Evidence clearly demonstrated that the €15m deal agreed between Coolmore boss John Magnier and Richard Thomson-Moore on 22 August 2023 to buy Barne Estate was an unconditional deal for either the land or the company that owned the land, the High Court heard last Thursday.

Paul Gallagher SC, counsel for John Magnier and his family argued that the mechanism of sale (land or company) was left open. He argued that Richard Thomson-Moore, his wife Anna and their estate agent John Stokes, had the authority to conclude the deal on 22 August 2023. He argued that the sale of the land was evidenced in writing and partially performed by Coolmore, including by offering a job to Barne Estate’s farm manager.

Coolmore also argued that the Barne Estate side breached a subsequent exclusivity agreement, under which the Barne side undertook it would not entertain bids from any other party to buy the property.

ADVERTISEMENT

Multiple witnesses gave contradictory evidence about whether or not the Thomson-Moores or John Stokes told John Magnier, Mrs Susan Magnier and Coolmore farm manager Joe Holohan that trustee approval was required to ratify the €15m oral and handshake August agreement.

“I think the recollections of the Thomson-Moores are mistaken in that regard, contradicted in important respects by Mr Stokes, who does not recollect, and undoubtedly would have recollected if Mrs ThomsonMoore had, as she put it, three times said that it was subject to trustee approval, the first time at the very beginning of the evening,” said Mr Gallagher.

“Ms Sue Magnier is emphatic that it wasn’t said, as are the other two Coolmore witnesses that were present.” Mr Thomson-Moore and Mr Stokes gave evidence that it was said on the night.

“But, judge, perhaps the most emphatic confirmation of what happened and this is undisputed and unambiguous is that following this meeting, nobody came back to say the trustees had approved,” Mr Gallagher pointed out.

He added that there was “no possibility that the trustees were going to second guess or refuse to accept a deal agreed by them” so there was no need to make it subject to trustee approval on the night.

Mr Gallagher put it to the court that the Thomson-Moores “went to that meeting in the knowledge that the trustees wanted this sold”. He said they went to the meeting having done price calculations and wanting a deal with “somebody of the financial capacity of Mr Magnier, known to be a man of his word, who was going to follow through on that deal”.

Richard Thomson-Moore and the Barne Estate companies deny the 22 August 2023 deal was binding and say it was subject to trustee approval.