Partnerships, Presented by Taylor Made Partnerships: Belladonna Racing

It is often espoused at business management seminars that having access to people smarter than you is a blessing and not a threat. We also know that having access to communities that share a common interest fosters social collaboration and belonging. But did you know having access to a guy affectionately nicknamed the “Italian Yoda” can lead to a graded stakes victory as a racehorse owner?

This type of access has been thoughtfully curated by the powerhouse team at Belladonna Racing Partnership, which includes Paul Manganaro (the Italian Yoda), David Ingordo, trainer Cherie DeVaux and recent addition Casey Klein. This team, along with their inaugural partners, launched Belladonna in 2019 with the purchase of over $1.5 million in 2-year-olds, who happened to all be fillies. Belladonna, which means “pretty woman” in Italian, set out in 2019 to foster a partnership approach that provides the opportunity to buy, race, and network at the highest levels of the Thoroughbred industry.

“We wanted to bring people into the industry, people who would enjoy the journey, learn, and share the experience with us,” said Manganaro.

The partnership calling card is simple.

“We want to provide action at a high level while also spreading the risk,” explained Ingordo. “We are all involved in each partnership group and thus have skin in the game. Providing hands-on concierge-level attention and opportunities is unique to Belladonna.”

David Ingordo | Keeneland photo

Creating this type of access for new owners is made easier when you already operate in the top echelon, not only in Equibase statistics but in the relationships built throughout the racing world. Paul Manganaro is one of those people. A third-generation horse owner who grew up in the New England area, Manganaro was raised in a proud Italian-American family where hard work, loyalty, and intelligence were cornerstones. View TDN profile on Paul Manganaro.

It was in the summer of 1986, when Manganaro and his college roommate decided they would spend their break in Kentucky. Reflectively, it was a trip that sealed the fate for both UMass undergrads, as Manganaro and roommate Ned Toffey, now General Manager of Spendthrift Farm, manifestly found their futures in Thoroughbred horseracing. The Manganaro family took root in Kentucky in 2007 when Paul's uncle Anthony Manganaro founded Siena Farm in Paris, Kentucky along with Ignacio Patino and David Pope. Siena Farm, in partnerships, campaigned superstars Flightline, Always Dreaming, and Catholic Boy, among others.

Though Manganaro's football days are behind him, competitiveness is something that remains in his veins today. His admiration for Coach John Wooden's pyramid of success, and his own experience being coached on the field, branded him with the knowledge that building a team of professionals who exhibit intentness, integrity, and clarity of thought was to be the foundation of his pyramid of success for Belladonna.

Manganaro couldn't find a more professional and experienced first partner than David Ingordo (Read Taking Stock–David Ingordo) who has become integral to the success of Belladonna's selection of 2-year-olds.

The son of jockey agent Jerry Ingordo, who managed Hall of Fame riders Laffit Pincay Jr., Sandy Hawley, and Patrick Valenzuela, and mother Dottie, who was the racing manager for Jerry Moss, young David always knew he wanted to be around horses. He started out in none other than Bobby Frankel's barn at age 14 and within four years was one of his assistant trainers.

As a bloodstock agent, Ingordo is well known for his selection of the Horse of the Year Zenyatta in the 2005 Keeneland September Yearling sale for $60,000. Zenyatta went on to win over $7.3 million for Jerry and Ann Moss. He added to his resume with the purchase of a second GI Breeders' Cup Classic winner in Accelerate for $380,000 for the Hronis Family at the 2014 Keeneland September Sale. Ingordo scored a Breeders' Cup Classic hattrick and Horse of the Year double when Flightline crossed the finish line first at Keeneland in 2022.      Ingordo was an instrumental part of the purchasing team that bought Flightline for $1,000,000 at the Fasig-Tipton Saratoga Sale for Hronis, West Point, Woodford Racing, et.al.

Ingordo's top draft picks for Belladonna include standouts Bayerness, Coastana, and Grade II winner Vahva. Belladonna partner and professional physician recruiter Kelly Bownes understands what it takes to find talent.

“Seeking out talent isn't just using your gut instinct,” said Bownes. “It takes experience and deep research, something Ingordo and the Belladonna team employs.”

The University of Kentucky graduate's resume reads like a who's who of top-tier bloodstock professionals and his eye for exceptional individuals extends beyond the sale ring. In 2018, he married trainer Cherie DeVaux.

Cherie DeVaux | Adam Coglianese

The team at Belladonna added another hard-working, experienced, and talented professional to their team in trainer DeVaux. DeVaux, who has amassed over $12 million in purse earnings since graduating from the Chad Brown barn in 2018, has already conditioned a Grade I winner in She Feels Pretty. She also has trained multiple graded stakes runners for Belladonna, including the 3-year-old filly Vahva who won the GII Lexus Raven Run S. back in October and Legalize who recently scored a black-type victory in the Sugar Bowl S. at the Fair Grounds.

Looking toward the future is always top of mind as the Belladonna team looks to ascend its Racing Program Goal Pyramid. Recent addition, Casey Klein, who brings a master's degree in Sports Management from the University of Michigan and has worked alongside Ingordo for the last year, brings a fresh prospective to the group. Though young, Klein's roots run deep in Kentucky horse racing. The Klein family, led by Casey's father Richard, have amassed over 110 stakes victories since 1998. When you are in the business of bloodlines, Klein brings profound pedigree to Belladonna.

How does someone looking to get into Thoroughbred racehorse ownership get access to a team such as what Belladonna has assembled? Easier than you might think, and surprisingly without any of the mark-ups you see in similar operations.

Belladonna partner Bruce Fenimore, who met Ingordo at Saratoga, knew this was a well-run team and wanted to be a part of it immediately.

“It became obvious that joining a group with more buying power would give me more ability to be successful at the races. I also wanted to win the big races,” he said.

Each year Belladonna puts together a group that raises the capital needed for what is their equivalent to any professional sports team's draft. By purchasing multiple top tier horses/yearlings, the entire group, which now stands at over 60 individuals, can attain diversity, opportunity, and the dream of finding another Zenyatta.

“The structure itself is partner-friendly and we have created a family with our partners,” said Manganaro. “We go to the races together, we have dinner together, and partners become part of a tight-knit group, just like a family.”

Partner Kelly Bownes agrees.

“Paul Manganaro and the entire team are so down-to-earth and are happy to spend time with you. They have an open-door policy and have an admirable appreciation for the horse,” he said.

Belladonna partner Scott Runnels reflects on his experience with Belladonna.

“The best part I would say is the fellowship I've experienced with other partners. We are all like-minded people who all love horses. When we get together it is an absolute blast,” Runnels said.

The partnership does set aside funds for general administration and professional services to provide for the needed contracts, tax filings, and licensing support. Ingordo collects the standard 5% bloodstock agent fee on horses purchased, but directs 20% of those proceeds back into partner retention and social events for the partners. All expenses related to the training and racing of the partnership are billed at cost.

There are no commissions taken on purse earnings aside from the standard trainer and jockey commissions. Due to the amount of business a group like this brings to the industry, they also benefit their partners by accessing elite services at competitive prices. Belladonna proudly provides aftercare of all their horses via a network of people and farms who also possess the same commitment to the horse as the Belladonna team does while the horses are racing.

“Frequently, partnerships are forced to choose either quantity or quality. We have built a partnership that delivers a quantity of quality,” Ingordo said, with evident pride. “I'm a believer in the process that Paul has developed.”

Belladonna partner Fenimore said he was also confident in what Belladonna could deliver. “We are going to be making a lot of noise over the next few years.”

Making an investment in Belladonna is more sizable than an average punter's bankroll on a Saturday at Keeneland.

“Our partners invest five, six, and even seven figures into our partnerships,” said Ingordo.

Yet Manganaro quickly retorts, “There are ways to gain this type of access to the biggest races and biggest names and that is accomplished by creating a smaller partnership on your own that buys into a 2.5% or 5% stake in one of our offerings. We treat everyone the same, regardless of their investment.”

When you have a partnership that delivers not only access to the best in the Thoroughbred racing industry, but also fellow partners that are doctors, recruiters, and C-suite executives, you are part of a network few can achieve on their own.

Manganaro explains that Belladonna is a partnership not of just horse owners but of good people who have become family.

“We want to grow the industry and get more people involved in the sport we love. Let's have a conversation. We can find a way to get just about anyone involved.”