Equestrian Sports New Zealand chief executive Jim Ellis is putting on a brave face over the loss of one of the sport's medal prospects at the London Olympics.

The sale of Delphi (Dunstan Delphi under the old sponsorship agreement) to the Saudi Arabian Equestrian Federation for more than $6 million effectively draws a line through a New Zealand medal in the showjumping.

Ellis said it was impossible to argue with the decision made by the owners of Delphi, rider Katie McVean, her father Jeff McVean and Chris and Sandy Shore, from Ashburton.

"In the short term there is some disappointment because it impacts on our expectations for London but long-term it establishes our best rider with a platform for future growth and it also reflects well on the New Zealand breeding industry," Ellis said.

The equestrian boss said he was kept up to speed with the pending sale because it had wider implications such as a Sparc investment in McVean's Olympic preparation.

Ellis confirmed the owners wanted to delay the sale until after the qualifying event in Aachen, Germany, on July 10, so McVean could qualify to ride at the Olympics, but in the end the Saudi buyer's money talked.

"They (McVeans) were keen to make that happen but I guess the quantum of money being offered means the deal gets done when the buyer wants," Ellis said.

"We have been supportive of them throughout this process.

It is a really difficult position for them to be in, it is life-changing money, and we are fully understanding of the decision they have taken."

Katie McVean has not shut the door completely on qualifying another horse at Aachen. She has a European horse in mind, but is reluctant to say much more.

"I've maybe lined up another horse that may be good enough, but at the moment it doesn't look like we will get it for the qualifier," McVean said from the Netherlands.

"It's a long way off. It's a European horse but I can't say too much.

"It's a small glimmer of hope but there are a few things to sort out first. We'll come home first and sort out the baby horses and then we'll see."

But in the next breath, McVean seems resigned to watching the Olympics on TV.

"I just have to think about the next horse now.

"We have the mare that bred Delphi so we have seven relations to her. They are all babies so it is quite exciting to get home."

The McVeans were to hand over nine-year-old Delphi to the agent of the new owner overnight. Katie said saying goodbye to the horse that threatened to put her on the medal dais in London would be emotional.
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"It's really sad," she said.

"I haven't dropped her off yet, but it is going to be very, very sad, but it is probably the right thing to do.

"Dad might be sadder – he loves her."

Equestrian insiders suggest the sale might be in the $6m to $8m bracket, not $10m as some have suggested.

A confidentiality agreement prevents McVean from revealing the figure but she knows she is coming into money given that she and her father owned three-quarters of the home-bred mare.

"Before she was sold I said on Facebook `Delphi bought me a leather jacket', but we'll go home and try not to do anything stupid. I'll sit on it for a while and make a good profit."

From Stuff, 11 May 2011