Hall of Fame jockey Jerry Bailey, the greatest reinsman of his generation and one of the best of all time, announced his retirement yesterday at age 48 following 32-year career in which he rode in nearly 31,000 races, winning 5,982 (as of Sunday) – including two Kentucky Derbys, five Breeders’ Cup Classics and the Dubai World Cup on Cigar – while earning more than $300 million in purses.

“The best way I can be remembered,” said Bailey, “is that I gave everybody their money’s worth, and always put my horse in a position to win if he was good enough.”

Bailey thanked, in particular, the “passionate” New York racing fans who “wear their hearts on their sleeves. I love you guys.”

Bailey’s last ride will be aboard Silver Tree for his longtime compadre, Cigar’s trainer Bill Mott, in the Sunshine Millions at Gulfstream Park on Jan. 28 – a date he selected so family members and close friends could attend. After that, Bailey will begin a second career as a commentator for ESPN and ABC Sports, covering races like the Belmont Stakes, Travers and Breeders’ Cup.

Bailey, who cut back on his riding schedule while mulling retirement for the past few years, almost called it quits last fall after riding Saint Liam to win the Breeders’ Cup Classic at Belmont Park. As he’d done the previous few winters, however, he decided to take time off “to recharge my batteries,” then recently resumed riding “to see if the competitive fires were still there.”

Apparently, they were not.

“What excited me most was the biggest races on the best horses on the biggest days,” Bailey said. “I didn’t feel the passion I should have felt.”

Revealing his decision yesterday, Bailey said, “I’m sure this is not a complete surprise to most people. There are several reasons. The one that matters most, I just think it’s time. I want to spend more time with my family [wife Suzee and son Justin]. I also want to walk away in one piece.

“I’d be less that honest if I said I was as good physically as I was five or six years ago. But I truly believe I made up for it mentally. I’m a much smarter rider now.”

Many expected Bailey to postpone his retirement until he passed Pat Day – one of three Hall of Fame riders to retire in recently, along with Bailey and Gary Stevens – for the all-time earnings record. Bailey also rode a top-ranked contender for the May 6 Kentucky Derby, First Samurai.

“The Derby is very special,” he said, “but it’s hard to get there and hard to win. One race, one horse, was not going to change my decision.”

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Bailey’s best

Jerry Bailey, who retires after his mounts on Jan. 28, has won over 5,900 races. Here are some of his biggest victories:

Preakness

Hansel (1991)

Red Bullet (2000)

Breeders’ Cup Classic

Black Tie Affair (1991)

Arcangues (1993)

Concern (1994)

Cigar (1995)

Saint Liam (2005)

Belmont Stakes

Hansel (1991)

Empire Maker (2003)

Travers

Wise Times (1986)

Sea Hero (1993)

Medaglia d’Oro (2002)

Kentucky Derby

Sea Hero (1993)

Grindstone (1996)

Woodward

Sultry Song (1992)

Cigar (1995, 1996)

Skip Away (1998)

Lido Palace (2001)

Saint Liam (2005)

Other Breeders’ Cup wins

My Flag (Juvenile Fillies, 1995)

Boston Harbor (Juvenile, 1996)

Answer Lively (Juvenile, 1998)

Cash Run (Juvenile Fillies, 1999)

Soaring Softly (Filly & Mare Turf 1999)

Macho Uno (Juvenile, 2000)

Perfect String (Filly & Mare Turf, 2000)

Squirtle Squirt (Sprint, 2001)

Orientate (Sprint, 2002)

Six Perfections (Mile, 2003)