Racehorse ownership takes a tumble

HORSE OWNERSHIP has taken a significant hit, coinciding with the economic downturn. The Irish Thoroughbred Breeders Association says horse numbers have dwindled from 32,000 in 2008 to 23,000 today.

Oran Crean of Dublin-based horseracing syndicate management company, Winning Ways, says there has also been a significant change in demographics among those stepping into racehorse ownership.

“It used to be people in their 20s or 30s working in banking or finance getting involved when they were looking for a way to spend a bonus,” he said.

“But there has definitely been a move towards older members in the last few years. It has shifted towards people in their 40s, 50s or 60s, who have paid off the mortgage or seen the kids move away.”

Typically, Crean said, about 10 people buy into a syndicate – splitting the initial fee (some €25,000 for a horse with potential at present) and training costs of a further €25,000 per year evenly.

In good times and bad, the goal for an owner was always the same. “They all want to win, some want to fulfil a dream. Everyone wants to get to Cheltenham,” he says.

But even splitting the cost has even become too much for some of those who jumped into the sport when the going was good.

“The brickie who might have gone in with some of his mates in construction. They can’t keep it going now,” he said.

This issue has been acutely felt by Colm Murphy, the Co Wexford based trainer of 2010 Horse of the Year Big Zeb, who said business from syndicates was almost “non-existent” these days.

“People see owning a racehorse as a luxury at the end of the day,” he said. “They have had to cut things back to what they can afford . . . We went through a spell where you would tell someone a horse was no good and he’d want to keep it on, give it another go. That’s not happening anymore.”

Mr Murphy said the industry had “been on a rollercoaster” ride for the last two years but was starting to stabilise, for him at least, following notable victories for Big Zeb at Cheltenham and Punchestown in 2010.

“It’s good to be on someone’s mind,” he said. “It’s important to have winners, now especially.”

Murphy, who currently has 45 horses in his stable, said new and prospective owners are hard to come by at present and that many owners have simply had to get rid of their horses.

“You hear of lads giving horses away,” he said. “But there are not many giving away good horses.”

Sharon Newsome of the Irish Horse Welfare Trust said the number of horses given up or abandoned had soared in the last two years.

“There has been a big increase in the number of genuine people who bought horses or ponies during the boom having to get rid [of them] . . .” she said.“The sort that would never have ended up on the scrap heap in the past.”

Ms Newsome said few thoroughbreds were finding their way on to the trust’s books but a lot of high-quality horses bought for showjumping were now in need of homes.