Creditors of prominent American owner Ahmed Zayat have requested that a receiver should be appointed to take over his racing stable.
The move comes after Fifth Third Bank filed a suit last month which claims that Zayat owes more than $34 million and demands revenue from collateral on loans, including prize money, stud fees and sales proceeds. A hearing into the case has been scheduled for February 8.
Zayat won $6.9 million in prize money in 2008 to make him the leading owner in America. His flag-bearers on the track have been G1 winning sprinter Zensational, who he bought as a juvenile for $700,000, and his homebred G1 Santa Anita Derby winner Pioneerof The Nile.
Thoroughbred Daily News reports that Zayat Stables lost $65.5 million from 2006 to2009 and expects a cash flow deficit of almost $3 million in 2010.