Derby Win Rewards B. Wayne Hughes on Multiple Levels

Winning the Kentucky Derby Presented by Woodford Reserve (G1) with Authentic was in the truest sense owner/ breeder B. Wayne Hughes' crowning achievement. The victory recognized and rewarded Hughes' decades of dedication and innovative contributions to Thoroughbred breeding and racing.

"Yesterday was so important to the farm. One of the things Mr. Hughes very much wanted to do was win a Kentucky Derby … and we all felt we wanted to help him to get that," said Ned Toffey, the general manager at Spendthrift Farm, standing in the farm's stallion complex Sept. 6 reliving the energy and elation of the previous day.

"Mr. Hughes has put so much into the sport in terms of his time, his money, his creativity—participating at the highest levels and at the same time making this sport accessible to almost everyone, and during a year when there is so much talk about inclusiveness and breaking down barriers for people," Toffey continued.

Since Hughes bought historic Spendthrift Farm in 2004, he looked for ways to help small breeders find more success financially and open the sport to owners. One of his first initiatives was a never-seen-before program called "Share the Upside" that awarded breeders with a lifetime breeding right to a new stallion if they bred to him at full cost for two years and got two live foals. The grade 1-winning Harlan's Holiday son Into Mischief  was one of the first two stallions offered through this program. The other was a grade 2 winner named Notional. Into Mischief's stature grew quickly, and last year he became the leading stallion in North America by progeny earnings. Into Mischief entered stud at $12,500 and last year stood for $175,000. He is also the sire of Authentic, who will retire to stud at Spendthrift after his racing career.

Hughes got involved in expanding ownership through an initiative called MyRacehorse.com, which sells microshares in racehorses. The company, of which Hughes is the majority owner, owns 12.5% of Authentic and offered shares in the colt all the way up to post time of the Derby. Before the gates sprung at Churchill Downs, 5,314 shareholders had purchased 12,450 shares in the racehorse at $206 each. MyRacehorse shares were first available only to California residents in 2018 and then became available nationwide beginning in July 2019.

"Yesterday, there were more than 5,300 people who could say they owned a Derby winner," said MyRacehorse.com chief operating officer Michael Behrens, who pitched the concept to Hughes about two years ago. "It's insane when you think about it. That is more winning Derby owners than there has been in its whole 146-year history. Ownership is the best way to celebrate our sport and understand it and love it."

So on Kentucky Derby Day, it all came together for Hughes. He won the biggest race in America with a colt by the sire who helped him launch an innovative program for bread-and-butter breeders and co-owned by a new venture that gave thousands of people access to racehorse ownership.

"Spendthrift is a wonderful place with a wonderful tradition," Toffey said. "In its history, it stood nine Kentucky Derby winners. We have been here 16 years, so to finally get a Kentucky Derby winner is important for Mr. Hughes, and being able to carry on a really great tradition is something we are all thrilled about."