SF, which is also a part-owner of Newgate Farm in Australia, has breeding stock in the United States, Australia, England, Ireland and France. It could not be determined how much money Mr. Soros’s firm has committed to the horse racing business.

SF Bloodstock, which according to court filings is owned by SF Agricultural Holdings L.L.C., employs a for-profit model and focuses on the breeding side of the industry, purchasing stallions, or shares in them, and broodmares while selling yearlings at auction. In 2015, it entered into a three-year partnership with WinStar Farm and China Horse Club that allowed them to spend big while spreading risk at yearling and 2-year-old sales. That is how the group partly acquired Justify and the third-place Kentucky Derby finisher Audible, but it quickly sold its racing rights in those horses to Head of Plains Partners and Starlight Racing.

“To me, and the couple guys that I do this with, it’s more fun to be in the winner’s circle when Justify wins the Derby holding the trophy,” said Sol Kumin, a hedge fund executive who runs Head of Plains. “So you kind of have to pick. If this became my full-time job, which it won’t, I would have a different program, focusing more on the stallion business and breeding. Now we still want to make money, and so far we’ve done well, but it’s hard.”

Just days after Justify’s Preakness victory, chatter began to surface about a $60 million deal with the rival farm Coolmore for his breeding rights. The deal is believed to include a bonus of about $25 million if he were to win the Triple Crown and would allow the partners to retain some shares and lifetime breeding rights in the horse. It was agreed to before the Preakness, people familiar with the deal said.

[READ MORE: At Belmont, a Triple Crown More Than Triples the Attention]

But Winstar’s president and chief executive, Elliott Walden, said a deal had not yet been completed. The partners might wait until September, when it will have owned Justify for two years, to complete a deal so they become eligible for the lower tax rates associated with capital gains.