June 9, 1973: Secretariat and the Economics of an Untouchable Record

Some stories are really about the numbers.On June 9, 1973, Secretariat won the Belmont Stakes by 31 lengths in a world record time of 2 minutes and 24 seconds that has never been broken. But the business story that surrounds that afternoon is just as remarkable as the race itself.Penny Chenery had syndicated the horse for $6.08 million in January, selling 32 breeding shares before he had run a single race at three, to pay an estate tax bill that might otherwise have forced her to sell him outright.Five months later, 5,617 people holding winning betting tickets at Belmont Park chose not to cash them, deciding the paper was worth more than the payout. The records Secretariat set that day have generated licensing revenue, media rights, and cultural permanence for more than fifty years since. Some performances create their own economic category.From bsnsHistory, the daily podcast about the moments when business quietly reshaped the world.Written and hosted by Ron Trucks. Research and editing by Rodney Russ. Sound design by Angela Cahoy. Music by Cody Martin and Soundstripe.For more daily business stories, visit www.bsnsDAILYpodcasts.com