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For several years, Mike Pegram has been a partner in a number of horses trained by Bob Baffert in addition to running horses soley under his name. He owns about two dozen McDonald's restaurants in Arizona and is a partner in casinos in Reno, Nev. Pegram became a racing fan during his youth in Indiana, and was later introduced to Baffert by Hal Earnhardt, an Arizona car dealer, while Baffert was still training Quarter Horses. Pegram often campaigns horses in partnership with Paul Weitman and Karl Watson, also Tucson-area car dealers. Pegram met Weitman at an NCAA Final Four in Kansas City in 1988.

The trio's first horse together was Midnight Lute, the Eclipse Award-winning sprinter. They also were partners in Lookin at Lucky, the 2-year-old male champion, who won the 2010 Preakness. In his own name, Pegram has raced Hall of Famer Silverbulletday, Kentucky Derby and Preakness winner Real Quiet, and Dubai World Cup winner Captain Steve.

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