How did you get into racehorse ownership?

I have always been involved in syndicates. In 2002 I was in partnership in an Artic Lord horse trained by Mags Mullins, That’s An Idea. He won a point at Boulta and a couple of bumpers at Clonmel and Limerick. We sold him on to J.P. McManus.

Backspin was also trained by Mags Mullins to win a bumper at Punchestown with the late J.T. McNamara on board who went to J.P. The Westener Boy was another winner produced by Mags Mullins before being sold on again to J.P. McManus.

What was your best day at the races and why?

By far the best day was when our horse Derrinross won a Grade 2 hurdle at Limerick last Christmas. It was our best win ever and even better to get a win at a big festival meeting like that.

Our first win as owners back in 2003 was special as well.

What is the biggest drawback about being a racehorse owner?

Obviously the bills. But also the disappointment when your horse doesn’t even make it to the track or doesn’t race on.

I had three four-year-olds in one year who never got to the track; one broke a shoulder, one had bowel cancer and the other broke down. I know all about the down side of ownership.

In your experience, which racecourse in Ireland treats owners the best and why?

Fairyhouse and Galway treated us very well.

There has been a big improvement over the years in the way owners are taken notice of.

However, I do feel that on the days that owners don’t have a runner they should still get free entry to racecourses. You can feel like an outsider when you don’t have a runner on the day even though you are a paid up owner and are supporting the game.

Flat or jump racing, which do you prefer and why?

Jumps by far. I would usually look at the flat and we have been to the Curragh and Royal Ascot. Flat racing is more expensive of course and you don’t get the same buzz.

What qualities do you look for in a trainer?

From being in a lot of yards I’ve observed that the most important thing is to have trust in your trainer and make sure that they will tell you if you’re wasting your time with a particular horse.

Another quality everybody needs with horses is patience. If you have a horse in training and hear nothing for a while, don’t be bothering the trainer – they have enough to do.

A good communicator will keep you informed anyway. I got to know Philip (Dempsey) when putting in a schooling gallops for him and we get on well.

I own Derrinross along with Philip and Philip’s late father Des who passed away last October. Sadly he didn’t get to see the Limerick win but he did see him winning his point at Oldtown.

We are also still with Mags Mullins. She has a very good set up. She does her own thing and is extremely competent.

What improvements would you like to see racecourses in Ireland do for owners?

That point I made earlier about looking after owners on a day when their horses aren’t running. We’re all paying into the pot.

What significance do your colours hold?

No particular significance – just stand-out colours that we picked out.

When buying a horse, what do you look for?

Derrinross is the first horse we’ve had with Philip Dempsey. Generally I’ll have a look at the horses, maybe two or three of them and take advice.

I do go along to the sales, I enjoy that. Most of my horses are owned in partnerships with the intention of selling on. Derrinross won his point and went to Tattersalls Ireland in Cheltenham. There was no bid, his sire isn’t fashionable so we brought him home and raced him.

As well as his wins he’s been second a few time and always placed, he’s never out of the money. So this season has been a bonus.

What horses do you currently have in training?

As well as Derrinross, we have a Milan horse in training with Mags Mullins, The Brass Man. He was third in a point last December at Fairyhouse. We’re hoping to enter him to a point soon.

We also have a Getaway four-year-old who is one to look forward to.

I had a horse in training with Gordon Elliott in 2013, Tarquinius. He finished second in the Thyestes Chase, we only had him for three months and he was sold on.

Gordon is great with people – bus-loads of people call into that yard and, in fairness, he’s very open, a good communicator.

We also had Oligarch Society with Michael O’Brien, she won three races, a bumper and two hurdles and she was kept for breeding.

What’s next on the agenda for your horses?

Derrinross is entered for the Albert Bartlett Novices’ Hurdle on the Friday of Cheltenham if the ground is yielding to soft.

What would help to make Irish racing more competitive for the smaller owner/trainer?

We know the big owners are there. They’re entitled to run; they spend a lot of money in racing. You can’t confine them. You just have to compete.

What advice would you give to someone thinking of becoming a racehorse owner?

Get good advice from the right people and stick to your budget.

Be an optimist about your horses and don’t be too disappointed when you lose!

Tom Furlong was in conversation with Olivia Hamilton