Dealings suggest Godolphin more cost-conscious

It could hardly be said a ruler of an oil-rich emirate who has speculated around £20 million on yearlings in Europe this year is being thrifty, but there are signs Sheikh Mohammed and his Godolphin operation have become more conscious of costs.

Godolphin chief executive John Ferguson increased his expenditure on yearlings at Tattersalls and Goffs this autumn, but did not sign for any at Arqana or Doncaster. During America's biggest yearling sale at Keeneland he bought five lots for $2,245,000, down from 24 worth $8,235,000 in 2015.

Ferguson's spend at the recent Tattersalls December Foal Sale was £2,257,500, no small beer but half what he paid at the same auction 12 months earlier. He signed for none in the mares' section, at which he splashed out more than £5m on four future producers including Oaks heroine Qualify in 2015, although he did secure Secret Gesture at Keeneland last month for a cool $3.5m.