JP McManus poaches Cheltenham Festival favourite The New Lion for rumoured £1million in seismic coup

JP McManus has poached Cheltenham Festival favourite The New Lion for a rumoured £1million, according to reports.

The game's biggest owner is believed to have sealed the astonishing coup just two months before racing's biggest event.

Darren Yates, the former owner of The New Lion before he was bought by JP McManus, became a millionaire after backing Frankie Dettori's Magnificent SevenCredit: PA:Press Association

Harry Skelton cruises to victory in the Challow on The New Lion, who has been bought by JP McManusCredit: PA

The New Lion was previously owned by Darren Yates - who became a multi-millionaire after betting his last £62 on Frankie Dettori's Magnificent Seven in 1996.

One source in the bloodstock world told Sun Racing there was 'no way' Yates would consider offers under £500,000 for his awesome Challow Hurdle winner, who is 3-1 fav for the Turners Novices' Hurdle.

It is believed the figure billionaire McManus paid is between £800,000 and £1m.

The six-year-old gelding is a perfect four from four and never came off the bridle in winning his first Grade 1 last month.

The New Lion is trained by Dan Skelton, who won the old Turners Novices' Chase last season with Grey Dawning.

Speaking after The New Lion's Challow win, Yates said: "The story of this horse is unbelievable.

"I owned Blaklion and when we retired him I told Dan I wanted another (horse by) Kayf Tara.

"That's why we called him The New Lion - after the amazing horse that was Blaklion.

"It's very rare that you buy a horse, name him after a superstar and it looks like he's going to follow in his footsteps.

"He's one of the last Kayf Taras - he's obviously passed away.

"Harry and Dan told us about this horse before he even won a bumper.

"We've been offered a lot of money but we've been waiting a long time for a good one and it looks like we've got one."

Clearly McManus' cash proved enough to convince Yates to sell up this time, though.

And that is interesting considering Yates is believed to be worth around £20m.

Denied a £700 overdraft just a day before his life-changing punt, Yates won £550,000 backing Dettori to win all seven races at Ascot almost 30 years ago.

Of the fateful day, he said: “I’d been playing football for my local team in Morecambe and only caught the racing results over a post-game pint.

“I asked how it was going and they said Dettori had four out of four. I reckoned I’d won £700.

“Then Dettori's fifth and sixth horses went in and I thought I was heading for the £24,000 mark.

“So I went down to the betting shop to watch the seventh race and just quietly sat there.

“I couldn’t believe it when Frankie stormed home. I asked the counter girl how much I'd won, thinking it would be about £50,000. When she told me it was over £500,000 I almost fainted.”