Fasig-Tipton under the Hammer
William B. Fasig and Edward A. Tipton established the Fasig-Tipton Company in 1898, with its original headquarters being in New York City. In 1972, the company was permanently founded in Lexington. As the oldest auction house for thoroughbred horses in North America, the company conducts auctions at various locations such as Miami, Grand Prairie, Lexington, Timonium and Saratoga Springs. Recently, the Dubai based Synergy Investments Ltd. expressed their interest in purchasing Fasig-Tipton, and negotiations started.
After much speculation in the horse racing industry circles, D.G. Van Clief, chairman of Fasig-Tipton, confirmed that they have come to a suitable agreement with Synergy Investments, and that the sale of Fasig-Tipton should be finalized by the end of May 2008. It is most certainly an interesting new chapter that is opening in the history of this respected and legendary auction house. But with so much interest in the horse racing industry of America from Dubai over the years, it was only a matter of time before their interest in the breeding and purchasing of horses would expand.
Abdulla Al Habbai, head of Synergy Investments and close associate of Sheik Mohammed, the ruler of Dubai, has expressed his delight in securing the purchase of Fasig-Tipton. The attraction to Fasig-Tipton is that still growing, and boasts great potential and industry strength. Abdulla Al Habbi was quoted saying: “We are delighted to be acquiring Fasig-Tipton. The company has a long history of service to the North American Thoroughbred industry and has demonstrated significant growth in recent years. We believe there is potential for continued growth and superior levels of service in the future.” Synergy Investments are also committed to keep the company operating and growing with same traditions, customer service and principals that the company was founded on, and which has secured its success over the years. It will continue to operate under the same conditions as it has till now, and staff will remain in their current positions, with no drastic changes being made.
Synergy Investments are hoping to build the future of Fasig-Tipton on its current integrity, while opening its potential to an international market, and focusing on quality breeding and the promoting of racing throughout the United States. International investment in the horse racing industry is not only a boost for the sport but for the economy. Synergy Investments will no doubt be opening new doors and opportunities for Fasig-Tipton to excel and prosper in.
