This is a subscriber-only article
It looks like you're browsing in private mode
Good evening, I’m honoured to be here.
Irish racing is in rude health, breeding, sales ring, prize money levels, quality and quantity. However, to maintain this there are some areas that need to be addressed.
I would like to talk about some of those issues that are facing Irish racing and offer my opinions.
1: the incredible support the Irish Government gives to Irish racing, to the tune of €67.2 million in this year’s Budget, is a wonderful thing. But my question is, and my worry is, the reliance on the industry on what essentially is a Government subsidy.
It’s a large amount of money and certainly we, as owners, and I myself, certainly appreciate it as a direct recipient of that money, how well it serves both individual owners as well as the industry. However, it feels to me that, with all the competing demands for funding across Irish society, not enough time has been spent on developing a longer term strategy that would allow for the subsidy to either reduce significantly or disappear.
Some of the best minds in the world are in Irish racing,
I won’t name names but you can think of some of the people, business leaders, political leaders, just clever people, who are in Irish racing.
I would like to see HRI leverage this resource and put together a group with a dedicated purpose to develop a sustainable self-funding model for the future. If not 100% funding then certainly something better than today.
I don’t have the answer. The increase in the betting tax is something we have been lobbying for a long time. That may work but there may be threats or ramifications that may cause.
Another thought I had: could we repurpose some of the land around racecourses or part of racecourses to help solve the housing problems, like they have done at Newbury and other racecourses in the UK and around the world?
I’m not advocating for the closing of any racecourses but maybe the repurposing of some of the land either on, around or adjacent to it.
Are there other assets we can leverage? We know we have racing media rights - and that’s another topic completely - but are there other assets we could leverage? It could be a myriad of things. Are there Tote pools? Are there other ways we can create schemes to get further investment in the country. As I say, I don’t know the answers.
But it strikes me that, while things are going well, from a position of strength, for the future of our sport we should be addressing that issue now rather than when we have an economic downturn or a Budget cut.
Rich Ricci: "It strikes me that while things are going well, from a position of strength, for the future of our sport we should be addressing that issue now rather than when we have an economic downturn or a Budget cut" Photo Philip Doyle
DOMINANCE OF BIG OWNERS
2. The dominance of big owners and the inability to compete in Irish racing is a topic I hear a lot about and read about.
It is a legitimate debate but also one filled with emotion. I think it’s proper to have the debate but with balance and perspective. The frustrations expressed need to inform the discussion.
On one hand Irish racing has never been so successful.
Six out of 10 of the last Epsom Derby winners were Irish-trained. At Royal Ascot we had eight winners this year, seven winners last year and we had 10 in 2016.
Ireland produced the first three in the Melbourne Cup last year. No other country, other than Australia, has ever done that. There was also a very bad second in 2015 which people might remember other than me.
Cheltenham: 17 winners in 2018, 15 in 2017. Surely this success must be, not totally but in some part, as a result of the influx of money of larger owners coming to Ireland and the success of these owners in encouraging other people, thrilled by their success, to invest in Ireland.
In addition there is obviously a benefit to the broader economy - VAT, sales ring, breeding tax, local economies. Could you imagine what the Lord Bagenal would be like in that little corner of Carlow without the Willie Mullins success parties now and again? Or the number of people that Gordon Elliott must employ in Summerhill, Co Meath.
As Martin Heydon said earlier, the value of the Irish racing industry to the economy is €1.84 billion. So something is working.
On the other hand, I do understand some of the frustration around competition, the day-to-day racing and the finding and buying of quality horses. We can’t ignore it, people are talking about it and it’s a real issue.
So what can we do about it? We should certainly continue to increase the programmes for less expensive horses. The Foran Equine auction series is worth €615,000, cumulating in the €120,000 final at Naas.
This is a series focused on horses purchased for €72,000 or less, with allowances for fillies and horses purchased for cheaper prices. The Connolly's Red Mills Irish EBF Auction Hurdle series, which is worth €355,000, is for horses that were purchased at auction for €45,000 or less.
The rated race programme, which in essence replaced a whole series of winners of one and two races which used to be farmed by certain yards and certain owners, our colours included - has produced more competitive races for lower rated and often less expensive animals.
Interestingly, while I was against that programme at the start, it also had an impact on the quality of Pattern races, particularly in the jumps game in Ireland, because the horses who used to go to the winners of one and two to pick up the easy money are now having to play in graded and listed races, which is good for the game.
PROMOTING SYNDICATES
We need to continue to develop and promote syndications and other schemes to encourage the pooling of resources. It’s a standard practice in Australian and American racing. It's how they compete with the big boys and amongst themselves. Even some of the big boys are involved in syndicates.
Earlier this year, around the Dublin Festival of Racing, I attended something called Racing to the Top, which was a panel discussion about trying to get more people into the game and attracting a more diverse audience, as well as talking about the benefits of syndicates among other things. We also held one in the UK afterwards.
They were beautifully attended and this is having some impact but it also a way to engage younger people in the game. Some 58% of the owners in Ireland are 51 years old or older. That also needs to change and we need to get more young people engaged in the game.
Jessica Harrington’s syndicate of women from around the world participating in horses is a wonderful thing and variations on this theme could lead to more people coming in.
Why should we continue to invest? Because they are working. New owners were up by 22% year on year. In the first six months of 2018 the syndicates were up a whopping 44%. The first 50 two-year-old winners were owned by 35 different owners. The 17 Cheltenham winners were owned by 11 different owners.
Perhaps some of the additional funding graciously granted by the Government this year can be dedicated to increasing these programmes. We should also listen to the frustrations that some are experiencing and listen to any ideas they put forward.
However, one thing that we shouldn’t do, and I feel very strongly about this, is develop policies that penalise success. Racing at its heart is about the best taking on the best and figuring out who is the best. Trying to legislate or restrict numbers of horses in races from owners or trainers simply is against the heart of that principle. And anything we do to threaten that basic tenement of racing would have a negative effect.
I’m less worried about Brexit.
3. Brexit. If there is a hard crash officially the Tripartite Agreement goes away. We have had Brian Kavanagh and his team, who have been at the centre of international leadership for all these years. They have great relationships with the politicians as well as the masters of the horse industry in the UK and in Europe. I’m very comfortable that there will be some way to figure out how it can work after Brexit. Ireland has a strong leadership position. I know we will find a way.
GOVERNANCE AND REGULATION OF OUR INDUSTRY
4. Governance. Irish racing is the international gold standard in many areas: breeding, the quality and performances of our horses, jockeys, trainers and stable staff, prize money levels particularly in National Hunt and many other areas we touched on earlier.
However, there remains a perception that, while we have made progress across the board, the areas of governance and regulation need to continue to be the focus of investment and attention. In an industry that is supported and so closely associated with gambling, as well as been supported by the public purse here in Ireland, perception is vital.
We need to continue on the path which started on all the areas of regulations. But we also need to be aware how we choose our next chief executive of HRI, how we apply and consistently apply our rules of racing, stewards' decisions and punishments, how we communicate and enforce our new anti-doping policy, and the transparency around referrals, hearings and appeals will form a prism in which our governance and regulations will be viewed.
We must ensure that how we execute on these items demonstrates that regulations and governance systems matches our excellence in all other aspects of our sport.
OWNER'S EXPERIENCE
5. The owner's experience. Congratulations to tonight's award winners Cork and Fairyhouse and also to a lot of tracks around the country which made great progress over the last few years. Leopardstown, Limerick, Punchestown, the new Curragh looks very exciting. All across the country we are making strides.
But it needs to continue. The international racehorse associations and racecourses, as well as in the UK, are making great strides. It's something we can’t take our eye off.
A lot of people in this room use their leisure dollars on racing and it’s important that they are rewarded with the experience that has quality and consistency.
Finally, I decided to get involved in racing as a way to relive some of the pressure of life, Wall Street and the city. A sanctuary from the public eye and media spotlight. That worked out well!
I was lucky enough to be introduced to Irish racing in 2005. We had our first winner in our current colours in 2007. We had our first Irish winner in a racing syndicate. I thought I was being very clever to avoid my name been recognised with racing while I was in the banking industry by calling it Double R Stables. It was with a horse named Scotsirish.
Racing people, both in the UK but particularly in Ireland, have always welcomed us. They are very supportive and always a kind word and "go on, go on".
It is something I will never forget and it supports the passion for the great Irish game I can’t extinguish, although I try when those stack of training bills come in!
If we continue to proactively address our challenges, the game can continue to revolve. The future is very bright and I hope you will allow me to continue to be a part of it.
The Irish Field NEWS app is the quickest way to keep up to-date with what’s happening in the equine sector.
Not only will you find all The Irish Field’s newspaper content on the app but you’ll also see daily updates from the racing, bloodstock and equestrian worlds.
The Irish Field NEWS app is free to download and there are always plenty of ‘free’ articles to read. It only takes a minute to register so you can read five Field+ articles at no charge.
It’s easy to share articles with your friends too. Download and review The Irish Field NEWS app today to your tablet and smartphone.
SHARING OPTIONS: