hese may not be the best of times for the Thorough- Tbred racing business, but amid the constant drum- beat of gloom and doom, there are beacons of light. You just need to know where to find them. There are people who have done quite well financially over the last few years, whether they have been buying low and selling high at the sales, turning their valuable race horses into very valuable stallions or simply running farms or busi- nesses that seem to get bigger, better and more relevant by the day. TheThoroughbred Daily News’s Spring magazine features five operations beating the odds amid these difficult times. They are own- ers, pinhookers, breeders, consignors. They run multi-faceted farms. They form partnerships. The only criteria for inclusion in this story was that the participants invest their own money in the sport, and have had success based on bottom-line results. How have they done it? That’s the primary question we asked each one of them. There was no one answer. Some do things on a small scale and don’t spend a lot of money. Others aren’t afraid to step up and buy a $650,000 yearling. Some are careful. Some believe in taking risks. There was, however, a recurring theme that ran through their stories: integrity. Every person inter- viewed for this article was a firm believer in doing things the right way. That means striving for excel- lence, which is only possible when you are honest and surround yourself with people who share your beliefs. In an industry that has, of late, seemed to produce more bad headlines than good, we are pleased to demonstrate that maybe the good guys do come out ahead in the end. Meet some of racing’s greatest success stories. THEY SAY SUCCESS BREEDS SUCCESS. We say: Medaglia d’Oro breeds success... fficially, Hard Spun was a typical Porter purchase: the horse $15 million should Hard Spun win 7-for-13 during his career, was expensive but not wildly so, he a Grade I race. No other farm had Oearned $2,673,470 and won had an outstanding pedigree and his much such an offer. six stakes races. He finished his career conformation impressed Porter’s key That would mean when he won the with a second-place finish behind advisor. Porter knew that with some King’s Bishop at Saratoga, Hard Spun Curlin in the 2007 Breeders’ Cup degree of success on the racetrack became a $35-million horse. Classic at Monmouth Park. On the Hard Spun would go on to be a valu- “We hit the jackpot,” Porter said. surface, he was a good horse who had able sire prospect, which was his goal “That was our grand slam.” a successful career and made his own- all along. er a nice profit. Hard Spun won Now, for the rest of the story: a couple of small Rick Porter, who races under the stakes as a 2-year- name of Fox Hill Farm, paid $400,000 old and then won for Hard Spun, who is by Danzig out two graded preps of the Turkoman mare Turkish Tryst, for the Kentucky buying him from Eaton Sales in a pri- Derby. By then, he vate deal after the colt did not meet was starting to at- his $485,000 reserve at the 2005 tract the attention of some of the ma- Perhaps anyone can get lucky Keeneland September Sales. It was jor Kentucky farms, which are always once, even so lucky that they turn a interested in well-bred horses who $400,000 investment into $35 mil- can run. lion. But Porter’s success almost can’t Hard Spun showed he belonged be a matter of mere luck, not when with the best of his generation, fin- he keeps coming up with horse after ishing second in the 2007 Derby and horse that excels on the racetrack and third in the Preakness. With those then is snatched up by someone will- efforts, Porter began to weigh offers, ing to pay a lot of money for a sire or many of them sizeable. Prior to Hard broodmare prospect. Spun’s start in the Belmont Stakes, Porter bought Round Pond as Porter sold the breeding rights to the a yearling for $105,000. The filly colt to Sheikh Mohammed’s Darley earned $1,998,700 on the racetrack, Stud for a reported $20 million. The won the 2006 Breeders’ Cup Distaff deal reportedly included a provision and was sold to Sheikh Mohammed’s that Darley would pay an additional agent John Ferguson for $5,750,000 at the 2007 Fasig-Tipton Kentucky November sale. Rockport Harbor cost Porter $470,000 at the 2003 Keeneland September sale and won three grad- ed stakes and earned $324,800 on the racetrack. He was sold to Darley as a stallion prospect for a reported $5,750,000. Jostle, the first major stakes winner Porter owned, cost him $85,000, the price he negotiated with Taylor Made after the filly did not meet her reserve at the 1998 Fasig-Tipton Saratoga sale. While racing for Fox Hill Farm, she made $1,381,682 and was sold for $1.7 million to WinStar Farm at Keeneland November in 2001. How has Porter done it? His for- mula actually isn’t that complicated. He surrounds himself at the sales Rick Porter after Round Pond’s 2006 Breeders’ Cup Distaff win. only with knowledgeable and hon- est advisors like bloodstock agent Tom McGreevy, is willing to spend enough money to buy a horse with “We hit the jackpot. That an outstanding pedigree and will only give his horses to trainers who have the ability to take a young horse, de- was our grand slam.” velop it and make it competitive in -Rick Porter, on Hard Spun’s sale to Darley. the sport’s most important races. Back when Porter got started in the business he didn’t have a plan, any particular goals, and never seriously considered whether or not he could make money at this. He just wanted to have some fun. Porter, 70, always enjoyed going to Delaware Park with his parents when he was growing up, but he gravitated toward the auto business after col- lege. He went on to own a number of car dealerships in the Mid-Atlantic states, but always hoped to get in- volved in racing some day. In the mid-nineties, he attended the races at Atlantic City Race Course with the general manager of one of his dealerships, who happened to own horses. Porter’s employee introduced him to trainer John Servis. Porter took an immediate liking to Servis and told him to go out and find him a few modestly priced horses. that has helped me is that I have sur- broodmare.” “I talked to John and told him I al- rounded myself with really good, With that in mind, Porter devised ways wanted to get into it, but didn’t talented, honest people, like Tom a plan of attack, one from which he know how to get started,” Porter said. McGreevy, John Servis, Larry Jones, has not varied. He would budget $3 “I felt real comfortable with John. I Tony Dutrow, and Victoria Keith.” million annually to spend at the sales, asked him, `what do I do now?’ He Still learning the business, Porter would buy only well-bred horses and said the best thing to do was to start had some early success with his rac- would lean heavily on McGreevy’s ex- slow, claim a couple of horses, and get ing stock, but soon figured out where pertise. a feel for how it all works.” the real money was to be made. The process begins with McGreevy, Servis was the first person in racing “One thing that I have learned is a South Carolina native who has been that Porter hired, but not the last who that it’s not the hardest thing in the around horses all his life, studied ani- would fit the same bill. In Servis, Por- world, if you manage things properly mal science at Penn State and used ter was certain he had found someone and have a good trainer or trainers, to to train on the Mid-Atlantic circuit. who was both talented and trustwor- break even when it comes to purse in- McGreevy tries not to let anything thy. Everyone he has hired since has come versus expenses,” he said. “The go unnoticed at the sales, from how had to have those same two assets. real problem is how are you going a horse handles the pressure of being “As I started looking at racing as a to get this investment back? We’d go around crowds to their conformation business, I tried to go back and see to Keeneland and spend $1 million, to the ins and outs of how they walk. what analogies I could find between then $2 million and then $3 million He pays particular attention to how the car business and the horse busi- a year. How were we going to get the horses he scouts at the sales walk ness,” he said. “I started thinking that money back? I started to analyze and, in particular, focuses on watch- what made me successful in the car the business and figured out pretty ing them from the side and not just as business were the people I surround- quickly that the only way you’re go- they walk toward him ed myself with. That probably works ing to get this money back is to come His goal is not necessarily to find a in any business.