As part of my job, I come across hugely varied views, backgrounds and methods, but while speaking to trainers, there is one opinion that all trainers seem to share, and it won’t come as news to anyone reading; Irish prize money is not good enough.

It’s why smaller yards are forced to sell their horses in order to survive, and when they struggle to hold on to their star horses, it’s difficult for trainers to showcase their abilities. That makes it ten times harder to attract new owners who can turn down the attractive offers, for the horses to reach their full potential in that yard, and for the trainer to prove that the horse is worth holding on to, that they can provide priceless experiences better than any quick buck.

On January 23rd, HRI announced increases to prize money, and while any increase should be welcomed - that’s what some have told me - I was left unsatisfied and somewhat confused by the details.

The press release opened with: “Horse Racing Ireland, together with stakeholders of Irish racing, today announce a €4.3m increase in purses for racing in 2026 as part of a three-year prize money strategy which seeks to drive investment in Irish bloodstock and restore competitiveness to Ireland’s prize money levels.”

The particular phrase that confused me was “seeks to drive investment in Irish bloodstock”. It’s possible that HRI believes better prize money would boost the Irish bloodstock market, but the majority of Irish horses are sold to the UK, whose races are already generally less valuable than ours, suggesting that prize money is not the main appeal for having horses in training there.

In my experience while working for Irish Thoroughbred Marketing, owners choose the UK over Ireland for three main reasons. Firstly, they’re based there, either full-time or partially, and want to be present for their horse running. Secondly, many international owners are enamoured with the monarchy and Royal Ascot.

The second reason is mainly focussed on flat racing, which the third reason is based on – they’re unwilling or reluctant to race against Aidan O’Brien. Ireland’s an easier sell for National Hunt owners, who can have horses in training with our dominant trainers.

The other reason for HRI’s focus on bloodstock could refer to investment in horses in training, as higher prize money will maintain high competition levels and the related appeal of Irish horses.

With smaller trainers already struggling to hold on to their best horses, I believe that HRI should be focussed on encouraging owners to race in Ireland – from the beginning of a horse’s career to the end.

In their prize money increases, HRI revealed ‘a major investment in starter races’ – that’s flat maidens, bumpers, maiden hurdles and beginners' chases. These are generally the races that horses get sold out of, so they already offer a chance of a good payday, but for owners to hold on to the horses, it’s the following opportunities that need to be more attractive.

While weighing up whether to keep or sell, you have to try measure your horse’s potential. Let’s predict the middle ground – not a superstar, but highly-rated. For argument’s sake, let’s say they’re up to racing in the 0-90 division on the flat. That’s a decent horse. Under HRI’s new prize money levels, the 0-90 handicap bracket has a new minimum prize fund of €20,000. That’s €12,000 to the winner.

Is that worth holding on to your horse for? I can’t say, for sure, what you would be offered privately for a bright young thing, but there have been recent examples in the ring to compare to prize money.

Fantasy World was given a rating of 88 by the IHRB following his listed win in the Noel Murless Stakes last October and went on to sell for 600,000gns at the Tattersalls Autumn Horse In Training Sale.

It’s not to say that all horses of that rating are valued the same – the 89-rated Jorge Alvares fetched 150,000gns. Space Invasion, rated 88 by the BHA, recently topped the Tattersalls February Sale at 230,000gns.

He appealed most for his progressive trajectory, and if he didn’t continue improving, and remained at 88, you’d be kicking yourself when you landed the grand prize of €12,000 at an Irish track.

According to figures provided HRI in 2022, an owner will take home 72% of that figure after deductions - that’s €8,640. HRI state that monthly training fees cost €1,900 on average, equating to €22,800 per year.

Then there’s also registration charges, jockey fees, and added veterinary charges to pay for, so it’s safe to say that your horse needs to win three 0-90 races per year to cover their cost. Winners of lower brackets take home even less, yet all horses cost the same to keep.

Entry fees are to be increased by 10% across most categories for the first year of HRI’s strategy, in order to help fund the new model. As if owners weren’t already paying for enough.