If it all works out over the next five weeks, the Nov. 1 Breeders' Cup Classic (G1) will serve as Round 3 in the epic rivalry between the 3-year-old stars Sovereignty and Journalism.
But will it be their last meeting?
Questions about whether a well-bred, classic-winning 3-year-old will return for a 4-year-old season rarely have a simple answer.
Godolphin's Sovereignty, the Kentucky Derby (G1), Belmont Stakes (G1), and Travers Stakes (G1) winner and Horse of the Year favorite heading into the Breeders' Cup, seems likely to return next year at 4 and target the Dubai World Cup (G1)—provided he exits his Nov. 1 showdown at Del Mar in top form.
As for Journalism, the Preakness Stakes (G1) and Haskell Stakes (G1) winner for trainer Michael McCarthy, it's a much different story.
Eclipse Thoroughbred Partners founder and president Aron Wellman, the managing partner of the ownership group, would love to race the son of Curlin in 2026.
"My hope is that Journalism is given the opportunity to live up to the notion that we always felt he would be better and stronger as a 4-year-old," Wellman said.
But the decision does not rest in Wellman's hands alone.
Journalism's original ownership group consisted of Eclipse, Bridlewood Farm, Robert LaPenta, breeder Don Alberto Stable, and Elyane Stables 5. Then, days before Journalism secured his initial grade 1 win in the Santa Anita Derby (G1), the Coolmore partnership of Susan Magnier, Derrick Smith, and Michael Tabor, acquired the colt's breeding rights and became lessees.
"Coolmore will have a major say in what happens in regards to next year," Wellman said. "But it will be a team effort when the time comes. It's a question we'll have to answer after the Breeders' Cup."
For Coolmore, there will be a rich reward whenever Journalism is retired. Using estimates that he could have a stud fee of $100,000 per live foal and service 175 mares, that's a potential return of $17.5 million for Journalism's first season as a stallion.
Yet Wellman is hopeful the prospect of a blockbuster 4-year-old campaign can sway everyone to support racing the highly popular colt in 2026.
"We've seen the fans and the industry truly embrace what a remarkable campaign he's been able to put together and they really appreciate it. Journalism managed to transcend industry-wide media and break into the mainstream media and gain a following that is so vital for our industry to create new fans, gamblers, owners, and breeders," he said. "We feel a real sense of duty in the industry to try to do our best when the rare opportunity comes our way to be associated with an elite individual."
Of course, that's a lot of money to leave on the table. And while Wellman stresses that money is not of primary importance in the decision, it cannot be ignored.
"There's no question that our operation and our partners are constantly putting a steady influx of capital into the game and you have to be prudent about realizing liquidity events," Wellman said. "Being faced with that as it relates to Journalism, it is an important decision. But I think we have made it clear that at Eclipse that we're not all about the financial ramifications of any decisions we make.
"We take that responsibility for our partners very seriously and we need to be responsible with these decisions. But we're also trying to balance first and foremost what's in the best interest of the horse, what's in the best interest of our partners, and trying to be good stewards and promoters of the sport at large. You can see that in the way we have campaigned horses like Journalism and (the 4-year-old) Locked (who was shipped cross-country to win the Santa Anita Handicap, G1, earlier this year).
"With Journalism," he added about the $3.9 million earner, "it hasn't been about the money. It's about trying to showcase what we believe to be an exceptional horse and a true iron horse at the top level. We've reaped the benefits of that but his stud value has also been enhanced for Coolmore who made a big investment in him at an early stage in his career."
Wellman is also hopeful that Coolmore may want to race Journalism next year since its 2026 freshman class of stallions is expected to feature Sierra Leone and Repole Stable's Fierceness, two champions who ran 1-2 in last year's BC Classic and are among the favorites along with Sovereignty and Journalism for the upcoming edition at Del Mar.
"Coolmore already has an incredible freshman class going to the breeding shed," he said. "Perhaps from a strategic perspective it makes sense for us to test our notion that Journalism is a horse designed to get better with age. It would give him much more of a chance to be the true standout that he is."
The situation is similar to the one Coolmore faced last year with Sierra Leone. The famed international breeding and racing operation bought Sierra Leone for $2.3 million as a yearling along with Peter Brant, Westerberg, and Rocket Ship Racing.
A son of Gun Runner , Sierra Leone could have commanded a huge stud fee after winning the Classic and being named the champion 3-year-old, but Coolmore and the partners elected to continue racing him with trainer Chad Brown.
So far this year, the $7 million career earner has won the Whitney Stakes (G1) and earned $998,200 in four starts.
The benefit to the sport of stars and champions racing at 4 and older can be seen in the glittering field for the $7 million Breeders' Cup Classic. This could be the best field ever for the mile-and-a-quarter Classic as 2025 has seen the perfect storm of a trio of top 3-year-olds returning at 4 (Sierra Leone, Fierceness, and Mindframe), with all of them winning a grade 1 stakes, mixing with the current 3-year-old crop having three sensational, grade 1-winning runners in Sovereignty, Journalism, and Baeza.
Add into the mix Forever Young, a Japanese star who was third last year in the Classic at 3 and won the $20 million Saudi Cup (G1) earlier this year, and you have a highly formidable top 7 that will be tough for even 4-year-old grade 1 winners such as Locked and Antiquarian to crack.
"It's a race with one monster after another," Wellman said.
Mindful of what his group is going through, the Eclipse boss voiced praise for the connections who brought their star back for a 4-year-old campaign and created such a memorable year of racing.
"It's a tribute to the owners and connections of last year's top 3-year-olds who are game enough and sportsman-like enough to bring Sierra Leone, Fierceness, and Mindframe back and the owners and the industry are reaping the benefits," Wellman said. "You've seen all three win major grade 1 stakes. It goes to show that if you have the right prospects, bringing them back as a 4-year-old is not just great for racing itself and the fans and the bettors, but can enhance your horse's value if he continues to race and maintains his top form. "Hopefully this year sets a precedent for owners of top 3-year-olds faced with that tough predicament. It's a tough choice to either retire your horse or continue racing him. But hopefully what we've seen this year will become a trend in the future because everyone is benefitting from it. We're seeing one of the most spectacular racing seasons we've seen in a long time."
