Sir, - the increase of the minimum value per race to €10,000 in 2008 was a welcome development that provided a meaningful boost to racehorse owners across Ireland, while also benefiting the wider racing and breeding industry.

However, since 2022, there have been growing calls for a further increase in basic prize levels. This need has become even more apparent since 2024. Costs across all areas of the industry have risen significantly in recent years, while prize money has stagnated—or even declined - with many races seeing reduced prize money since 2022.

At present, the winner of a €10,000 maiden or many handicap races will receive net winnings (after deductions to the trainer, jockey, and the raceday expenses) that cover, on average, three months of basic training fees. In contrast, in earlier years, such a win could have covered six months training fees.

To address this issue, I strongly advocate for an increase in the minimum race prize to €15,000 by January 2026 (lowest race rated bands under both codes to be reviewed separately). This change would significantly support the racing and breeding sectors by encouraging owners - including smaller syndicates and owner-breeders - to keep horses in training in Ireland.

The benefit would be shared across the industry, positively impacting trainers, jockeys, stable staff, racecourses, and more. Much like in construction - whether building a high-rise or a bungalow - strong foundations are essential. Prize money serves as the foundation of the racing industry.

It is worth noting that a longstanding statistic - still broadly similar today - shows that approximately 86% of horses with official handicap ratings in training in Ireland are rated below blacktype standard (i.e., below listed and Group 3/Grade 3). These horses form the backbone of Irish racing and deserve a prize structure that reflects their importance.

I write this letter not as a criticism of our industry leaders, but to emphasise the pressing need for swift and decisive action, rather than a gradual shift over a three-to-five-year period or more. Delayed action would result in a faster decline of horses in training.

My proposed prize level changes for the foundations of racing would require additional funding and redistribution of existing funds. However, this proposal does not preclude funding improvements that will be required at black-type level in the future, once the foundations are strengthened.

How can this prize-level increase be funded? Below are some proposed steps:

1. Reassess the number of fixtures, with a view to stalling any increase in the short term.

2. Reset the value of novice races and handicap races currently above €15,000.

3. Review the minimum race-rating band under both codes.

4. Direct race sponsor funding towards higher rated races (below blacktype level).

5. Seek out cost savings across the administration of racing to contribute to funding.

6. Additional support to come from key industry stakeholders, including the biggest sponsors of Irish racing; the Irish European Breeders’ Fund (EBF), the Tote World Pool at the Curragh and Leopardstown, and other major sponsors

The issue of insufficient prize money requires urgent attention and action before the upcoming Budget in October. I trust the relevant authorities will consider this matter with the seriousness and timeliness it demands. Many individual breeders, owners, trainers, stable staff and some racecourse management have shown a very positive response to this proposal.

Yours etc.,

William Flood

Boardsmill Stud