Steve Considers Prize Money
While the Moonee Valley Racing Club had good reason to be ‘miffed’ about being short changed in terms of the $15,500,000 increase in prize money for next season and left wondering where it sits among the race club’s brotherhood and within the industry’s long term plans, there’s another broader picture which needs to be addressed.
And given that RVL still reportedly has circa $155,000,000 in their ‘rainy day fund’ then it has the capacity to do so. But does it have the propensity?
That issue, in my opinion, is base prize money for all metropolitan races.
Let’s face it, it’s the standard by which we measure and judge all racing in this country. Who trained the most city winners? Who rode the most city winners? Will my horse be good enough to win in town? It’s almost akin to our home ownership dream. I want to have a city winner.
A Saturday city win ought to be enough to get you out, for the year, as an owner and therefore be more inclined to reinvest. These days that means a $120,000 stake with $72,000 to the winner less trainer and jockey percentages.
Now, the RVL spin talks about a $120,000 Saturday minimum but that is only for three-year-old races and races at 2000 meters and beyond. It needs to apply to every Saturday metropolitan race and the aim should be a $60,000 minimum for all midweek metropolitan races (hence, you win two of those and ‘you’re out’).
I’m not going to criticise the latest changes for the sake of it (although I will pose my musings about same) but would rather make a plea that RVL looks, sooner rather than later, to enabling the $120,000 Saturday and $60,000 minimums.
Or, at the very least, research the following hypothesis.
From my experience working with a couple of trainers, I would argue that the lifeblood of most stables is being able to call on their existing owners who, more often than not, are happy to say yes when asked to spend say somewhere between $5,000 and $25,000 (of thereabouts) for a share in a horse.
The big investors come and go or switch stable allegiances. The faithful clients, I refer to above, are more reliable but can be a little less forthcoming when they have a city winner or two but still don’t manage to break square. The sort of owner who aspires to have city competitive horses and who expects to cover costs if he gets a horse of that standard. He or she is financially comfortable, not necessarily wealthy.
That’s why I believe the focus should be on city prize money coupled with the fact that it is racing’s measure of success as mentioned above; that is aligned with the racing dream of ‘can we win in town’ and would greater ensure the viability of the better trainers. Ten of the top 20 trainers in Victoria this season have earned less than $200,000 from city prize money which is hardly a monumental return for (generally) a 365 day working year and 3am starts.
Competing in town is the game’s raison d’être. Which is no knock on country racing which I love but not many of us are motivated to continue racing horses for the ‘thrill’ of watching them go around in Benchmark 58’s in the bush. And those who are thus motivated, are not too fussed about prize money.
A couple of aspects of the prize money increases do leave me bemused.
I wonder if it is even appropriate that they should allocate such a significant amount of money while the board remains in limbo? The new board members will not be appointed until the new racing season (August at best) according to the racing minister Martin Pakula.
Why the focus on three-year-old races? The Caulfield Guineas (Gr 1, 1600m) doubled to $2,000,000 and the Coolmore Stud Stakes (registered as Ascot Vale Stakes) (Gr 1, 1200m) to $1,000,000.
Will the prize money increases generate better fields and therefore stimulate greater public interest and turnover? Will the distributed prize money broaden and encourage, or even maintain, ownership interest?
I think the answer is ’no’ in terms of these three-year-old races and some weight-for-age races including the Memsie and the Caulfield Stakes which have been boosted.
It’s been suggested that RVL is looking to capitalise on the AFL-free first weekend in September by boosting prizemoney for the Memsie Stakes (Gr 1, 1400m) to $1,000,000.
I think throwing open the gates would be a better idea.
The Memsie is a lovely race with a particularly good honour roll in recent years. However, it is a spring starting point for many horses who will accumulate significant monies later in the campaign. It’s debatable whether it should have Group One status and very debatable whether it should carry a $1,000,000 purse.
The boost to that and the Caulfield Stakes (Gr 1, 2000m) is also viewed as a possible lure for Winx (Street Cry). At best, that would be a one year plan and, at worst, a waste of time given that the mare’s trainer Chris Waller recently said: “If there’s a hundred thousand dollar race that I think’s going to suit her at a certain stage better than a million dollar race she’ll be running in the hundred thousand dollar one.”
As to the three-year-old races, well – let’s be frank, the Caulfield Guineas has been a terrible race in recent years. Since 2010, All Too Hard (Casino Prince) is the only one of the seven Guineas winners to go on to prove himself a high class racehorse. Four of the Guineas winners didn’t win another race!
However, the six colt winners in that time are all now at stud. So, in a sense, they didn’t need the prize money as the financial reward came elsewhere. And that will be forever thus because of the reputation of the race which will survive a few lean years.
Of course, some of these recent Guineas winners might have come back to prove themselves high class racehorses at four but weren’t given the chance.
I’d rather have seen a good chunk of this high end prize money added to the Cox Plate (Gr 1, 2040m) and/or with bonuses to apply to three-year-olds who return the following season to win or place in a Cox Plate, Caulfield Stakes, Toorak Handicap (Gr 1, 1600m), Cantala Stakes (Gr 1, 1600m) or Mackinnon Stakes (Gr 1, 2000m).
The Coolmore Stud Stakes, like the Guineas, offers rewards way beyond the prize on the day. Flying Artie (Artie Schiller), Brazen Beau (I Am Invincible), Zoustar (Northern Meteor), Sepoy (Elusive Quality), Star Witness (Starcraft), Northern Meteor (Encosta De Lago) are all recent winners who’ve quickly disappeared from the track.
I’d like to have seen a little more left field thinking with these increases in prize money. An increase to the prize money for the key races at the VRC’s Winter Championship meeting; a hike to MRC races including the Sir John Monash (Gr 3, 1100m) and Bletchingly Stakes (Gr 3 1200m); a boost to any number of the MVRC’s feature night races including their major sprints and mares races; a shameless copy of New South Wales’ provincial and country championships; and an additional VOBIS Gold raceday.
And why didn’t anyone want to set a cat among the pigeons by increasing the prize for the Schillaci Stakes (Gr 2, 1100m) – on the same day as The Everest – to $1 or $2,000,000 with a $2,000,000 bonus to any horse to win that and then the Manikato Stakes and/or the Darley Classic. Just to be mischievous. Just to stir the pot – which I’ve enjoyed doing here.
AMAZING YEAR FOR INGLIS
When the hammer came down on the last yearling offered at Scone on Monday, the numbers were finalised on a spectacular 2017 for Inglis offered year olds.
Inglis has sold 1877 yearlings in 2017 at a clearance rate of 88 per cent, average of $116,000 and gross of $219,410,250.
Inglis Managing Director Mark Webster noted the significance of continued growth in prize money as he assessed the year. He said: “The Australian bloodstock market was strong this year and if current key economic and industry conditions stay the same the upwards trend may continue in 2018.
“Aside from the significant investment that Inglis makes in local and international marketing and buyer recruitment, Inglis staff have done a fantastic job working with breeders across Australasia to assemble the best line-up of yearlings to offer at all five select sales. Strategically Inglis is well placed operating from Australia’s two largest and most affluent cities.
“There are a whole range of conditions required for a strong market, including currency, a stable local and global economy, consumer confidence, prizemoney levels in NSW and Victoria and the ongoing world class performances of our product – our graduates and our stallions and breeding stock.
“Over the past five years prizemoney has continued to grow in NSW and Victoria and we are seeing more inward international investment in racing and breeding here in Australia from North America, Europe, Asia, South Africa and the Middle East.”