Sheikh Mohammed bin Rashid Al Maktoum has expanded his global horse racing empire by buying Australia’s largest thoroughbred business in a deal understood to be worth close to A$500m ($451.6m).

The Dubai ruler’s Darley business will acquire the bloodstock operations of Inghams Enterprises, which include training operations in Sydney and Melbourne, pre-training facilities outside Sydney, two thoroughbred studs and close to 1,000 other horses.