For several years, the businessman has been a partner in a number of horses trained by Bob Baffert in addition to running horses soley under his name. Pegram became a racing fan during his youth in Indiana. He owns about two dozen McDonald's restaurants in Arizona and is a partner in casinos in Reno, Nev. Weitman and Pegram met at an NCAA Final Four in Kansas City in 1988. Pegram was introduced to Baffert by Hal Earnhardt, another Arizona car dealer, while Baffert was still training Quarter Horses. 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.
Governor Charlie is the 2013 Kentucky Derby hopeful for Pegram, earning 50 points on the news points system to secure a spot at Churchill.