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Equinties - open
BGP Capital
February 27, 2026
Gm, Equinauts
Our home track Newbury hosts back to back days. Buckle up.
Let’s dive in.
HEADLINE ROUNDUP
OPEN
With the big man out, the Champion Hurdle looks more open that ever and connections are now dreaming.
Into the CONSTITUTION HILL shaped vacuum see’s last year's shock Triumph Hurdle hero PONIROS (trained by the wizard) demanding attention. This 5yo has rocketed up the market—bookies were once (rightly) snoozing at 100/1, now he's a short 12/1 player after placing third in the Irish Champion Hurdle on his comeback. Connections are bullish: "We get why the bookies are cautious, but he can be a big player with more improvement." Basically, the forgotten Mullins flat convert might just explode again at Cheltenham, like last year:
Tony Blooms racing manager Sean Graham elaborated on their chances and the improvement they’d need to land a blow: "I think there could definitely be 7lbs improvement from him for that run (Irish Champion Hurdle)… if you think he can improve that 7lb he comes out better on figures that Golden Ace”.
Talking of Golden Ace, apparently she's looking sharper than ever and her trainer Jeremy Scott reports she aced a racecourse gallop at Wincanton and is "in a really good place"—possibly even better than when she capitalised on last year's carnage to fortuitously land the crown. With CONSTITUTION HILL out, she's got a stronger shot at joining the elite double-winners club. Scott's even hinting she's in with "a better shout than last year."
BUTLER IN THE BIN
Small time Newmarket trainer John Butler is only ever in the news for the wrong reasons and guess what, he’s back with a BHA ban on all runners.
It's all a bit unclear but after a stable inspection revealed "inadequate facilities" at his Newmarket yard, the BHA have barred him from running horses. This subsequently led to a flurry of non-runners (six pulled in quick succession) and unconfirmed entries, effectively side-lining his string until the issues are fixed.
All we know is this case is (sadly) more of a welfare/administrative hammer than a cheating allegation which is what most people might have assumed when hearing the name John Butler.
More on this as it breaks.
MORE AMMO
Racing just got another injection of ‘Wall Street’, as Amo Racing—the questionable, big-spending outfit run by football super-agent Kia Joorabchian—has quietly deepened its pockets with PE giant Apollo Global Management.
Apollo has expanded the terms of its existing loan facility to Joorabchian's Sports Invest Holdings, the parent company behind Amo Racing. We're talking an original £40 million chunk handed over back in October 2024, secured against a mix of assets including racehorses, stables, properties, and bank accounts on both sides of the Atlantic.
Now, Apollo's heightened their collateral coverage—more security tucked in for the lender—while keeping the show rolling for Kia’s ambitious growth. This isn't some small time bank overdraft; this is punchy at 10.25% interest rate.
Apollo have more than $800 billion under management and are now aggressively dipping their toes into sports financing—loans to Premier League clubs like Nottingham Forest (via Joorabchian's connections), stalled talks for stakes in Atlético Madrid, and even launching a dedicated $5 billion sports investment vehicle last year.
Horse racing? Just another playground for patient capital chasing returns in a volatile sector. Unless Kia turns Amo into Coolmore II, we really, really don’t know how Apollo will ever see a return on their money.
For Amo, the deal keeps Kia in the game but at what cost? This deal is leverage on legs. This loan is effectively backed by the promise of success meaning if the wins dry up or a stallion prospect flops, things could get spicy.
Whether it's genius financial structuring or a high-stakes gamble dressed in purple and white silks, one thing's clear: the champagne might still pop at the sales rings, but Kia needs to be popping bottles in the winners enclosure and fast.
Nervous times for the outfit who are propping up up the breeding game right now.
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