Have Horse, Will Travel !
Have Horse, Will Travel!
The Issue
Prize money in the UK has been the laughing stock of the world for years now and the Covid 19 crisis has only amplified the gulf in prize money between Britain and the rest of the world. Although many racehorse owners will tell you “they are not in it for the money”, owners should at least have the opportunity to break even and meet their costs if they have a horse that is moderately successful. Owners cannot be expected to deplete their bank accounts to fund what, for many, is a hobby. While most owners love all aspects of racehorse ownership, such as the thrill of winning and the sense of involvement, it is not sustainable to be consistently running at a loss. Even “living the dream” has its limits!
The simple fact is that Britain’s racing industry has struggled to keep pace with the prize money on offer overseas and average prize money per flat race is lower in Britain than in any of the big seven racing nations (Australia, France, GB, Hong Kong, Ireland, Japan and the US). The implications of this are far reaching for the industry, from the steady decline of the owner-breeder, the financial struggles of the smaller trainers and the declining numbers of owners. From the perspective of a racing syndicate, the impact of derisory levels of prize money and how to improve the situation for our owners is our primary concern.
A Solution for Owners
For the past few years there has been an increasing trend for UK based trainers to race overseas. France remains the most popular destination for UK based runners due to its close location and payment of a premium on top of any prize money for French bred horses, regardless of where they are trained. The premium varies from 64% for younger horses to 43% for horses aged 5 or older. It goes without saying that this makes a huge difference to the average return for the owners. It is not uncommon for a French bred horse finishing 4th racing in France to pick up more prize money, with premiums, than the winner of a similar class of race in the UK.
France is not the only option though and indeed, it is not just racing in the more established racing nations that can prove financially viable. UK based trainers like Charlie Fellowes have had success in Australia, Canada, Saudi Arabia and Dubai; David Menuisier has won the Group 3 Stockholm Cup in Sweden; and George Baker has had runners and winners in Madrid, Turkey, Belgium, Jersey and Switzerland, even winning the Group 2 Grosser Preis von St Moritz, which is run on a frozen lake in St Moritz! Needless to say, that was a unique experience for even the most experienced race horse owner.
Increasingly, trainers are looking further afield and even setting up satellite yards abroad to optimize opportunities. This practice is fairly well established in France but now opportunities are opening up in less established racing countries like Bahrain.
The Surrey Racing View
Surrey Racing recognizes that its owners are based predominantly in the UK and as a result, we will continue to race extensively in this country, aiming at the prestigious meetings at Royal Ascot, Epsom, Goodwood, Newbury, Sandown, Cheltenham and Aintree. Understandably, owners want to see their horses running as often as possible and this is generally more difficult and more expensive if a horse is running overseas.
However, Surrey Racing is also aware of its obligation to maximise the returns for its owners, as well as providing them with the very best race day experience. A question often arises with regard to the additional distance and cost involved in racing overseas but the transport of the horses is so well organized, that for most of our trainers in Berkshire, Surrey and Newmarket, a trip to Deauville or Paris is often no more arduous than racing in the North of England or Scotland and the prize money more than makes up for any additional cost.
There is no doubt racing beyond the UK offers a unique racing experience for owners and it is something we are keen to continue when the right opportunities arise. The feedback from our owners is overwhelmingly positive. As a result, we will pay particular attention to horses that benefit from French premiums at the sales and will look to place our horses with forward thinking trainers who are prepared to push the boundaries when it comes to winning races and prize money. Until the situation with prize money improves in this country, there seems little doubt that an increasing number of trainers will be joining us in broadening their horizons beyond the UK.