LEXINGTON, Ky. (WTVQ) – The owner of 2015 Triple Crown winner American Pharoah has filed for chapter 7 bankruptcy.
While Thoroughbred racing hoped a Triple Crown winner would help save the sport, it didn’t save its owner from bankruptcy in New Jersey where he lives, the Lexington Herald-Leader reported, citing the Thoroughbred Daily News reported.
According to the newspaper and Thoroughbred Daily News, Zayat estimated his creditors at between 100 and 199, his liabilities to be between $10 million and $50 million and his assets between $1 million and $10 million.
BloodHorse reported that Zayat has assets of $1,892,815 and liabilities of $19,371,466. He also reported monthly expenses of $72,903 compared to income of $13,875, the Herald Leader reported.
Chapter 7 bankruptcy allows the clearing of unsecured debts as a form of liquidation.
One of Zayat’s lenders filed a $23 million lawsuit against his family’s Zayat Stables, LLC in January. The suit is still pending in Kentucky, accordig to the ewspaper.
Among the complaints, the suit alleges that Zayat Stables hid proceeds from breeding rights to American Pharoah, who won the Kentucky Derby, Preakness, Belmont and Breeders’ Cup Classic before being retired to Ashford Stud, which obtained his breeding rights.
His lifetime earnings were $8,650,300. His stud fee at Ashford was initially put at $200,000, according to the newspaper.
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September 10, 2020 at 02:40AM
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Triple Crown winner's owner files for bankruptcy - ABC 36 News - WTVQ
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