Sydney - Dubai's Godolphin horseracing stables has bought Australia's top stud farm to put it further ahead of Ireland's Coolmore as the world's biggest owner of thoroughbreds, news reports said Tuesday. Sheik Mohammed bin Rashid al-Maktoum, the prime minister of the United Arab Emirates and the ruler of Dubai, paid 500 million Australian dollars (465 million US dollars) for the Woodlands stud, which has 1,100 horses and employs 230 staff members.
"The sale is on a 'walk-in walk-out' basis," Woodlands owner Bob Ingham said in a joint statement, meaning he will pocket the money and al-Maktoum will take over the stud as an on-going concern.
The hereditary ruler of Dubai said he had "long admired the love Australians have for the horse and for racing."
The deal needs the approval of the Foreign Investment Review Board but is unlikely to be challenged.
Godolphin's expansion in Australia is likely to prompt a similar move by its global rival Coolmore, racing industry luminaries said.
"Their rivalry for supreme power is such that this business with Woodlands may be seen by Coolmore as one-upmanship," said Tony Arrold, racing correspondent for The Australian newspaper.
