It was revealed in Australia Jan. 23 Tattersalls purchased the 19% stake in the burgeoning William Inglis and Son business that was owned by disenfranchised former chief executive officer Reg Inglis.
"I have sold it to them because I do not want to hang onto the share in a company where I have no friends anymore," Inglis said. "I don't know what I will do with the money, but it frees me up now to do a few new things."
The payout is believed to be Aus$20 million ($18 million). Inglis was dumped from his role last year. He was replaced by Mark Webster, a breeder who was recruited from his role as a major mover and shaker in the management of the billion-dollar News Corp. in Australia.
The two companies will continue to operate autonomously but will work closely in areas of potential mutual development, they said Jan. 21.
Tattersalls enjoyed its third consecutive record year in 2007 with total gross of £257,077,695, while William Inglis and Son grossed a record Aus$271,123,000 for the 2006/07 sale season.
“Tattersalls is delighted to announce the acquisition of an equity stake in William Inglis and Son,” Tattersalls chairman Edmond Mahony said in a statement. “We view the acquisition as an investment not only in a company which is a leader in its field but also a company which shares the same global vision for the bloodstock industry that has always been the cornerstone of the Tattersalls ethos.
“In particular, we view the Inglis exposure to the growing markets throughout Asia as being of huge importance in future years. The alliance of Tattersalls and William Inglis and Son also reflects our confidence in the Australian racing and breeding industry, which is respected and admired throughout the world.”
Webster, managing director of William Inglis and Son, said the Tattersalls investment is a “wonderful endorsement of the company and the Australian bloodstock industry. Tattersalls is a company respected throughout the global Thoroughbred community, and its financial commitment to William Inglis and Son reflects a genuine synergy between two companies, which share very similar values and goals.”