Profit is up for grabs
A $600,000 winner’s cheque is only a small part of what is at stake for some participants in Friday night’s Group 1 Moir Stakes (1000m) at The Valley.
Winning the Moir Stakes could be worth millions for the ownership group of exciting colt Profiteer.
Profiteer won two of four starts as a two-year-old but his raw speed convinced Hunter Valley breeders Newgate Farm and other syndicate members to pay a seven-figure sum for a stake in the colt.
Newgate Farm’s investment has secured Profiteer’s place at stud when his racing days are done.
But one question remains. What will be Profiteer’s first-season service fee? If Profiteer wins Friday night’s Moir Stakes, the projections will rise sharply with Newgate and partners set for a multimillion-dollar windfall in the coming years.
Syndicator Roll The Dice Racing co-founder Leigh Saville said Profiteer’s owners were also set for a bonus payment should the three-year-old become a Group 1 winner.
“The way these deals are structured with these major studs, there’s bonuses along the way outside of the purchase price,” Saville said.
“There’s a lot riding on the Moir and him winning a Group 1 race.”
Saville said the stud deal for Profiteer was structured similarly to a footballer’s contract with a base payment plus bonuses after reaching agreed targets.
He said the deal was put together in a way that did not commit Newgate Farm to a massive initial sum that would make Profiteer unprofitable should he not win a Group race.
“It’s all about risk and reward for Newgate,” Saville said.
“If he goes on to bigger and better things, everyone gets rewarded and it’s a really good way of structuring things.
“Newgate aren’t sticking their neck out paying ridiculous numbers for potential but if he reaches that potential, the rewards are there.
“It’s a bit like performance-based incentives in the workplace.
“Profiteer is on KPIs at the moment and if he reaches those targets, then we all get rewarded.”
Profiteer will be out to become one of only two colts to win the Moir Stakes since the race became a Group 1 event in 2013. Extreme Choice, the sire of Golden Slipper winner Stay Inside, won the Moir Stakes as a threeyear-old colt in 2016.