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Dubai Debt Crisis Impacts US High-End Horse Market

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Nov 28, 2009 5:19 pm US/Pacific

Dubai Debt Crisis Impacts US High-End Horse Market

LEXINGTON, Ky. (CBS 5 / AP) ―

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Buyers and sellers of high-end racehorses were closely watching a debt crisis in Dubai, but there was no sign Dubai's ruler would scale back his financial influence in the horse industry.

The emirate's ruler, Sheik Mohammed bin Rashid Al Maktoum, often pays millions of dollars for top bloodstock, even during market downturns. Nick Nicholson, president of the Keeneland thoroughbred racetrack and auction company, says he has no reason to believe the debt crisis would change that.

Dubai World, the investment arm of Dubai, is asking for at least a six-month delay on paying back a nearly $60 billion debt. The chief operating officer of the sheik's Jonabell Farm declined to comment Friday except to say that operations there hadn't changed.