Complexity at Airdrie Stud 6.15.21
Tuesday’s session of the Fasig-Tipton Saratoga Selected Yearlings Sale kicked off with a different offering, when Scott Heider acquiring a 2.5 percent share in leading freshman sire Complexity for $510,000.
His debut crop of runners has been led thus far by British Group 2 winner Black Forza, U.S. Grade 3 winner Mo Plex, and Canadian stakes winner Mensa.
“That is just such a fantastic scenario for the stallion, to have someone like that on your team that is going to breed mares that can take this horse to the next level,” said Airdrie Stud president Bret Jones. “He’s a next-level partner. It’s just a wonderful scenario for team Complexity.”
This is the second share in a stallion that Airdrie has offered at public auction in recent years. In 2022, the farm offered a 2.5 percent share in Upstart, which sold to Mike Freeny for $450,000.
Heider is the managing principal of Chartwell Capital, an Omaha, Neb.-based private equity real estate investment firm. He is also on the board of trustees for the Heider Family Foundation, the family’s philanthropic organization, as well as Omaha’s Creighton University.
In the Thoroughbred sphere, Heider has been an active owner and breeder since 1987 through his family’s nom de course Heider Family Stables.
He breeds both to race and sell, and he buys runners at auction, with solo successes including Grade 2 winner Thoughtfully and Grade 3 winner Zofelle. As a partner with other owners, Heider has been involved with the likes of Grade 1 winner Speech, Grade 3 winners Elysea’s World and Secret Message, among others.
“Before, he had a share in Kitten’s Joy and War Front,” said bloodstock agent David Lanigan, who signed the ticket on Heider’s behalf. “Obviously, Kitten’s Joy is no longer with us, so he’s been keeping an eye on some horses and watching their progress to do something similar, and this opportunity came up. We figure as long as the horse continues to go on the right way for the rest of the year, he looks like he’s got good momentum and good fertility, so hopefully it’ll be a good investment. We have some nice mares and the option to use it on them.”
At the fall of the hammer, Heider acquired one share in the 40-share syndicate for Complexity, entitling the owner to one nomination to the stallion per season in perpetuity. Shareholders also receive a split in the revenue generated by other nominations that are sold for Complexity.
The relationship between Heider and the Airdrie Stud operation began last year when Heider purchased Bells of Maranello, a Nyquist filly out of Kentucky Oaks winner Believe You Can, from the Airdrie consignment for $750,000.
As Heider learned more about the Airdrie Stud operation, the more respect he had for it. When the share in Complexity was announced to be auctioned at the Saratoga sale, that bit of due diligence went a long way in determining that he was a stallion worth owning a piece.
“It’s a results-based business,” Lanigan said. “It’s not an exact science either, but it’s something Mr. Heider felt comfortable about, and he’s spoken to the guys at Airdrie a couple times, and he’s keen to support them. It goes back to the management of the farm. It’s an historic farm. They’ve got very good land, they run a very good operation, and that’s important, as well, to the whole process.
“We find a lot of times throughout the years, those good farms that breed good horses consistently and are on good land, they go through recessions and stay going,” he continued. “They’re not just here for fashion, and that comes into it as well. You see horses go in, and they’re completely dependent on who’s breeding to them. A lot of those good farms have their own mares that they’re able to support the stallion and get their career off to the right start. That’s probably as important as anything.”
Jones said the decision to offer the share came shortly after Mo Plex won the Sanford Stakes on July 13 at Saratoga. On July 25, Fasig-Tipton announced the share’s availability at the Saratoga sale.
In the time between, Jones said the promotion of the share served as a useful promotion of the stallion himself; especially after Black Forza won the G2 Richmond Stakes at Goodwood in the U.K.
“He’s just filling us with a lot of confidence, and this was a great chance to talk about what he’s doing on a stage like the Saratoga sale,” Jones said. “Fasig-Tipton did a wonderful job promoting the horse, making sure that everybody that walked on the grounds knew what he was accomplishing, and let’s hope this time next year, we’re talking about the leading 3-year-old sire in America.”
Jones said he fielded calls from potential suitors in the leadup to the auction, and said he picked up a good idea which ones were serious customers and which ones were just tire-kickers based on the questions they asked. Heider and his representatives, Jones said, went through their fact-finding with a purpose.
Part of that review process was assessing the potential commercial value of Complexity’s foals, and Black Forza’s win overseas boosted his stock.
If Complexity’s ascent includes a freshman sire title at the end of the year, that stock could hit levels that make Tuesday’s purchase look like a bargain. If all goes to plan, Lanigan said Heider would be in the black on the purchase in about five years.
“The world is getting smaller,” Lanigan said. “Having a Royal Ascot winner is almost as good as having a Kentucky Derby winner. With Complexity siring the winner of the Richmond at Goodwood, it’s probably equally as important.
“When they get to the sales ring, I think you’ll see it opens the world for those pinhookers in Europe, who are confident to go in there and do that,” he continued. “A lot of times, the Europeans will say a certain horse is a dirt horse, just because they’ve never had that opportunity.”
