The surprising reason why King Charles refused to remain part-owner of Melbourne Cup champion Point Of Law
by Charlie Proctor · Royal CentralThe King was given the opportunity to retain a share in Point Of Law after selling the horse to Australian connections, but an unusual restriction meant the arrangement was never going to happen.
His victory has brought renewed attention to the circumstances surrounding his sale, which reportedly fetched well in excess of £3 million.
But the negotiations could have resulted in a rather different arrangement, with the Australian buyers initially hoping His Majesty might remain involved in the horse’s racing career.
Why the King couldn’t remain a part-owner
Maher and his clients were particularly keen to secure Point Of Law and explored the possibility of allowing The King to retain a share following the sale.
However, the proposal ultimately came to nothing.
Speaking to The Australian before the Melbourne Cup, Maher revealed that he had personally asked whether a partnership could be arranged.
“I’d imagine that would be too much of a risk,” the trainer said.
He added: “I certainly asked and, to no surprise at all, that could not happen.”
The Australian report indicated that The King was unwilling to race a horse alongside other owners.
The precise legal or constitutional basis for that position has not been publicly explained.
How the proposed partnership fell through
The possibility of The King retaining an interest in Point Of Law emerged during negotiations involving Maher and bloodstock expert Will Bourne.
Their interest in the horse reportedly developed following a meeting at Royal Ascot in June, when Maher and his mother, Eileen, took part in the traditional carriage procession.
The Australian ownership representative later recalled the significance of that occasion.
“Ciaron’s relationship with His Majesty King Charles and Queen Camilla brought Point Of Law into our lives,” the representative said after the Melbourne Cup.
The group initially thought they might be able to race the horse in partnership with The King.
“For a short while we thought we were going to race in partnership with The King, but that wasn’t meant to be,” the representative explained.
” So instead we have been given the privilege to race the horse that he has bred.”
The negotiations eventually resulted in an outright sale, with the Australian connections taking full ownership of the promising stayer.
What might have been for King Charles?
Point Of Law’s Melbourne Cup victory has inevitably raised questions about what The King might have achieved had he retained an interest.
The horse was bred under His Majesty’s ownership before being sold to Australia, where he has developed into an international star.
His emphatic victory at Flemington, by approximately 15 lengths, has demonstrated the extraordinary potential that attracted Maher’s team in the first place.
Had the proposed partnership gone ahead, The King could potentially have celebrated the Melbourne Cup success as one of the horse’s owners.
Instead, His Majesty received recognition as Point Of Law’s breeder during the trophy presentation.
The Australian connections secured one of the biggest prizes in racing, while The King was left with the distinction of having bred the horse who conquered Australia’s most famous race.
Whether His Majesty ever regrets not retaining a share is something only he can answer.