A $1.2bn dream finally comes true

Dubai ruler Mohammed bin Rashid Al Maktoum has spent more than a $1 billion on his Australian racing operations in a decade.

The winning connection ... jockey Kerrin McEvoy (L), Godolphin chief executive Hugh Anderson (C) and trainer Charlie Appleby. Picture: AFP

Call it the $1.2 billion dream that finally came true.

That is the sum billionaire Godolphin owner and Dubai ruler Mohammed bin Rashid Al Maktoum has spent on the racing giant’s Australian operations in a decade, a period until yesterday had gallingly also brought zero Melbourne Cup wins.

The drought that actually extends to two decades to take in the time since Godolphin first sent a runner down to Australia for the Cup was finally broken with Cross Counter’s win yesterday.

The $4 million winning prize will barely make a dent in what the sheik has invested in Australia though, which started with the $500m he shelled out in 2008 to buy the local racing business of the Ingham brothers.

That is only the beginning of the money Sheik Mohammed has lavished on his Australian operations, first under the stewardship of trainer John O’Shea and more recently James Cummings.

Godolphin Australia has accumulated losses of almost $700m under its owner in the past decade. The company’s annual report for the year to December 31 shows it owing its owners and related entities more than $1.15 billion.

Money finally bought success in the Melbourne Cup though, and winning trainer Charlie Appleby, usually based at Newmarket in the UK, made clear who needed to be thanked the most after the race.

“This is all down to Sheik Mohammed. He’s the one that’s given us all the encouragement to take the chances in what we do internationally,” he said.

Appleby said he already had a missed call from Sheik Mohammed after the race, but the win means his owner is probably only missing the Kentucky Derby from his collection of big wins around the world.

Godolphin has won seven Group 1 races in Australia this year alone, and 30 Group Is around the world. In total, Godolphin has 5188 wins in 14 countries since Sheik Mohammed established its operations in 1992.

Godolphin’s accounts show it having $78 million worth of broodmares on its books, $71 million of stallion interests, $49 million horses in training, $21 million in yearlings and $11 million in foals.

Meanwhile, Probuild founder Phil Mehrten was left to lament just missing the chance of winning his third Melbourne Cup in a row.

The Melbourne building and racing identity is a part-owner of Marmelo, beaten by a half head by Cross Counter, having been part of the winning connections with Rekindling last year and Almandin the year before.

“I thought we had it there right towards the end.” Mehrten told The Australian in the mounting yard after the race.

“Hughie (Bowman) rode a great race but the weight beat him at the end probably. We gave them four kilos and that is what probably got them there.”