Lance Gasaway Net Worth: Business, Racing, And Legacy

Lance Gasaway Net Worth details for 2026, outlining verified income sources from large-scale farming, agribusiness, and horse breeding ownership.

Feb 02, 2026

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Lance Gasaway grew up in Arkansas, raised by his father, David “Clint” Gasaway, along with his brother, Greg. From an early age, Gasaway was introduced to horses through his family; he credits his father with instilling a lifelong interest in horse racing.

Gasaway went on to attend the University of Arkansas at Monticello (UAM) for college. He graduated in 1986 with a Bachelor of Science in Business Administration, and during his time at UAM he also walked on to the football team as a wide receiver.

Key Fact	Key Fact
Lance Gasaway Net Worth	No publicly verified net worth as of 2026.
Primary Profession	Arkansas farmer and agribusiness owner.
Family Farm	Co-manages G & L Gasaway Farms.
Large-Scale Operations	Manages an 18,000-acre Arkansas farm.
Business Ventures	Agriculture aviation and local retail ownership.
Education	B.S. in Business Administration, UAM (1986).
Kentucky Derby Win	Co-owner and co-breeder of Mystik Dan (2024).
Historical Significance	First Arkansas-based Derby owner since 1992.
Breeding Income	Retains stud ownership interest in Mystik Dan.
Industry Recognition	TOBA finalist and UAM Distinguished Alumnus.

Lance Gasaway Career

Lance Gasaway is an Arkansas farmer and entrepreneur who gained national prominence in horse racing as co-owner and co-breeder of Mystik Dan, the colt that won the 150th Kentucky Derby in 2024. Gasaway’s primary career has been in agriculture and small business.

He co-manages a family farming enterprise and related ventures in southeastern Arkansas, and only later turned these resources and experience toward thoroughbred racing. After building a successful farm and business career, he parlayed his equine interests into a championship in the sport’s biggest race, a feat that made him one of the first Arkansas-based owners to capture the Kentucky Derby in decades.

Professional Background: Farming & Business Career

Gasaway built his reputation in Arkansas as a large-scale farmer and businessman. He co-runs G & L Gasaway Farms in Gould, Arkansas, a multi-generational family farm, working alongside his brother and other relatives. In addition to his own family farm, Gasaway oversees major farming operations for other investors.

He manages an 18,000-acre farm in Arkansas on behalf of a Utah-based group. Throughout his career he has combined traditional farming with agribusiness ventures: he operated an agricultural aviation (flying) service with six locations across southeast Arkansas, and he owned local retail companies such as Pine Bluff Blueprint and a tanning salon in Pine Bluff.

Gasaway earned a Bachelor of Science in business administration from the University of Arkansas at Monticello in 1986, which laid a foundation for managing these enterprises. His success in agriculture and business has made him a respected figure in Arkansas; in 2025 he was honored as the 63rd Distinguished Alumnus of his alma mater for his contributions to industry and community.

Entry Into Horse Racing Industry

Although Gasaway’s family was rooted in farming, he nurtured a lifelong interest in horse racing. His father took him regularly to Oaklawn Park in Hot Springs during his youth, and Gasaway followed the sport as a hobby. Around 2012, Gasaway and a business partner, Daniel “Banks” Hamby III, began acquiring racehorses on a modest scale.

Their early purchases, including at least three horses at Oaklawn, met with limited success. A turning point came when their colt Wells Bayou won the Grade 2 Louisiana Derby in 2020. That victory inspired Gasaway and his partners to pursue higher goals in racing.

Gasaway entered the thoroughbred breeding side of the industry on the advice of trainer Ken McPeek. In 2016, McPeek suggested that Gasaway purchase an inexpensive broodmare instead of continuing with two-year-old racehorses.

Following this guidance, Gasaway and his partners bought a mare named Ma’am, an Arkansas-bred daughter of Colonel John. Gasaway later recalled that before acquiring Ma’am, he had only owned a handful of Arkansas-breds and knew next to nothing about the breeding business.

Under McPeek’s mentorship, Gasaway learned the fundamentals of breeding and raising racehorses at McPeek’s Magdalena Farm in Lexington, Kentucky. This step marked Gasaway’s official entry into the world of Thoroughbred ownership and breeding.

Role As Horse Owner & Breeder

Gasaway races his horses through small partnerships. Notably, he joined his cousins Brent and Sharilyn Gasaway’s stable 4G Racing, LLC and partner Daniel Hamby, creating a tight-knit ownership group. He contributes capital, decision-making, and family resources to the stable. Through these partnerships, Gasaway co-bred and co-owned horses on which he placed family racing colors (green and black, an homage to his university).

The centerpiece of Gasaway’s racing career is the horse Mystik Dan (foaled 2021). This colt is out of Ma’am (the mare Gasaway purchased) and was bred in partnership with 4G Racing and Hamby. Mystik Dan was foaled at McPeek’s farm and raised under Gasaway’s first-ever breeding venture. Gasaway has explained that Mystik Dan was the first horse that he ever bred.

Once Mystik Dan began racing, Gasaway and his partners campaigned him under trainer Kenny McPeek. Gasaway’s responsibilities as owner-breeder have included financial support for the horse’s career, coordination with the trainer, and strategic decisions about racing and breeding.

Throughout 2022–24, Gasaway oversaw Mystik Dan’s preparation and races: the colt won a maiden special weight and a listed stakes, finished third in the Arkansas Derby (G1), and ultimately qualified for the Kentucky Derby.

Gasaway also expanded his racing activities after the Derby. He was part of the ownership group of a promising 2-year-old named Blackout Time by the stallion Not This Time. In 2025, Blackout Time won his first start by a wide margin. Gasaway has been actively involved in that colt’s career too, aiming toward top-level races.

His engagement with new horses like Blackout Time shows that he intends to continue breeding and owning thoroughbreds, building on the family-based operation that brought him success.

Mystik Dan & Kentucky Derby 2024 Success

On May 4, 2024, Gasaway’s colt Mystik Dan won the Kentucky Derby (the 150th running of the race) in one of the most dramatic finishes in history. After qualifying by winning the Southwest Stakes (G3) by eight lengths and running third in the Arkansas Derby, Mystik Dan entered the Derby at 17–1 odds.

Jockey Brian Hernandez Jr. guided him to the front along the rail, and the race ended in a photo finish against two challengers. The result was confirmed after several minutes: Mystik Dan had edged out Sierra Leone and Forever Young by a nose and a head, marking the closest three-horse finish since 1947.

This victory was historic for Arkansas. Gasaway’s partnership became the first Arkansas-based ownership group to win the Kentucky Derby since 1992. Arkansas officials and media celebrated the achievement: Arkansas governor met with Gasaway and the state legislature passed a resolution honoring the win.

Gasaway himself was outspoken about the thrill and improbability of the accomplishment. He said after the race that “Derby Day was so wild. After you sit back and reflect on it, you kind of really realize what we accomplished. I’m blessed to have a horse of this caliber.

With people like Kenny McPeek and his whole crew, they deserve all the credit. For us as owners, it’s just a reflection of how good a job they do.” Reflecting the pride in his home state, he also noted “It’s a big deal for Arkansas.”

The Derby win significantly boosted the status of Gasaway’s racing operation. Mystik Dan’s career earnings topped $4 million by late 2025, and the colt has been retired to stud at Airdrie Stud in Kentucky.

Gasaway retains an ownership stake in the horse at stud, and the partnership handles breeding rights and fees. In sum, winning the Derby catapulted Gasaway from a local owner to a nationally recognized figure in horse racing, validating his leap from farming into breeding.

Business Reputation & Industry Credibility

Gasaway’s success has earned him recognition in both business and racing circles. In his home state, he has been honored for a lifetime of achievement: in addition to athletic hall-of-fame honors, he was named Distinguished Alumnus of the University of Arkansas at Monticello in 2025. This award reflects his long-running career in agriculture and entrepreneurship.

Within the horse industry, Gasaway’s partnership was acknowledged by peer organizations. In 2025, he was a finalist for two awards from the Thoroughbred Owners and Breeders Association: Small Breeder of the Year and the Cot Campbell Partnership of the Year.

These nominations came on the heels of Mystik Dan’s Derby victory and signaled that industry leaders considered Gasaway’s breeding-operation noteworthy. Industry media have also featured Gasaway’s story. For example, he was the subject of a feature piece in a leading racing publication on the eve of the 2024 Derby, highlighting his ascent as an owner.

Trainers and commentators have praised Gasaway’s approach; after the 2025 debut of Blackout Time, which he co-owned, a reporter noted Gasaway’s excited but down-to-earth reaction to the horse’s win.

These honors and coverage underscore Gasaway’s credibility. He is viewed not as a dilettante owner but as a serious participant: a successful businessman who applies his management skills to racing.

His colleagues credit him with dedication and humility, even on the biggest stage, by consistently emphasizing the role of his trainers and team. This balance of ambition and respect has earned him a solid reputation in the racing community.

Current Career Status & Future Involvement In Horse Racing

As of 2026, Lance Gasaway remains actively involved in thoroughbred racing. His flagship horse, Mystik Dan, has finished racing and begun his stud career in Kentucky, which means Gasaway continues to share in that horse’s future breeding income. Gasaway has also continued to develop new racing prospects through his Arkansas-based operation.

In 2025 he helped campaign the juvenile colt Blackout Time (by Not This Time), and after that horse’s maiden win Gasaway publicly spoke about aiming for the Breeders’ Cup and even another Kentucky Derby run. His comments show that he intends to stay in top-level competition, building on the momentum of 2024.

Meanwhile, Gasaway continues his agricultural and business endeavors in Arkansas. He and his brother still manage their family farm, and he oversees the broader agricultural enterprises (like the large farmland and aerial service) that have supported his racing interests.

Balancing farm management and racehorse ownership is a hallmark of Gasaway’s career. His trajectory, from Arkansas farmer to Derby-winning owner, suggests he will remain a notable figure in horse racing. Observers expect Gasaway to field more horses in stakes races in coming years, using the experience and resources he has assembled.

In short, Gasaway’s current status is that of a veteran agribusinessman turned successful racehorse owner, who shows no signs of slowing his involvement in the sport.