Few horses enter the Preakness Stakes with a local following quite like Pay Billy. This three-year-old bay colt has become a fan favorite after a string of powerful efforts at Laurel Park, including a defining win in the Federico Tesio Stakes. Bred in Kentucky by WinStar Farm and purchased for $60,000 at the 2024 OBS Spring Sale, Pay Billy is living proof that value can still be found at auction. His connections—trainer Michael Gorham, jockey Raul Mena, and the RKTN Racing team—are bringing a wave of enthusiasm and momentum into the second jewel of the Triple Crown.

Unlike flashier rivals bred for high-stakes campaigns, Pay Billy took time to develop. He needed four starts to break his maiden, but ever since that breakthrough win in December 2024, he’s been on fire. He’s now 4-for-5, with his only recent loss coming by a nose. With a stalking style, steady improvement, and a hard-fought Tesio win, Pay Billy heads into Pimlico with plenty of upsides. And with over 30 co-owners and supporters flying in from Minnesota, the colt won’t lack for cheers when the gates open.

Who owns Pay Billy?

Pay Billy runs under the banner of RKTN Racing, a Minnesota-based ownership group led by managing partner Nate Nelson. The group is composed of longtime friends and business associates who decided to invest in racehorses as both a competitive and bonding experience. Their first major purchase was Pay Billy, a colt selected for $60,000 at the 2024 OBS April sale. The goal? To chase bigger dreams, even if Triple Crown races felt like a longshot at the time.

Fast forward to 2025, and that investment has turned into a reality none of them expected. RKTN Racing members, including Bob and Tony Nitti, Keith Hurley, and Mike Mikan, have become fixtures in Pay Billy’s journey, often attending races, workouts, and strategy sessions. They have shown immense patience, backing the horse even when early performances didn’t dazzle on paper. With four wins and over $230,000 in earnings, their gamble paid off. For the Preakness, RKTN Racing is bringing more than 30 people from Minnesota to cheer on their homebred hero.

Who is the trainer and jockey of Pay Billy?

Pay Billy is trained by Michael Gorham, a veteran horseman who has been conditioning thoroughbreds since 1985. Based out of Delaware Park, Gorham has a solid résumé that includes the Grade 1-winning mare Mandy’s Gold. Pay Billy represents Gorham’s first-ever starter in the Preakness Stakes, and he’s done a masterful job managing the colt’s development. Gorham laid out a careful path, targeting the Federico Tesio as a “Win and You’re In” prep, and Pay Billy delivered with a statement victory.

Aboard for all four of Pay Billy’s wins is jockey Raul Mena. Known for his patience and timing, Mena has developed a strong bond with the colt, especially as he matured in 2025. The Preakness will mark Mena’s first ride in a Triple Crown race, but his familiarity with Pay Billy’s rhythm and closing style could be a key factor on race day.

What are Pay Billy’s career earnings?

Pay Billy has earned $234,475 in career purses from eight starts. His record stands at four wins, one second, and one third, with all four victories coming in his last five starts. After struggling to find his footing early in his two-year-old season, the colt broke his maiden on December 15, 2024, and hasn’t looked back.

His biggest payday came in the Federico Tesio Stakes on April 19, 2025, where he earned an automatic berth into the Preakness. Other major contributions came from his wins in the Private Terms Stakes and a sharp allowance score at Laurel. With every race, he’s added both dollars and confidence, validating the belief his connections always had in him.

When and where is Pay Billy’s next race?

Pay Billy is set to contest the 150th Preakness Stakes (G1) on Saturday, May 17, 2025, at Pimlico Race Course in Baltimore. He drew post position 5 in a nine-horse field and enters as one of the longshots at 20-1 on the morning line. Post time for the Preakness is scheduled for 7:01 PM ET, with national coverage on NBC.

With a tactical style and improving speed figures, Pay Billy is expected to sit just off the early pace. He’ll try to make his move on the far turn—much like he did in the Tesio—and test his stamina and class against the best 3-year-olds in the country.

What are Pay Billy’s racing stats and past performances?

Career Record: 8 starts – 4 wins, 1 second, 1 third Career Earnings: $234,475

Key Races:

• Apr 19, 2025: 1st – Federico Tesio Stakes (LS) – 1 1/8 miles – Laurel Park
• Mar 22, 2025: 1st – Private Terms Stakes – 1 1/16 miles – Laurel Park
• Feb 22, 2025: 2nd – Miracle Wood Stakes – 1 mile – Laurel Park
• Jan 25, 2025: 1st – Allowance – 1 mile – Laurel Park
• Dec 15, 2024: 1st – Maiden Special Weight – 6 furlongs – Laurel Park

Before his winning streak, Pay Billy had a slow start with off-the-board efforts at Delaware Park. But once he figured out his running style and found his rhythm at Laurel, the improvement was dramatic. His best Beyer Speed Figure to date is an 85 from the Federico Tesio.

What is Pay Billy’s pedigree and bloodline?

Pay Billy is by Improbable, a multiple Grade 1-winning son of City Zip. Improbable finished fourth in the 2019 Kentucky Derby and later captured the Whitney Stakes and Hollywood Gold Cup. He was known for his toughness and consistency, traits now visible in his son Pay Billy.

His dam, Harlington’s Rose, was a stakes-winning daughter of Harlington, tracing back to Unbridled and Serena’s Song on the sire side. She was a speedy mare, excelling at sprint distances, which blends well with Improbable’s stamina to produce a balanced, adaptable runner.

This pedigree suggests Pay Billy has both the speed to stay near the pace and the staying power to compete over classic distances—an ideal mix for a Preakness challenger.

Pay Billy may not come with the hype of a Derby winner, but he brings something just as valuable: momentum, grit, and the belief of a deeply invested team. Trained by a veteran in Mike Gorham and ridden by trusted hand Raul Mena, this colt has transformed from a slow-starting maiden to a legitimate stakes winner in just a few months.

He enters the Preakness on a roll, with back-to-back wins and a rising speed profile. And with a 31-person Minnesota fanbase cheering from the stands, Pay Billy won’t lack for support. Whether or not he pulls the upset, he’s already become the story of what happens when belief meets opportunity.

In a field full of bluebloods and high-priced stars, Pay Billy is the grinder with heart. And on May 17, that might just be enough.