Owner says incentives could make Pharoah worth well more than $20M

American Pharoah makes history (1:34)

Joe Tessitore and Matt Bernier discuss American Pharoah's becoming the 12th horse to win the Triple Crown. (1:34)

Aside from putting himself into racing immortality by winning the first Triple Crown since 1978, American Pharoah has made millions more for his owner, Ahmed Zayat.

With an $800,000 first prize at the Belmont, American Pharoah boosted his race winnings to more than $4 million Saturday. But the win made him even more valuable at stud.

Zayat said there was an incentive clause in his deal to sell the horse's stallion rights to Coolmore Farms. The deal, struck last month, valued the horse at more than $20 million. Zayat, citing the confidentiality of the terms, would only say Saturday's win would make the deal "substantially more."

If American Pharoah's stud fee skyrockets in the future, Zayat is protected, as he still owns at least 25 percent of the breeding rights.

Zayat himself bred American Pharoah but already sold the horse's mother and father. Zayat sold the horse's dam, Littleprincessemma, outright in November for $2.1 million. Last year, they also sold an undisclosed stake in the horse's sire, Pioneerof the Nile.

Last month, Zayat Stables moved to protect American Pharoah's intellectual property by filing for six trademarks, including "American Pharoah Triple Crown" and "American Pharoah Champion Racehorse."

Triple Crown clauses in the horse's sponsorship deals, with Monster Energy and WheelsUp, are believed to be worth nearly $1 million.

Leverage Agency, which negotiated the marketing deals for the horse, already has set up an exclusive autograph deal for jockey Victor Espinoza with Steiner Sports. Leverage CEO Ben Sturner said the company also did a licensing deal with Fanatics, the largest online licensed sports retailer in the country.

Zayat owns 100 percent of the horse's racing future, and although he has previously said he would finish out his 3-year-old year on the track, now that the horse has won the Triple Crown it's possible the horse will be retired at stud so as not to risk his breeding future.

Although Zayat bred the horse, he tried to sell it in 2013, but when he couldn't get the price he wanted, he bought it back at auction for $300,000.