THE loss of racing for almost three months, prize money cuts, and general economic pressures have taken their toll on Ireland’s racehorse trainers.

Research carried out in the past week by The Irish Field indicates that the majority of licence holders are experiencing financial difficulties and over half of those who took part in our survey said they were unsure if they could survive beyond the next six months unless matters improve.

A significant number of trainers say they are owed more money than usual, and they find themselves in more debt than normal. Almost half said they have fewer employees now than before Covid-19 took hold.

Most of the trainers who took part in our survey said they or their employees had subscribed to one of the Government’s Covid-19 financial support schemes and, in their comments, several said their future viability depended on the continuation of those state payments.

Key findings

  • Only 14% of trainers surveyed expressed confidence that their businesses could survive beyond a year if the Covid-19 crisis continues. 54% said they were not confident their businesses could last beyond six months.
  • 56% of trainers have seen their turnover fall by more than 25% this year and more than half of those say the drop was bigger than 50%.
  • Almost half of the trainers surveyed said they are having new cashflow problems due to Covid-19.
  • 64% of trainers expect business for the remainder of 2020 to be at least 25% down on the same period last year.
  • 46% of trainers say they have fewer employees now than they had in March. 54% report no change and no trainers surveyed have increased staff numbers.
  • 30% of trainers said they owe more money now than they normally would at this time of year. Just 2% said they had fewer debts than normal.
  • 44% of trainers said they were owed more money than usual at the moment. Just 2% said they were owed less than normal.
  • 56% of trainers rated Horse Racing Ireland’s handling of the crisis as either good or very good. Only 16% said HRI’s performance was poor or very poor.
  • 54% of trainers rated the Irish Horseracing Regulatory Board’s handling of the crisis as either good or very good. Just 20% said the IHRB’s performance was poor or very poor.

    • Racehorse trainer survey results

    What impact has Covid-19 had on your business’s turnover?

  • 75-100% less than normal: 16%
  • 50-74% less than normal: 14%
  • 25-49% less than normal: 26%
  • 10-24% less than normal: 20%
  • At or close to normal expectation: 22%

    • What are your expectations for business turnover for the rest of 2020?

  • 75-100% less than normal: 10%
  • 50-74% less than normal: 18%
  • 25-49% less than normal: 36%
  • 10-24% less than normal: 12%
  • At or close to normal expectation: 20%
  • 10-24% more than normal: 2%
  • 25-49% more than normal: 2%

    • Since March, how has your workforce changed?

  • Fewer employees: 46%
  • No change: 54%

    • Has your business experienced new cashflow problems due to the Covid-19 crisis?

  • Yes: 46%
  • No: 34%
  • Don’t know: 20%

    • Which of these statements best describes your creditor situation?

  • My business owes more money to creditors than normal for this time of year: 30%
  • My business owes less money to creditors than normal for this time of year: 4%
  • No significant change in the amount of money owed by the business to creditors: 66%

    • Which of these statements best describes your debtor situation?

  • My business is owed more money by debtors than normal for this time of year: 44%
  • My business is owed less money by debtors than normal for this time of year: 4%
  • No significant change in the amount of money owed by debtors to the business: 52%

    • How would you describe Horse Racing Ireland’s handling of the Covid-19 crisis so far?

  • Very good: 28%
  • Good: 28%
  • Satisfactory: 22%
  • Poor: 10%
  • Very poor: 6%
  • Don’t know: 6%

    • How would you describe the Irish Horseracing Regulatory Board’s handling of the Covid-19 crisis so far?

  • Very good: 34%
  • Good: 20%
  • Satisfactory: 22%
  • Poor: 16%
  • Very poor: 4%
  • Don’t know: 4%

    • Are you confident that your business has the financial resources to continue operating through the Covid-19 crisis?

  • Yes, up to 3 months: 12%
  • Yes, up to 6 months: 28%
  • Yes, up to a year: 12%
  • Yes, longer than a year: 14%
  • No: 14%
  • Don’t know: 20%

    • Has your business or its employees availed of any of the Covid-19 government financial supports?

  • Yes: 58%
  • No: 42%

    • What they said

    A selection of the comments left by participating trainers

    “Trainers seem to be the last ones paid within the industry. We’ve no recourse from bad debts from owners who can move or take their stock at will, leaving bad debts. It’s a ridiculous situation that the IHRB or HRI won’t allow these owners to be banned or placed on the forfeit list. Yet, if a trainer owed them a tiny debt they cannot enter a horse.”

    “We would have found it very difficult to survive without the Government’s Covid-19 payment.”

    “Everything is contingent on the continuance of the wage subsidy scheme.”

    “We had a good few horses almost ready to run in point-to-points and hurdle races. We ended up leaving them all off. Then you have to start off all over again. But it is something everyone understands was necessary.”

    “Prize money cannot be allowed to fall any more than it already has.”

    “Up the prize money for low grade races. Cut the high end.”

    “Whilst I train horses on the track, my main focus is PTP and these races have not taken place. I also breed to sell and this has been severely impacted with all sales deferred.”

    “Need to get owners racing soon.”

    “The IHRB need to help smaller trainers in any way they can. A quarter of the licence fee should be reimbursed as there was no racing for three months. Stop hammering small trainers with large fines for small discrepancies.”

    “Owners have been treated with the utmost disgrace. There is loads of room at racecourses to let them in.”

    The racehorse trainer survey was sent to over 200 trainers whose email addresses are published on the HRI website. 50 replied.