AMO Racing – Betting the House, Paying the Mafia Rate

[Slim]

Lauded on Luck On Sunday a few months back – now it turns out the ‘dynasty’ is built on 10.25% vig to Apollo. Where are the returns going to come from? Even if he stumbles on a stallion, Coolmore will bury it. If you think racing’s bent at the bottom, this will show how rancid it is at the very top when this plays out.

Apollo extends £40mn in racehorse-backed debt to football super-agent

Deal with Kia Joorabchian is latest example of a large private credit firm pushing deeper into sports lending

www.ft.com

 

[Ian_Davies]

Lending people money to invest in racehorses - that'll end well.

 

[Slim]

I'm looking forward to the fire sale.

 

[luckyme]

It'll be grand, relax.

 

[Slim]

I went into my local Credit Union. They weren’t interested in loaning me 100k to punt the Will Win thread — even when I mentioned 10.25% and said I had one for tomorrow by Frankel.

 

[Ian_Davies]

The irony is it's long odds on it would've been a far better investment over time.

 

[Danny]

Banks are starting to be funny like that slim they definitley wont lend you six figure sums when there is already 6 figures in your mattress.

 

[edgt]

Allied Irish Bank ran an ad campaign featuring Dermot Cantillon at Keeneland Sales during the Celtic Tiger years, talking about your year's profit depending on 2 minutes in the sales ring. He spoke of bankers "willing to back the man, not the project "
The Irish taxpayer bailed out the banks for 400 billion shortly after.
It took Dermot a while to live that one down.