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Exciting Grade 1 Challow Hurdle winner The New Lion has been purchased by champion jumps owner JP McManus. The unbeaten Turners Novices’ Hurdle favourite is set to run in the famous green and gold silks with previous owner Darren Yates announcing his intention to leave the sport at the end of the season.

Yates, who famously landed a £500,000 gamble on Frankie Dettori's 'Magnificent Seven' in 1996, has owned multiple high profile National Hunt horses since 2010, including Blaklion, Cherie d'Am, and Ashtown Lad.

Speaking exclusively on the Nick Luck Daily Podcast, Yates said: "This developed because Paul Byrne, who is a very good friend of mine from Ireland, he was really badgering me after The New Lion won at Chepstow. He loved the horse and asked if I would like to sell him, I said I'd like to continue and see if we can win a Grade One. He said that was a big risk and I said it was my risk.

"What I do know from being in racing myself is you can't buy a good horse like this – they just don't exist. Or if they do exist, they never come up for sale.

"Paul came to me again, as he really believed in the horse, as I did, and I think from what I see, he has an amazing relationship with JP. I think JP is a very private man, there's a lot of trust there with Paul and I said this would be private between us if we do a deal.

"One of the things I asked Paul to speak to JP about was that Dan would carry on training and that Harry would carry on riding. JP, as a gentleman, said that wouldn't be a problem moving forward.

"Without Paul Byrne, the deal wouldn't have happened. I wasn't really interested in going to the sales and I like the way it's happened."

As a part of the deal, the Yates' will continue to receive a 'bonus' from future prize, allowing them to maintain an interest in the six-year-old. The fee paid by

remains undisclosed, with Yates adding: "The deal massively suits JP and massively suits me. I'm not going to go into it obviously, because JP wanted to keep it private, which is great with me, but it does give me an interest in the horse moving forward as well. Let's call it a bonus interest, depending on what he does in the future.

"I think JP was happy to do that and I was happy to do that. Even if I didn't have a kicker, I'm not the type of person who'd sell a horse and want it to do badly – I'm desperate for him to win at Cheltenham."

The sale marks the end of an era for the Yates, who will withdraw from the sport at the end of the season.

"Because I've sold The New Lion, by the end of the season I'll be out totally.

"The experience of the day is amazing and winning a Grade One was amazing, but they're very short-lived when you look at all the other things you have to put up with in racing.

"I think the owners are never looked after properly. I would think once I'm out, I'm out.

"You spend a lifetime looking for a horse like The New Lion, but I just don't see the value in it – I'm not sure where the sport will end up."