Sandro Tonali

It's the transfer window over in Europe--and not just because they're between soccer seasons. They have also seen big money paid, both at auction and in private trade, to switch jockey silks at Royal Ascot this week. A couple of the top races have been won by a significant new investor, Wathnan Racing. Apparently, the people involved were eager to maintain a low profile, but it's tricky to remain incognito when the meeting's most storied trophy is being presented by the new King of England while Frankie Dettori, that least...