For several years, the three Arizona businessmen have been partners in a number of horses trained by Bob Baffert. Watson, who grew up in Missouri, moved to Tucson in 1984 and owns a number of car dealerships. Weitman, a Georgia native, has been in Tucson since 1977 and owns several car dealerships. 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 first horse owned by Watson, Weitman and Pegram 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.