The Subprime Money Behind a Winning Horse

The owner of I’ll Have Another tangles with state regulators
One race to go: Reddam's I'll Have Another in the Preakness Stakes winner's circle Photograph by Rob Carr/Getty Images

When his colt I’ll Have Another charged from behind to win the Preakness Stakes on May 19, J. Paul Reddam joined an exclusive club of thoroughbred owners who’ve been one race short of the Triple Crown. Not far from the Baltimore track, Maryland state regulators were probing the consumer loan business that helps fund Reddam’s wildly successful investment in horses.

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