Ahmed Zayat, who bred and owned 2015 US Triple Crown hero American Pharoah, has been hit with a $23 million lawsuit after he was accused of selling breeding rights to his champion that were being used for collateral on outstanding debts.
A Kentucky judge on Wednesday ordered a receiver to seize control of Zayat Stables, including its horses, after New York-based MGG Investment Group took action, claiming the Egyptian-born businessman defaulted on payments in September that were secured against his stock and breeding rights. American Pharoah is a Coolmore stallion and is not among the horses seized.
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