Owner/breeder Earle Mack has bought Sol Kumin and James Covello's slot in the starting gate for the inaugural $12 million GI Pegasus World Cup at Gulfstream this January, according to published reports.
Wall Street financiers and owners Kumin and Covello, who were part of the original 12 to purchase a spot in the race, sold their spot to Mack in a private transaction last week for close to the original $1 million price. Mack reportedly has a partner, but refused to disclose their name or whether they had a horse that would be competitive.
Kumin and Covello put a $200,000 deposit down on the spot in mid-May before the details of the race, which is now the world's richest, were ironed out. The final $800,000 payment was due Sept. 15.
This is the first race in which buyers of stakes are able to sell, lease or market their spots. Each stakeholder also receives a share in the revenue derived from most of the wagering, sponsorships and television rights deals. The Stronach Group recently reported there will be no television deal this year and they wil instead pay a major television network to broadcast the race.
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