In the 17 years since B Wayne Hughes purchased the historic Spendthrift Farm in Lexington, Kentucky, it has gone from housing one homebred stallion to currently having the largest roster in North America, which is headlined by Into Mischief, leading the North American sire list for the past two seasons and current #1 in the TRC Global Sires Dirt Rankings.
Hughes remains as founder of the modern-era Spendthrift, but his son-in-law, Eric Gustavson, is now the official owner and face of Spendthrift going forward. Gustavson has overseen the Lexington operation’s extensive re-growth, serving as marketing director and president before heading up the farm. He also sits on the board of directors for the Breeders’ Cup.
Gustavson led the team that brought such industry innovations as the Share the Upside Program and making racehorse ownership available to the general public through its investment in the micro-share start up My Racehorse, which along with Spendthrift was listed as an owner of 2020 Kentucky Derby winner Authentic.
Spendthrift was the leading owner for North American earnings due to a successful season for Authentic, who also won the Breeders’ Cup. With Gustavson’s hand on the tiller, there is no doubt that its famous orange and purple silks will continue to be at the forefront of the action on the track, as well as being one of the dominant forces in the breeding sheds and the sales ring.
Who do you think is the most important figure in the history of racing around the world?
First of all, I would have to limit my answer to the United States, as I don’t feel qualified to answer beyond that. For me, the most important figure in the history of racing in America is Meriwether Lewis Clark Jr, who is credited with establishing the Kentucky Derby. Every American owner dreams of winning the Kentucky Derby. Some will only look for ‘two-turn types’ at the sales with this in mind. Winning a G1 sprint is exciting - winning the Kentucky Derby is historical. And, of course, it’s a huge lift to a stud farm to be able to stand a Kentucky Derby winner.
What is your favourite racing venue (anywhere in the world)?
For me, you can’t beat the combination of the beautiful Art Deco grandstand, set opposite the San Gabriel Mountains of Santa Anita Park. Though I have been a Kentucky resident for some time now, I will always consider Santa Anita my home track. It’s hard to beat a morning of training out at Clocker’s Corner as a gentle fog lifts with the rising sun to the East. Awesome.
What is your fondest memory in racing?
Though we have been blessed with many racing memories, winning the 2020 Breeders’ Cup Classic is probably my fondest memory. The whole country - the whole world, really - was coming to the tail end of a trying and challenging year from the Covid pandemic. We had won the Haskell and the Kentucky Derby, but, our owner, Wayne Hughes, couldn’t attend either of them. For the Breeders’ Cup, we had many members of our team, along with my wife, and Wayne’s wife, but, most significantly, Wayne himself. It was so gratifying to see him in the winner’s circle holding that trophy, will all of us in tow. It was a special moment.
What is the biggest challenge racing faces today?
As tired and cliche as it is, I would have to say a strong centralized authority, bent on bringing all of American racing under one governing body, for the purpose of bringing uniformity to drug allowances, rules and penalties, whip rules, takeout, transparency, aftercare, etc, etc, etc. Without the above, I don’t believe racing in the U.S. can be anything more than it is right now. A guy can dream, can’t he?
If you could change one thing in racing, what would it be?
So much of sports worldwide is connected to, if not dependent on, gambling. No judgment there, just the way it is. Unfortunately, racing - at least in America - doesn’t enjoy the gargantuan TV deals that are bid on by many of the major networks and cable giants. Therefore, gambling is disproportionately important to racing. And American racing is missing out on millions, if not billions, of betting dollars, along with gobs of new fans, by not offering fixed-odds wagering. There is too much other competition for American betting dollars, where the bettor doesn’t have to ‘learn’ how to bet, and then deal with the foibles of parimutuel wagering.