Tapwrit’s Purchase, Success Built Around Relationships

As Tapwrit continues to train up to the May 6 Kentucky Derby Presented by Yum! Brands (G1) for Todd Pletcher, the back story of how he came to be owned by three major owners together rather than separately is a case study in relationship building.

The 3-year-old son of leading sire Tapit  , out of the grade 1-winning Successful Appeal   mare Appealing Zophie, has won half his six starts, including the Lambholm South Tampa Bay Derby (G2) and Pulpit Stakes, and enters the first Saturday in May with earnings of $343,902. He is campaigned by Bridlewood Farm, Eclipse Thoroughbred Partners, and Robert LaPenta.

Bred in Kentucky by My Meadowview Farm, the gray colt was consigned by Craig and Holly Bandoroff's Denali Stud to the 2015 Fasig-Tipton Saratoga select yearling sale. A $1.2 million price tag makes Tapwrit the most expensive 2017 Kentucky Derby contender purchased at public auction.

Among the many potential buyers who fell in love with colt was Aron Wellman, Eclipse Thoroughbred Partners' founder and president.

"When I saw him I was completely smitten," Wellman recalled. "He had good bone to support what was a hefty frame for a yearling at the time. He just had an incredible amount of balance, a lot of scope, a lot of depth, and quality about him. He was very agile."

Wellman's MO when trying to find racing prospects is to look at the individual first and then the catalog page, hoping for enough sire power and female family success to justify the purchase—but not too much success, which would price the individual beyond the partnership's reach.

"I was somewhat disappointed when I saw that he was a son of Tapit out of a grade 1-winning mare, because I knew he was going to cost an astronomical amount of money," Wellman said.

As he was leaving the Denali barns, Wellman met George Isaacs, general manager of John and Leslie Malone's Bridlewood Farm, and Jonathan Thomas, who oversees Bridlewood's farm training program.

Wellman knew Isaacs and Thomas well because some of Eclipse's young horses are sent to the Ocala, Fla., farm for early training and breaking, and the two entities had partnered on horses in the past. Asked by the Bridlewood team if he had seen anything he liked, Wellman responded that he had seen a horse at Denali that was a beast. He recommended Isaacs and Thomas take a look because he might fit their program.

Isaacs and Thomas affirmed Wellman's assessment and within five to seven minutes called the Eclipse executive to see if he and Eclipse chairman Brian Spearman wanted to enter into a partnership to attempt to purchase the colt.

Isaacs said the Malones were shopping the sale for quality fillies that eventually could be added to the broodmare band they were building, but without having much luck at the Saratoga sale, he asked if they would be interested in the Tapit colt and a possible partnership.

"The idea that you're trying to catch lightning in a bottle with one or two really well-bred colts each year will be part of our business plan," Isaacs said. "Mr. Malone is very much into partnerships on his key businesses, and he liked that idea of supporting a relationship-oriented type of business with our farm training program."

Realizing a yearling with such looks and pedigree could extend into the seven-figure price range, Wellman and Isaacs thought additional financial help would be needed and approached Jonathan Panagot, racing manager for prominent owner Robert LaPenta.

Wellman knew Panagot from the Eclipse founder's tenure with Barry Irwin's Team Valor International, which campaigned Derby winner Animal Kingdom  . At the time, Panagot was stable manager for Animal Kingdom's trainer, Graham Motion.

LaPenta was on board with the three-way partnership and the combined resources were necessary when the colt was knocked down for $1.2 million.

Tapwrit will be the third Derby starter for Eclipse, which campaigned 2014 third-place finisher Danza  , and last year bought an interest in Destin, owned by Twin Creeks Racing, several weeks before his eventual sixth-place Derby finish.

LaPenta has had five Derby starters individually, including Ice Box  , who finished second in 2010, and three in partnership. Tapwrit is the first Derby starter for Bridlewood.

"It's really been a pleasant and enjoyable experience through and through," Wellman said of the partnership formed out of business relationships.

"It is a relationship approach to supporting each other and trying to own a really good horse," Isaacs said.

Both said partnerships at the top of the market will likely become more commonplace as owners try to obtain the best bloodstock available.

“You’re diversifying your risk and doing it with like-minded people," Isaacs said.

"Owners are becoming partners to spread the risk and make sure they have their fingers into what are perceived to be the best prospects out there," Wellman said. "These are becoming more the norm than the exception."

The three Tapwrit owners, along with Twin Creeks, reinforced their partnership last week when they combined to purchase a well-bred 2-year-old son of Medaglia d' Oro for $850,000 at the Ocala Breeders' Sales spring sale.