Ethical Diamond Back in Business as Mullins Maps Route to Breeders’ Cup Turf Defence
There was nothing spectacular about Ethical Diamond’s victory at Leopardstown on Thursday evening. There did not need to be.
For Willie Mullins, the important thing was seeing last year’s Breeders’ Cup Turf hero return to the winner’s enclosure after two disappointing performances had raised legitimate questions about whether the six-year-old remained capable of reproducing the form that carried him to a remarkable victory at Del Mar.
Ethical Diamond answered some of those questions in the Group 3 Ballyroan Stakes. He had to work considerably harder than his 11-10 starting price suggested, eventually defeating Green Impact by only a short head under Ryan Moore, but the victory puts Mullins back in a position to plan towards the race that really matters.
The destination is Keeneland on October 31, where Ethical Diamond could attempt to defend his Breeders’ Cup Turf crown.
From Del Mar Hero to Difficult Start
Few horses in training possess a profile quite like Ethical Diamond.
A winner of the Scottish Champion Hurdle in 2025, he travelled to Del Mar later that year and produced one of the great international performances of the season, upsetting a high-class Breeders’ Cup Turf field at 28-1.
It was not an ordinary shock victory, either. Ethical Diamond defeated established international star Rebel’s Romance and Minnie Hauk, proving himself capable of competing with elite middle-distance horses on the Flat.
His subsequent campaign, however, had been far less convincing.
Well beaten in both the Sheema Classic and Hardwicke Stakes, Ethical Diamond arrived at Leopardstown needing to show something closer to his old self.
On official ratings, Thursday’s race was his to lose. On the track, it proved considerably more difficult.
Green Impact pushed him all the way and favourite backers endured an uncomfortable final few strides before Ethical Diamond prevailed by the narrowest of margins.
The performance itself will not frighten his potential Breeders’ Cup rivals.
The fact that he is winning again might.
Mullins Working Backwards From Keeneland
Willie Mullins made his priorities clear afterwards.
The Breeders’ Cup is the objective, and everything between now and October will be planned accordingly.
That could result in another American adventure before Keeneland.
Mullins identified a valuable mile-and-a-half race at Kentucky Downs as one possibility, while Ethical Diamond also holds an entry in the Irish St Leger.
The Kentucky option is particularly intriguing.
Rather than simply preparing Ethical Diamond at home before travelling for the Breeders’ Cup, Mullins could use another lucrative American contest as part of his preparation.
Whatever route is chosen, there is now sufficient time to build towards October without asking the horse to peak too early.
Why Leopardstown Mattered
It would be easy to look at a short-head Group 3 victory at odds-on and conclude Ethical Diamond underperformed.
That ignores the wider picture.
After two disappointing runs, the immediate requirement was to rediscover the winning habit.
Thursday accomplished that.
There is also plenty of evidence from Mullins’ career that his horses do not necessarily need to produce their defining performance in their preparation race. His operation has repeatedly demonstrated an ability to target major prizes months in advance and bring horses to their peak when it matters most.
Ethical Diamond himself is evidence of that versatility.
Very few horses could win a major handicap hurdle and subsequently develop into a Breeders’ Cup Turf winner. That adaptability is part of what makes his career so unusual.
A Much Tougher Assignment Awaits
Defending a Breeders’ Cup title is another matter entirely.
Ethical Diamond was underestimated at Del Mar. He certainly will not enjoy the same anonymity at Keeneland.
The early market reflects the scale of the task, with Paddy Power cutting him from 25-1 to 20-1 following Thursday’s victory. Irish Derby winner Benvenuto Cellini currently heads the market at 5-2.
Plenty can change between August and October, particularly once the leading European and American middle-distance horses complete their autumn preparations.
For now, Ethical Diamond has simply earned himself another opportunity to join them.
John Mills’ View
The winning margin at Leopardstown matters considerably less than what happens next.
Ethical Diamond was returning from two below-par performances and needed to demonstrate that another international campaign remained realistic. He did enough.
The fascinating part now is how Willie Mullins gets him to Keeneland.
Few trainers are better at working backwards from one major target, and Ethical Diamond has already shown that conventional racing profiles mean very little where this stable is concerned.
He remains a long way from proving he can win another Breeders’ Cup Turf, but Thursday ensured the defence is very much alive.
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