The victorious horse of the Investec Derby, one of the world’s great flat races, will earn its owner close to £1m in prize money and a glorious entry into the winner’s enclosure. But the true value of the champion thoroughbred will only be fully realised in years to come, when it is able to earn millions of pounds once it is retired to stud. Industry experts say the winner of Saturday’s race at Epsom Downs Racecourse in Surrey will be viewed as a rare and sought-after animal, whose offspring can be sold for seven-figure sums. Leading stud farms, such as Coolmore Stud founded by Irish business magnate John Magnier, and Juddmonte Farms, owned by the billionaire Saudi businessman Prince Khalid Abdullah, also earn millions from retired champions through fees for mating with — "covering", in industry parlance — the mares of rival owners, breeders and trainers. Such fees are usually paid on a "no foal, no fee" basis. "In many ways, the Derby is a beginning rather than an end," says Jimmy ...

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