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April
Horse racing a high-stakes gamble
Wellington,New Zealand - April 26, 2006
Michael Ford, of the Australian Stud Book, also speaks highly of
them: "There are hundreds of businessmen who race a lot of
top horses but a lot of them stay at arm's length. Breeders like
Harvey, Ingham and Messara are now virtually in a class of their
own, particularly Ingham who owns substantially more than anyone
else. These players are prepared to get mud on their boots."
But the big three and other racing figures say racing needs fixing.
"It's a bit tragic the way racing has ended up," Mr Harvey
says.
It's no inside tip that the industry is handicapped by problems.
Prize money is stagnant in most states, betting is down, and racing
grinds under the weight of multiple industry bodies and sports clubs.
To cap it off, the recent fight over television rights between
Sky and new kid on the block, ThoroughVisioN, has cost the industry
A$135 million in lost betting turnover after programming changed.
"A lot of the problem is that racing is run by old blokes.
People over 60 might be nice but they don't change the world,"
says Mr Harvey, who is hovering around the 70 mark. "The best
thing that could happen to racing is young blood."
"It's a major industry with a provincial administration,"
he says. "It needs a complete overhaul."
After years of dropping in and out of the racing game, Mr Singleton
has the Strawberry Hills Stud, and has enjoyed owning a long line
of champions. He estimates he now has 100 horses, with about 15
in work, including the promising O'Perfect One.
"It's part of my blood," he says. "Selling, breeding,
racing, gambling. I'm an addict. I just like winning a million dollars."
Over at Woodlands Stud in the Hunter Valley, Mr Ingham shows where
flogging a few chicken fillets can get you. No one knows the value
of the stud or its racing arm – Ingham Bloodstock –
given they are private companies like most studs and racing ventures.
But this year the stud had 415 mares covered by stallions. Of all
their horses past and present, Bob Ingham and his late brother Jack
will be best remembered for buying New Zealand-bred stallion Octagonal,
from whom they bred Lonhro, who bagged 11 group one wins and made
national headlines when he retired from the track.
Woodlands manager Trevor Lobb says that since the Inghams bought
Woodlands in 1985, they have probably been the predominant owners
and breeders in Australia. "In 20 years of racing, they've
bred over 1500 winners and those horses have won more than A$110
million."
Australia now has 900 registered thoroughbred stallions, compared
with 3000 in 1990.
"There's been a huge rationalisation," Mr Ford says.
"Increased professionalism has cut a lot of the rubbish out
of our market and forced the culling of inferior horses."
However, Mr Ford says that despite the hype about top pedigrees
and big-moneyed studs, there would still be more champions running
around that cost under $100,000 and were bred by smaller breeders.
The process of rationalisation began when the big players raised
the bar by bringing out expensive northern hemisphere shuttle stallions
to diversify local bloodlines.
The same risk-taking impulse is on display at yearling sales. When
international yearling prices hit seven figures and up, more often
than not Darley and Coolmore will be among the final bidders.
In the United States, Coolmore paid a record US$16 million (NZ$25
million) for an unraced two-year-old Forestry colt in early March.
As bloodlines grow ever more expensive, would-be owners want to
know if there's a return. And here's the rub. Mr Ford estimates
horse-ownership costs amount to at least A$600 million in in any
given year, based on A$20,000 per horse. "On the flip side,
there's A$360 million prize money available every year," he
says.
Source Code: http://www.stuff.co.nz/ |
