetime Record: 2-2-0-0, $79,800. Click for the Equibase.com chart or VIDEO, sponsored by TVG.
O-Hronis Racing LLC, Summer Wind Equine LLC, West Point Thoroughbreds, Siena Farm LLC & Woodford Racing, LLC; B-Summer Wind Equine LLC (KY); T-John W. Sadler. *$1,000,000 Ylg '19 FTSAUG.

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