RACEHORSES in four different countries worth £20 MILLION will be resold after a multi-millionaire owner failed to pay for them.
Kuwaiti businessman Saleh Al Homaizi – who co-owned Derby winner Authorized – hired bloodstock agent Richard Knight to go on a spending spree at racehorse sales around the world.
Knight caused a particular stir at Tattersalls October Sales in Newmarket when spending £11.6 million on 17 yearlings on Al Homaizi's behalf.
He also bought a further 14 horses in America, France and Ireland worth nearly £9 million for Al Homaizi.
But when the sales companies tried to retrieve the money from Al Homaizi they were met with radio silence.
Among the big-money 'signings' was a colt by the legendary racehorse Frankel, which went to Knight for £2.1 million after a fierce bidding war.
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He also bought a horse in Ireland which is a sister to the top-class sprinter Blackbeard for £2.3 million, which at the time was the most expensive horse sold anywhere in the world.
But in an incredible twist, Tattersalls revealed on Friday that Al Homaizi had not coughed up for the 17 horses he bought there.
And it turns out he hasn't paid for the other 14 horses he bought overseas yet either.
Tattersalls reached out to some of their regular, big-money clients via email to let them know that the blue-blooded racehorses would be going back up for sale.
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The email read: “We are writing to you to advise that due to non-payment of sums owed we will be offering 17 two-year-olds for resale either by private sale with immediate effect or at sale/sales to be confirmed.”
Knight attracted plenty of attention in October when splashing the cash – and at the time he kept Al Homaizi's identity a secret.
Speaking at the time, he said: “We're just trying to build a nice team of racehorses and if the fillies are useful, or they have good pedigrees, then that's fantastic as we'll likely breed from them at the end of the day.”
Al Homaizi, 61, is the chairman of the Kout Food Group, a Kuwait-based business which operates some of the world's biggest fast food franchises, including Burger King, Pizza Hut and Taco Bell.
He had previously raced horses in Britain alongside Imad Al Sagar, the most famous of which was Authorized who won the Derby in 2007, and he part-owns the Blue Diamond Stud in Newmarket.
Tattersalls' marketing director Jimmy George said: "Obviously this is a regrettable situation.
"We are working with all parties in efforts to reach a satisfactory conclusion and in the meantime we have taken steps to reoffer the two-year-olds in question for sale."
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