March 25 (Bloomberg) -- Sheikh Mohammed bin Rashid al- Maktoum, ruler of Dubai, agreed to buy Australia's largest thoroughbred horse breeding business from Ingham Enterprises for an undisclosed amount.

The purchase includes racetrack training facilities in Sydney and Melbourne and the Woodlands stud farms in the Hunter Valley and Cootamundra regions of New South Wales state, Ingham and the Sheik's Darley thoroughbred unit said in a joint statement distributed by AAP Medianet. The deal is worth more than A$500 million ($454 million), the Australian newspaper reported today, without saying where it got the information.

Sheikh Mohammed, who owns Godolphin stables and stud farms in five countries, will take control of more than 1,000 Australian thoroughbreds and a business that has produced breeding stallions such as Octagonal and Lonhro, which have each won more than A$5 million in prize money.

``I have long admired the love Australians have for the horse and for racing,'' Sheikh Mohammed said in the statement. ``The Ingham family have made a significant contribution to Australian racing and to the thoroughbred and I am looking forward to building on their success.''

Darley will integrate the Woodlands operations with its existing Australian business, adding to stud farms in Ireland, Japan, the United States and U.K.

The sale ends the Ingham family's 40 years in the breeding business, which started when they inherited mare Valiant Rose.

Ingham, who teamed with his late brother Jack to build the thoroughbred business, will continue to race horses and has retained the rights to the family's signature cerise racing colors.

``The sale of the bloodstock business was not something I was contemplating,'' Bob Ingham said in the statement. ``Once approached by Darley, I decided it was an opportunity that I should accept.''

The acquisition is subject to approval from Australia's Foreign Investment Review Board.

To contact the reporter on this story: Robert Fenner in Sydney at rfenner@bloomberg.net

Last Updated: March 24, 2008 20:05 EDT