Cloud hangs over Aquis Farm stallion roster with major restructure under way

One of the biggest investors in world thoroughbred racing and breeding in recent years, the Hong Kong-owned Aquis Farm, will undertake a major restructure of its huge Australian operation, leaving a cloud hanging over its three-state stallion roster heading into the new year.

Members of the Aquis nominations team Jimmy Unwala, Bernie Kane and Nick Taylor were told on Monday they were no longer required, while some marketing staff were also made redundant as part of the staged restructure which has been occurring behind the scenes in recent months.

Owned by Hong Kong billionaire Tony Fung and his family, Aquis has been a major player in Australian racing since it acquired the former Nathan Tinkler-owned parcel of properties at Canungra in the Gold Coast hinterland in early 2015.

The property tycoon, whose investment vehicle Aquis Group also owns the Canberra Casino, arguably enjoyed his finest moment in racing earlier this year when Farnan won the Golden Slipper and sent his stallion value soaring, alongside a horde of Aquis-owned colts making their mark on the racetrack in a remarkable run of success.

While Farnan was the headline, Aquis also unearthed Prague, Holyfield, Global Quest and, more recently, Anders and Mo’unga.

The emergence of the valuable group, the envy of many colts' syndicates, also coincided with Aquis’ continued expansion into stallions, with its Canungra farm growing to include a Hunter Valley base in 2017, and at Seymour in Victoria last year.

Aquis had 18 stallions under management across three states this year.

Shane McGrath, Aquis’ managing director, said on Thursday that the onset of Covid-19 this year gave the operation’s decision-makers time to consider the future for the business.

He said: “With Covid, it has given us the opportunity to put steps in place to introduce a new strategic plan for Aquis. We have elected to change the way that we are doing business and there will be a lot more in the future.

“Across most industries, people have had time to reflect and review and we’re going to try to be a little bit more innovative in how we do business and we’ll implement new things.

“There will be more changes in store over the next six to 12 months as we implement our new strategy.”

Since entering the market, Aquis has invested enormous amounts of money on bloodstock, amassing a broodmare band of more than 200 as well as yearlings and stallions in both hemispheres.

Aquis has either outright, or in partnership, spent more than A$110 million (£60.3m/€66.8m) on horse flesh at public auction alone, and this year some of that investment has paid off, with Farnan’s win in the Slipper skyrocketing his value to around the A$40m mark.

While McGrath would not be drawn on the future of the stallion business, he indicated that Aquis would again be active at next year’s yearling sales, particularly in support of stock by its stallions.

He said: “I am looking around at Magic Millions yearlings at the moment now that the breeding season is slowing down.

“We have had a great season across the board with support from the breeders and shareholders and we look forward to supporting those same people in the sales ring where possible.

“We have had a phenomenal year on the racetrack and the push is to try and find the next Golden Slipper winner.”

The first public sign Aquis Farm was embarking on a dramatic change in direction emerged in early July, when it was revealed that its NSW stallion roster and broodmare band would relocate from Emirates Park in the Hunter Valley to Gooree Park Stud in the central west of the state.

Prague (second left and also seen winning under Tom Marquand) was sold outright to Kia Ora StudCredit: Jenny Evans (Getty Images)

Before the start of the breeding season, Aquis instead used Lincoln Farm at Blandford to stand its NSW stallion roster in order to remain closer to the majority of the mare pool, which is located in the Hunter Valley.

In early August, Aquis and partner Phoenix Thoroughbreds also sold a majority share and standing rights in prized new-season three-year-old Farnan to Kia Ora Stud, arguably the most valuable colt of his generation.

Subsequently, Aquis continued the selling off of its colts portfolio, with Prague sold outright to Kia Ora Stud, and sold down its interest in Anders to Widden Stud, while Tony 'Tubba' Williams, who oversaw the breeding arm of the business, suddenly left his role as chief executive after less than nine months in the position.

Fung’s contribution to the Australian thoroughbred industry since 2015 has been immense after quickly building his racing and broodmare numbers, which were fast-tracked with the assistance of agent Julian Blaxland, particularly in 2016 and 2017, which coincided with the stallion operation at Canungra with four foundation sires.

Aquis then entered into an agreement with Emirates Park in 2017 to establish a Hunter Valley presence before the deal was ended mutually last July,

It remains unclear whether Aquis will retain its leased stallion property near Seymour in Victoria, a farm which is owned by prominent owner and breeder Darren Thomas, and was taken on to stand stallions last year.

This year, Lean Mean Machine, the relocated Needs Further and Royal Meeting headed up Aquis’ Victorian roster.

In NSW, high-class Group 1-winning sprinter Pierata - almost certainly Aquis’ best-credentialled stallion to stand under its banner - entered his first year at stud this year, while Caulfield Guineas winner Divine Prophet has started to have his first two-year-olds hit the track this season.

The Japanese-bred, Australian-raced Group 1-winning sprinter Brave Smash has also created interest on Aquis’ Hunter Valley roster with his first foals born this year.

Newcomer Dubious, another colt raced by Aquis after being purchased as a yearling, heads up its Queensland stallion roster this year after winning the Group 3 ATC Breeders’ Plate and Group 2 BRC Champagne Classic at two.

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