They made €266 million - and now they're spending big with Gordon Elliott

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A very warm welcome to the future. It is the year 2025. Gordon Elliott may or may not have won his first trainers' title; he probably has. Oasis may or may not have got back together; definitely maybe. Noel and Valerie Moran may or may not have owned multiple Grade 1 winners; definitely.

It is about time you found out about the couple who put their signatures on a cheque to the value of €470,000 to get Ginto, the Walk In The Park gelding who won a point by a dozen lengths in October and subsequently topped the Tattersalls Cheltenham November Sale.

Ginto is the latest star signing for a squad jam-packed with potential. Zanahiyr is now favourite for the Triumph Hurdle following his recent Fairyhouse win which got the clock-watchers in a right old tizzy. That was the Morans' first Graded win.

Queens Brook was third in the Champion Bumper at the festival, Clondaw Secret won a hot maiden hurdle at Navan on Saturday in stylish fashion, while the exciting four-year-old Grand Roi has also been bought out of Nicky Henderson's yard. The Bosses Oscar's best days are surely ahead of him too given he is only five – how unlucky was he in the Martin Pipe last March?

Hollow Games won his point by 30 lengths, his bumper by seven at Punchestown and is only four. So, too, is Party Central, second in a Listed mares' bumper at Navan last month. You get the gist. It is about building for the future.

Right now it is all about potential; by 2025 it will be all about perfection.

Queens Brook (left) finishes third in this year's Champion Bumper. Expect the Morans to have many more festival runners in 2021Credit: John Grossick

It is a deceptively cold December evening and darkness is descending on Bective Stud, 180 acres of lush County Meath land halfway between Navan and Trim which was bought by the Morans in 2016.

There is just enough daylight to appreciate how aesthetically pleasing this place is: the lanterns on the avenue, the driftwood sculptures, the way the old original brickwork blends in with the new modern barns. There is an overwhelming whiff of quality once you come through the gates.

"It was all down to a horse called River Tarquin," explains Noel, who turned 51 on Saturday, when asked how his racing empire began.

"Myself, my brother Sean and my father [John] had a leg in him back in the late 80s and early 90s. He won eight races for us. He won the Troytown Chase at Navan back in 1991 and won what is now the Paddy Power Chase at Leopardstown in 1992. It was the Findus back in those days.

"It's funny, the same syndicate [Robinstown Racing Syndicate] spent the winnings from River Tarquin on buying a horse called Musical Duke, who was really well bred and cost plenty, but he wouldn't run out of your way! So I got to see the good end of ownership and the bad end pretty quickly."

We will return to the horses shortly but first some background on Moran. The Navan native, whose wife Valerie hails from Zimbabwe, was crowned European Entrepreneur of the Year in 2018 when he was chief executive of Prepaid Financial Services (PFS), an alternative banking business he and Valerie built from their kitchen table in London during the middle of the world's worst financial meltdown.

They sold it last year for €327 million in a deal that gave the couple a payout of €266 million. "It was a good and fair evaluation, that's what it was worth," is how Noel describes the price tag.

"It was always a passion of mine and it was enjoyable because you were doing something different every day. The clients you were dealing with were all very different. It could be a large corporate business one day, a little corner shop the next. It was varied. That's what I liked about it."

Prepaid Financial Services lost €42,000 in its first year operating and that turned into a €327 million profit, so Noel was never going to get too disillusioned when his collaboration with Elliott was out of tune in their first audition together.

"The first horse we had with Gordon, who was called Moonman, died the second time he ran for us, so it wasn't a great start," he says. "Gordon said if we were still interested in the game after that, he had one or two others that might suit us. One of those was Swingbridge, the other was Masterson. Neither of them were too bad. Masterson won at Clonmel and Swingbridge won six for us."

And so the journey began. The Morans, you see, saw a bit of themselves in Elliott.

"Gordon is local and he's one of the best around too, so that helps. The fact that he's local means we can tip over to see the horses fairly handy. We had a few options, but we knew Gordon was one of the best in the industry so, to be honest, it was an easy decision.

"He's very passionate about the whole thing; very determined. He's absolutely adamant he will be top trainer some day in Ireland and I have no doubt he will be. It's been a great battle between himself and Willie Mullins for the last few years and he's been unlucky a few times.

"When we looked at the different trainers we could use, we felt that Gordon was a bit like ourselves with PFS. He had the work ethic that we had with PFS. He calls a spade a spade too. That's important. If something is not right he will tell you straight away. He's always trying to improve things and ultimately everything he does is done in the hope that he will have more winners and have better horses. You can't ask for much more than that."

Gordon Elliott: 'He's absolutely adamant he will be top trainer some day in Ireland'Credit: Patrick McCann

So, then, how big do the Morans want to be? Are we watching another Gigginstown empire being built?

Noel replies: "No, we don't want to be as big as Gigginstown, but we definitely want to compete at Grade 1 level. That's the objective. You don't need to have 300 or 400 horses to do that. It obviously makes it a bit easier, but if you're selective with what you're buying, you can still compete in the Grade 1s.

"We only really started two years ago so all of our horses are four or five. We don't even have a chaser at the moment. It was always going to take four of five years for the thing to build and we won't have any good staying chasers for another three years.

"If you're doing something, you want to do it right. We want to compete at the top level. If you look at some of the horses we have bought recently, they are from the top end of the market so we're buying a better calibre of horse now. We'd rather have fewer horses who are competing in Grade 1s than have a whole load of ordinary horses."

You have probably realised it by now, but it is the Grade 1s that matter most to the Morans. Their philosophy focuses on quality rather than quantity.

"Last year we had two runners in Cheltenham, we'd be disappointed if we didn't have a few more in March.

"Gordon has a great team around him. He gets good input from Jamie Codd, and Eddie O'Leary is no longer buying for Gigginstown so, if there's anything decent, he will always give me a heads-up on something. There is a very good team behind the scenes. If there's something that's decent we will probably know about it.

"There were a lot of people eyeing up Ginto so we were lucky to get him. Gordon thinks an awful lot of him. If you're buying at the top end, you have a better chance."

Ginto strolls to a 12-length success at Tattersalls point-to-point. Last month the Morans coughed up €470,000 for him at Cheltenham's November SaleCredit: Tattersalls Ireland

Given he was European Entrepreneur of the Year in 2018, it is hard not to scratch your head and wonder why Moran is investing so much of his money in horses. He is surely streetwise enough to know that a decent return on investment is not so much guaranteed as almost impossible.

"The only way you will make a million pounds in this game is to start with five," he says in the tone of a man who knows only too well what he is letting himself in for.

"There is no money to be made in racing. I think everyone knows that. We're in this for sheer enjoyment. We're lucky enough to be in a position where we can pump some money into it and hopefully get some good days out and have some nice winners. We'd love to try to build up something decent here.

"To win a race at Cheltenham would be nice, but I'd settle for a Grade 1 winner anywhere."

The conversation comes back to Bective Stud.

"This place came up on the market about four years ago and it was a good opportunity to get back into the horseracing side of things. It killed a couple of birds with one stone. I was always interested in the breeding end of things so I wanted to breed and have a few runners. It was just a coincidence really that we ended up selling the business at the same time. That allowed us to accelerate what we were doing here.

"We have 17 paddocks, we've redeveloped the stables, put in lunge rings, a three-and-a-half-furlong gallop, and a separate arena. We have everything we need to do the pre-training here. We tried to put in decent facilities here so when we do the pre-training the horses will go back to Gordon a bit fitter.

"Michael Lynam is the stud manager here and he does a brilliant job, while our racing manager Shay Morris is a big part of the team too."

Valerie says: "It's one of those projects where the achievements are right in front of your eyes. You can appreciate them. It's been a labour of love over the last few years."

They are not finished yet either.

"We hope to build a five-star hotel here," says Noel. "We've been working on that for the last three years. Meath is one of the very few counties in Ireland that doesn't have a five-star hotel so we feel there is an opportunity there. We're working on submitting planning permission in the next few weeks."

If you thought Noel and Valerie were going to set off into the sunset with their windfall, you'd better think again.

"We'd be bored if we had nothing to do. We're working on multiple projects. If I didn't have stuff like this to do I would be bored out of my tree," laughs Noel.

Valerie adds: "If you're coming from the busy life that we've had you can't just sit back and do nothing. That would not suit us at all."

It was Elvis who said "ambition is a dream with a V8 engine". If that is the case, the Morans have no shortage of horsepower.

Noel and Valerie on their greatest ever day as owners

"It wasn't even a winner would you believe, it was the day Frankie Dettori rode for us at Royal Ascot," Noel says.

"We had Batts Rock running in the Ascot Stakes last year and to have Frankie on one of your horses was some buzz. He finished eighth, but ran well enough and I have to say I thoroughly enjoyed the day. It was magic.

"It was our first time at Royal Ascot and it was a phenomenal experience. I wouldn't be big into the Flat so it was a different experience for me, but I have to say I really enjoyed it."

Batts Rock (far left) gives the Morans a day to remember at Royal Ascot in 2019, finishing eighth in the Ascot StakesCredit: Bryn Lennon

Valerie adds: "I love a day at the races. The adrenaline rush you get when you have a horse running is amazing. All those around you don't really understand. It's a nervous moment, you're holding your heart in your hands.

"I remember when The Bosses Oscar ran at Cheltenham, everybody around us was so excited but I spent most of the day going to the loo because I was so nervous!

"I had no interest in horses until I met Noel, but it's a very easy sport to fall in love with. Some of the horses we have here are absolutely gorgeous. You become very attached to them and you worry sick when something happens to one of them. You've created a bond with the animal."

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