Ahmed Zayat was the nation’s leading thoroughbred owner two years ago, and many of his 200-plus horses frequently visit the winner’s circle in the nation’s biggest races. In fact, one of his colts, Eskendereya, is the early favorite to win the Kentucky Derby after running away with the $250,000 Fountain of Youth Stakes in Florida last Saturday.
But even as his horses have excelled on the track, Zayat has struggled to keep his empire afloat, becoming entangled in legal and financial troubles. He perhaps has also run afoul of racing officials because of a relationship with convicted bookmakers.
In a lawsuit filed in December, Fifth Third Bank asserted that Zayat had defaulted on $34 million in loans. Zayat countersued, saying that Fifth Third’s officers employed “misleading, deceptive, and predatory practices.”
This month, he filed for bankruptcy protection for his Zayat Stables.
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