This is also not new news, but it is new to me:
In May 2013, Chinese businessman Gao Fuxin set a new record, paying 310,000 euros ($351,000) in an online auction for a pigeon named Bolt, after Jamaican sprinter Usain Bolt.
It seems also that the pigeons, before a race, are given performance-enhancing drugs. But:
Expensive birds such as Bolt are simply too valuable to race. They’re put out to stud after being auctioned. “In pigeon racing, blood is everything,” says Mike Ganus, a breeder and racer in Granger, Indiana, who sells about 500 birds a year to China. “If you don’t have the genetics, you won’t have a winner, no matter what you do.”
The full story is here.