The purchase of Fasig-Tipton by Dubai-based Synergy Investments will be finalized May 30, according to Boyd Browning, Fasig-Tipton’s executive vice president and chief operating officer.
“Everything is going along on target and as planned,” said Browning May 19 during the opening session of the Fasig-Tipton Midlantic preferred sale of 2-year-olds in training at Timonium in Maryland. “Obviously, we’ve been doing two things: (A) We’ve been working to finalize the transaction with the legal requirements and things of that nature and (B) we’ve also been working hard on yearling recruiting, putting together this sale, working towards November’s (Kentucky) sale, and doing the normal day-to-day stuff that has to be done for a sales company.”
Browning declined to provide any financial details of the deal.
Synergy Investments is headed by Abdulla Al Habbai, a close associate of Sheikh Mohammed, the ruler of Dubai. It was announced April 10 that Fasig-Tipton had reached an agreement to be purchased by Synergy. At that time, Sheikh Mohammed’s bloodstock manager, John Ferguson, said there would be “a seamless transition, which includes the retention of current (Fasig-Tipton) staff and management.” In addition, Ferguson said Synergy would “devote future operating surpluses to higher levels of customer service and renewed efforts to promote North American Thoroughbred racing and breeding.”
Browning didn’t have additional information about how Fasig-Tipton would be operated after Synergy takes control.
“I’ve had had very, very limited communication and discussion with the new owners thus far, which was exactly how they said it would be at the outset,” Browning said. “We’ll spend some time and do some thinking.”
Founded in 1898, Fasig-Tipton is North America’s oldest Thoroughbred auction company.