LEXINGTON, Ky. - You couldn't make up a better story. Thoroughbred owner Ahmed Zayat, pursued by his bank for allegedly defaulting on $34 million in loans, files for bankruptcy and cheats the bank's attempt to take over his 200-horse stable, then turns up with Eskendereya, a hot prospect for the Kentucky Derby.
It's the kind of melodrama that's made Zayat one of Thoroughbred racing's most intriguing and controversial owners. He's also highly successful. A 47-year-old Egyptian entrepreneur, Zayat got into the game in 2005 and is North America's second-leading owner by earnings. He was among North America's top three leading owners in 2007 and 2009. Ask people who know him how they would describe Zayat, and the word you'll hear most often is "passionate." That's frequently followed by "tough," meant in both senses: strong but also potentially difficult to deal with.
Zayat, who resides in Teaneck, N.J., has countersued Fifth Third over their $34 million lawsuit. In interviews he's described the bank and its associates as "very bad people" trying to push him to financial ruin.
"My goal was to rise to the highest level of the sport by having the best-bred and best-raised horses, and I was going to commit a lot of my funds," Zayat said of his entry into racing. "And I put in a lot of money, tens of millions of dollars. People are mistaken about what happened to me. I was a very good businessman and still am. What happened to me financially was not a failure of Zayat Stable, it was a failure of the market. And there's a huge difference."
Eskendereya (pronounced es-ken-DARE-ee-uh) could make some of those problems fade. He is slated to run in the April 3 Wood Memorial in his final prep for the Derby. He cost Zayat $250,000 at the 2008 Keeneland September yearling sale, but his value jumped into the millions after his 8 1/2-length victory in the Feb. 20 Fountain of Youth. Rumored suitors have included Stonestreet Stables owner Jess Jackson and International Equine Acquisitions Holdings, but Zayat won't name names.
Bloodstock experts generally value Eskendereya, who is by Giant's Causeway, at $6 million to $8 million. The price would jump with a Wood victory, a Derby win, or, better yet, the Triple Crown. Horses with Derby chances still command top dollar, but a hard fall in prices for stallion prospects means Eskendereya would be a harder sell after the Triple Crown, unless he keeps winning and becomes a must-have for stud farms.
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