FOR this week’s edition of The Big Interview, I had an enjoyable chat with the ever-growing training force that is Paddy Twomey (which can be found across pages 12 and 13).
We covered a host of topics in the middle of what is shaping up to be a terrific season for the recent Royal Ascot winner, but some of his strongest comments were reserved for the area of prize money in Ireland. The dual Group 1-winning handler is by no means the only trainer to speak out in this regard, but he didn’t hold back in his judgement of the current financial landscape on these shores.
“Irish prize money has never been worse. It’s in a disgraceful state,” Twomey said.
“Irish listed and group races are now down to pitiful levels. They can be worth a fraction of what they were worth 20 years ago. When you have a horse capable of running in a listed race, and you’re competing for a prize fund of around €40,000, it beggars belief.”
He added: “Prize money is well spoken of. It’s in trouble. Irish racing is going to have to look at it seriously because there is an issue associated with it. A lot of people can’t afford to have horses in training because the cost is high and the return is poor.
“Nobody expects prize money to return on their outlay of buying the horse, but you’d like the idea of it being self-sustaining if you had a good horse. It’s hard to find a horse good enough to win a maiden, run well or win a stakes race, and yet when you look at what they’re earning at the end of the year… It hasn’t even covered the training costs in some cases. That’s not a sustainable business model.”
If prize money isn’t paying the bills with upper-class horses, maybe it’s no surprise to see so many connections taking the opportunity to sell their stock abroad once advertising their talents to a smart standard. Now, it must be said that some training operations are designed with the intention of being trading-first businesses, and the day they sell can be the accomplishment of the goal they set out to buy the horse for in the first place.
Still, in order to have the most competitive races possible on the flat scene, it surely ought to be a priority to strengthen prize money levels to offer connections a viable alternative to selling their best prospects overseas.
Broad market
We often hear about mega offers for the most exciting young horses around to race abroad. For example, Basher Watts made headlines this summer for reportedly turning down a €2.5 million offer for his syndicate’s French Guineas second Shes Perfect. However, having been on the ground for the past week in Newmarket, the Tattersalls July Sale served as a reminder that there can still be an attractive market for horses below the elite level.
Sale-topper Quai De Bethune won the Golden Gates Handicap at Royal Ascot by a nose off a mark of 93 when last seen, and owners Gary Gillies and Team Valor opted to cash in the Persian King three-year-old for a cool 775,000gns. It represented shrewd business for connections, with Gillies having bought the colt for €75,000 as a yearling alongside Richard Venn Bloodstock, then creating an owner partnership with Team Valor after his debut last season.
Andrew Balding’s middle-distance performer was snapped up by growing superpower Wathnan Racing. Such a transfer would have looked highly unlikely after Quai De Bethune was beaten more than half a dozen lengths when sixth of seven runners at Chelmsford in April, and after his third at Newbury at 22/1 two starts ago.
That was the higher end of trade for the lightly-raced, attractive three-year-olds, but those with ratings a nice deal below that still stood out as being transactions that rewarded owners very well. Perhaps none more so than General Admission, also trained by Balding.
A three-year-old gelding by Kameko, the breeze-up recruit is a seven-race maiden whose official mark has dropped over his last three runs from 78 to 73. He was beaten six lengths in eighth at Newbury two starts ago - when fitted with a visor - and then got a little closer when third of five runners in a Class 4 handicap at Goodwood last month.
What did a horse of this level end up commanding last week? An eye-watering 210,000gns. He was purchased by Ali A Aneizi on behalf of Al Watan Club, and is set to contest classic races in Libya.
Overseas power
Likewise, stablemate Hi Ya Mal, who was beaten off a mark of 71 in a Class 5 handicap over an extended mile and six furlongs at Doncaster last time, is heading to the same Libyan targets after changing hands for 82,000gns. Again, that looked strong enough trade for a horse who had recorded just one win from eight starts, that victory coming in a Class 5 handicap at Hamilton off 66.
Last-time-out winners Humam (rated 92 after a Class 3 handicap win at York) and Grand Karat (now up to 91 after scoring off 4lb lower at Windsor) fetched 190,000gns and 200,000gns respectively, and both still have a nice way to go to become group horses.
Time Allowed, a Class 5 novice winner at Southwell last time, is rated 85 and managed to generate 160,000gns. Dream Out Loud won on his most recent Class 4 handicap start too when rated 71 (now up to a mark of 77). He went for 100,000gns.
Kitten’s Joy colt Spy Kingdom, third in a Hamilton maiden last month on his fourth start - and rated 83 - probably would have been a long time waiting to earn in prize money anything like the 140,000gns he sold for to Libyan bloodstock agent Ramzi Alghul.
Al Shababi is unexposed but was still beaten off 82 in a Class 4 handicap at Haydock last time. He made 120,000gns.
Even when it came to fillies, the 375,000gns paid for 72-rated, five-race maiden Regal Agenda (by Pinatubo) would have represented a nice payday for Sheikh Mohammed Obaid Al Maktoum, albeit the three-year-old’s value lies in her pedigree, being a close relation to listed/Group 3 winner Royal Champion.
Noche Clasica, another filly who was handed an opening mark of 76 after a Chester maiden win in May, made 150,000gns too. She’s out of listed winner Isabel De Urbina and had the assistance of a top sire in being by Night Of Thunder.
To be absolutely clear, flagging these lots (just a portion of any number that could have been highlighted) isn’t with the intention of suggesting the buyers won’t have success with these purchases. All bought were with different intentions in mind - many heading overseas where there are lucrative races open to them. It is instead worth raising these cases with a view to how the market is valuing certain categories of horses.
Of the top 12 lots, 11 were aged three. Each of the five highest priced lots (excluding those who were unraced) had been seen over 10 furlongs at some stage in their career. Being lightly raced was a big help too - only one of the top 15 lots had run 10 times or more.
Irish stock
Bottom line, horses made decent money with a variety of different profiles, but it felt as though three-year-olds with middle-distance form, low mileage and a rating of close to 80 were, in many cases, being gobbled up by the market. If Irish connections with horses of this type CV are wishing to avoid the prize money picture painted by Twomey and other trainers, a sale like this looks a serious option to be rewarded in future. A strong payday here ought to cover plenty of bills, even if it isn’t exactly healthy for the competitiveness of our racing.
A hat-tip must go to the Irish connections who did arrive with what the market wanted and got rewarded. To mention just one, Gaelic Bloodstock and Ger Lyons deserve major credit for the job they did with Jorge Alvares.
Bought out of Kevin Ryan’s yard as a five-race maiden rated 82 last October at the Tattersalls Autumn Horse-In-Training Sale, the Cotai Glory gelding was beaten on his Bellewstown stable bow in April before thriving back over sprint distances. He won a Dundalk maiden in April, was placed on his next three starts on turf and then outran his odds of 25/1 to finish fifth in the Palace Of Holyrood House Handicap at Royal Ascot last time.
The now 89-rated sprinter was bought for 38,000gns by Gaelic Bloodstock at Tattersalls. Eight months later, he made 150,000gns in the same sales ring and is set to continue his career in Qatar. A job very well done.