By most measures, this was a solid year for those
yearling pinhookers who resell at the 2-year-old
sales. The number of horses offered at such sales
was more than in 2004, and the market handled the
increase with millions in additional sales.
It was a solid year as well for Mike and Britt Mulligan, who pinhook yearlings under the banner of Leprechaun Racing. The Mulligans, as do most pinhookers, have co-investors. But unlike a usual partnership setup, the Leprechaun Racing modus operandi is similar to buying a mutual fund: Investors take a piece of everything rather than bits and pieces of yearling packages. In 2004 the Mulligans went to the yearlings sales and invested $3.7 million for 43 yearlings. These yearling purchases brought $6.2 million at the recent 2-year-old auctions.
Current Year Information 
Photo by Tibor
Britt Mulligan with her
$1.7 million Speightstown/La Comete
Colt at Fasig Tipton Calder
Among them were Master of Disaster, bought for $63,000 and sold at the Ocala Breeders' Sales Calder sale in February to Puglisi Stable for $600,000. Following an impressive debut at Delaware Park, the Dance Master colt is scheduled to race in Saratoga's juvenile fixtures. Additional Leprechaun Racing graduates from this year's 2-year-old sales include the winners Adieu and Winning Toast.
Leprechaun Racing is again preparing for the coming yearling auctions. The formula is to stay south of the $200,000 mark for a pinhook and, as in the past, to focus on athletic-appearing yearlings. The target zone is the $60,000 to $90,000 range. The Mulligans' first priority is for the yearling to look the part. They have their own standards as to what constitutes an acceptable yearling.
"If you buy both pedigree and appearance, you are likely to spend more than you normally do on a pinhook," Mike said. "These are the kinds of yearlings that sell for $500,000 or more and are pinhooked for a million or more. Too risky for us."
Sales Highlights
Leprechaun Racing's evaluation of the current 2-year-old market is that it is strong. But one has to be careful, as there has been a trend toward more pinhooking. As a group, Mulligan said, the pinhookers may have spent too much in '04. There are sales, he said, that are ultra-select and only the top of the line attracts the bid, and if you haven't consigned a top-of-the-line 2-year-old in that market, you are going to have trouble getting your price. Mulligan is also of the opinion that specific markets - and he cites OBS, Fasig-Tipton, and Keeneland 2-year-old sales - often have different buying clientele and you have to determine which horse fits which market.
Photo by Louise Reinagel - Click for more
Britt Mulligan hangs with her
$1 Million Indian Charlie filly
at the OBS March Sale
Leprechaun Racing's investment pool will be around $4 million for the coming yearling sales. And the Mulligans have already begun their catalog scrutiny.
2000 - 2001 Summary
By DAVE GOLDMAN - Daily Racing Form
