American Pharoah shares secretly sold as Zayat Defaults again

Prominent Thoroughbred owner and breeder Ahmed Zayat is back in legal trouble, this time involving breeding rights to Triple Crown winner American Pharoah.

At an emergency hearing on Wednesday, Fayette County Judge Kim Bunnell granted a motion ordering a receiver to seize control of Zayat Stables, including its horses.

The move came after a New York investment group filed a lawsuit in Lexington this week seeking at least $23 million dollars from Zayat, accusing him of selling breeding shares to 2015 Triple Crown and Breeders’ Cup winner American Pharoah that were being used for collateral on outstanding debts.

Zayat and Zayat Stables are named as defendants in the lawsuit, which was filed Tuesday in Fayette County Circuit Court by MGG Investment Group, a New York-based investment firm, according to court records.

MGG had made multiple loans to Zayat Stables, which were being secured by all of Zayat’s assets, horses and breeding rights, according to the lawsuit…

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About Editor

Rich Nilsen is a 17-time qualifier to the National Horseplayers Championship (NHC), an event he has cashed in four times. He was the first player to finish in the top 10 twice. He cashed on the 2018 NHC Tour with a 19th overall finish. Rich was also a winner of a $24,000 package into Kentucky Derby Betting Championship I. A former executive with Brisnet.com, Rich is a graduate of the University of Louisville Equine Business Program and is founder of AGameofSkill.com, a site devoted to horse racing education and promotion.

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