War Emblem: Unwanted, Unbeaten

Thoroughbred trainer Bob Baffert, whose horses won the Kentucky Derby in 1997 and '98, didn't have a steed good enough to enter this year's Run for the Roses. Neither did Russell Reineman, a Chicago businessman and stable owner who had been trying to unload a Derby hopeless called War Emblem--a 3-year-old with a small chip in each ankle and a big chip on his shoulder. "He's a mean-spirited horse," notes Baffert.

But Baffert saw something in War Emblem that Reineman didn't--a nasty competitor begging to get loose on a big track. So did Prince Ahmed bin Salman, an American-educated, Saudi Arabian...

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