Lexington Thoroughbred owner and breeder John Gaines has announced the formation of a new company, Early Season Income. According to a release, the company's main focus is to offer early cash flow for stallion shareholders and season owners.
"Basically what ESI does is to purchase season owner's contracts at an early stage of the contracted mare's pregnancy. This provides horsemen with much needed cash flow while eliminating risks associates with live foal contracts," Gains said in a statement in the release.
Tom Appleton, grandson of Bridlewood Farm owner Arthur Appleton, will manage the company's daily operations.