Challenges and Solutions: Tim Kent

TIM KENT – Director, Goffs UK

1) What is the most pressing problem that needs to be tackled in racing, and how would you solve it?

TK: I know it's been said many times before but the biggest problem that we face is the levels of prize money available to owners in the UK and Ireland. We cannot expect racehorse owners to race for prestige alone and racing needs more owners to ensure that there are enough horses to fulfil the current fixture list. More owners would lead to an increased demand at the sales and, if you look at results from the recent Magic Millions Yearling Sale, demand was strong at all levels, which was driven by the huge number of syndicates buying horses at the lower/middle end of the market to race in Australia. The levels of prize money in Australia make investing in horses a worthwhile risk and there are 300,000 registered owners in Australia compared to just 8,000 in the UK. This significant figure in Australia is skewed by the fact that many owners have a small share in a syndicate, but this helps to create a heathy racing industry and the money trickles down to the grassroots of the sport. These levels of prize money and ownership are not confined to Australia, but this is a good example of a racing nation that delivers an exciting product combined with a worthwhile return, which makes it far easier to attract new owners. In the UK, we have the tradition and prestige that combine to offer a wonderful product, but the chance of covering your costs are much less than in countries where any profit made by bookmakers is pumped back into the industry rather than being directed elsewhere.

If there was an easy solution then it would have been implemented years ago, but the many private companies that make up the racing industry in the UK and Ireland, and these include bookmakers, racecourses and racecourse groups, need to remember that we won't have an industry if we don't have horses to run on the track and we can only provide this by attracting new owners. We are all hopeful that the Levy replacement due to start on Apr. 1 will make more money available to racing, but we must all remember that these extra funds should not be distributed too thinly and there is only one area that needs to see an increase–prize money.

2) How would you introduce a newcomer to the racing/breeding industry?

TK: I touched on this in the last answer but we offer a fantastic product in the UK and we need to be proud of what has been built up over hundreds of years. The enjoyment of major racing festivals such as Royal Ascot, Glorious Goodwood or the York Ebor meeting are key to the attraction of any newcomer to the industry, but this can be backed up by visits to the many wonderful stud farms and training establishments available throughout the UK. There is no doubt that we are getting better at selling our product in this way and we are becoming less of a 'closed shop,' but these wonderful experiences, together with a visit to the unique atmosphere of a sales ring, are exclusive to racing in Britain and Ireland and they need to be used as the 'hook' to encourage new participation at all levels. There are organisations in place to provide these experiences on both sides of the Irish Sea but we can, and should, do more.

If you would like to provide feedback on this series please email Gary King – garyking@thetdn.com.