Point Of Law’s Melbourne Cup win wasn’t bad news at all for King Charles.
The victory of the horse he sold in August earned the King’s racing operation a financial kicker in the range of $A500,000 due to a sale clause under which the seller benefited if the horse won Australia’s biggest race.
Despite a week having passed since the victory , the hounds were set on a hunt for the final piece of the Point Of Law story when rumours began circulating on Tuesday that the King was due $1 million for the win.
That seemed too good to be true given the royal racing and breeding operation still owns Point Of Law’s mum, the broodmare Portfolio, which carries the blood of Japanese staying legend Deep Impact. The value of Portfolio’s progeny has increased as a result of the Melbourne Cup result.
Ciaron Maher’s bloodstock agent, Will Bourne, who brokered the purchase of Point Of Law with the King’s racing manager, John Warren, not only would not reveal the amount heading the King’s way under the sale clause but could not even if he wanted to, due to the terms of the deal, which remain confidential.
The horse’s connections were only prepared to say it was “a substantial sum”, although they well and truly disputed the figure being as high as the rumour mill would have it. No one mentioned it being a king’s ransom, but the phrase seemed to fit.
Such clauses are common in the sale of horses, particularly if the transaction happens with everyone aware the buyers have a target in mind for the purchase.
In fact, including such a clause was an important factor in assisting the sale as the King’s racing operation is not silly. They know when they have a good horse on their hands. And they sell and buy horses in a rational, commercial manner.
But with Maher’s mum, Eileen, charming the King over lunch at Royal Ascot and the persistence of Bourne and a big group of owners who crowded Flemington’s mounting yard last Tuesday, the sale went through in August.
It wasn’t the first time the royals had sold a horse to Australian connections: Circle of Fire won a Sydney Cup and group one winner Just Fine dominated for Gai Waterhouse.
This masthead eventually found a source with knowledge of the agreement who wanted to remain anonymous due to the commercial sensitivities. The source said the kicker due to the royal’s racing and breeding operation was about $A500,000.
That would represent about 10 per cent of the Melbourne Cup winner’s purse, not a bad split for everyone given Point Of Law earned $4.8 million prize money for winning the Geelong and Melbourne Cups in a golden month for the Maher stable.
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