New Terms Offered in Point Given Shares
Updated: Wednesday, October 10, 2001 8:49 AM
Posted: Tuesday, October 2, 2001 1:01 PM
Photo: Anne M. Eberhardt
Point Given, arriving at Three Chimneys Farm
Thoroughbred breeders are being offered a different deal on shares in Point Given than they were when it was announced two weeks earlier that he would enter stud in 2002 at Robert Clay's Three Chimneys Farm near Midway, Ky.
Point Given was retired in late August due to a tendon strain in his left foreleg. The 3-year-old son of Thunder Gulch -- Turko's Turn, by Turkoman raced for Prince Ahmed Salman, who is retaining "a significant" number of shares.
The share price, $1 million, and the stud fee, $125,000, are not changing from what was originally announced. But the terms are.
Shareholders will now receive two breeding rights each year. The original proposal to prospective shareholders was for two seasons every other year beginning the second year.
"The prince suggested that given the tragic events of Sept. 11, and given the uncertainty and unrest in financial markets resulting from that, he wanted to allocate more seasons to shareholders," Three Chimneys president Dan Rosenberg said.
"I would not want to characterize this as trouble syndicating the horse," Rosenberg added. "We made a deal on Sunday and all hell broke loose on Tuesday," he said, referring to the terrorist attacks on the World Trade Center and Pentagon. "For most people, the significant factor in their decision was timing."
At $1 million per share, the value of Point Given is $50 million, second only among newly retired stallions prospects to the $60-million to $70-million value placed on last year's Kentucky Derby (gr. I) winner Fusaichi Pegasus.
Point Given won the Preakness Stakes (gr. I) after finishing fifth in the Derby, then won the Belmont Stakes (gr. I). He also scored victories in the Haskell Invitational Handicap (gr. I) and Travers Stakes (gr. I).
Point Given arrived at Three Chimneys on Sept. 16.
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