JOE Foley of Ballyhane Stud in Co Carlow has lodged a 19-page affidavit with the High Court refuting allegations made against him by former business partner Steve Parkin.

Parkin, who races under the Clipper Logistics name, is thought to be one of Britain’s wealthiest businessmen and for more than 20 years he worked with Foley in building up his racing and breeding operation.

Among the best horses to have raced for Parkin are Rosdhu Queen, Beyond Desire, Soldier’s Call, Living In The Past, Space Traveller, Eagles By Day, Dramatised and this year’s Irish 1000 Guineas winner Fallen Angel.

In 2022 Parkin sold his logistics company for a reported £943 million, and he was believed to own 15% of the company at that time.

Broke down

The business relationship between Parkin and Foley broke down earlier this year. Two Parkin-owned stallions – Asymmetric and Space Traveller – moved from Ballyhane Stud in Co Carlow to Starfield Stud in Mullingar, Co Westmeath. A few months earlier Soldier’s Call moved from Ballyhane to Parkin’s Dullingham Park Stud in Newmaret. But Sands Of Mali remained at Ballyhane. At the time Foley described Sands Of Mali as “a partnership horse”.

In July it was reported that both Foley and Parkin had filed legal proceedings against each other in the High Court.

Last week Parkin’s legal team lodged an affidavit setting out their client’s case. Parkin claims that he is the sole owner of Sands Of Mali, who he values at €2.4 million, and that the stallion is being unlawfully held at Ballyhane.

Earlier this week Foley’s legal team responded with a document in which Foley “vehemently disputes” many of the allegations made by Parkin.

Foley says that Sands Of Mali is owned 50-50 by Ballyhane Stud and Clipper Logistics. Foley negotiated the purchase of the horse himself out of trainer Richard Fahey’s yard for £225,000 plus VAT, he says.

In his affidavit Foley says Parkin initially showed no interest in taking a share of the horse before later agreeing to take 50% at a cost of €134,000. Richard Fahey has supplied a letter “confirming his knowledge of the situation” which corresponds with Foley’s account.

Text message

Foley also refers to text messages he received from Parkin to the effect that while he was taking two stallions away from Ballyhane, he would “do a deal” on Sands Of Mali. This, says Foley, indicates that Parkin acknowledged he did not own the horse outright.

“Rather than monies being due by me to the plaintiffs [Clipper], as alleged, I maintain that substantial funds and shares of assets are due to the defendants [Ballyhane], the recovery of which I am extremely concerned about,” Foley states.

Foley states his belief that Parkin’s financial position “deteriorated significantly” by late 2023 and concludes: “I therefore strenuously refute that the relationship broke down over the failure of [Ballyhane] to account and make payments of stallion fees. On the contrary it broke down when the plaintiffs got into serious financial difficulty and became upset when they realised there were no surplus funds available to bail them out.”

”Erratic behaviour”

In his affidavit Foley says “Over the last two years I have found it increasingly difficult to work with Mr Parkin as I found his behaviour was becoming increasingly volatile, unpredictable and erratic.”

Foley believes that their relationship broke down “due to financial pressure on Mr Parkin after the sale of his business and the belief he could continue with his expensive lifestyle from his bloodstock business.”

Parkin has reduced his racing and bloodstock interests in recent months. He disposed of his small number of National Hunt horses, he sold Fallen Angel to Wathnan Racing and sold a significant number of horses at various Tattersalls sales. He also put his Irish stud farm at Rathbride on the Curragh on the market.

Foley said in his affidavit: “The plaintiffs are engaged in a wholesale fire sale of assets … to the extent that I fear that they may now be ‘men of straw’ and unable to satisfy an award of costs against them in these proceedings.”

Mr Justice Quinn adjourned the case to be heard next month.