Author: Victor Sheahan

  • IHRB’s Curious Accounts

    In 2019, the IHRB introduced a 9 stroke limit on the jockey’s use of the whip. This year, they themselves are suffering a beating at the hands of their detractors . They have eventually posted their 2019 accounts and it seems they are intent on giving their detractors more sticks with which to batter their reputation…

    1. The missing €1.6 million:

    Their 2018 accounts were incorrect by €1.6 million (in income and expenditure) and had to be restated…….You might want to reread that sentence… It seems extraordinary that an error of this magnitude was not noticed by anyone in the IHRB (or their previous auditors) . The Comptroller and Auditor General has come on board as auditor for these accounts and it would be interesting to know what the staff of the C&AG’s office made of such a material financial mis-statement in a previous set of accounts. The excerpt from the accounts is shown below…

    note from accounts

    Interestingly, the 2019 accounts were submitted to the CRO a number of weeks ago but then returned for unspecified reasons (but not seemingly the restatement issue).

    2.Publicly funded salaries that are being kept secret

    Despite being almost entirely dependent upon public funding, the IHRB are not disclosing salary details of senior staff. It is the norm in all public sector bodies (and all PLC’s in the private sector) that the salary of the CEO is disclosed. It is remarkable that the IHRB have been allowed to refuse to disclose this salary by the Dept of Agriculture. The stated reason is due to the ‘commercial sensitivity’ of the information. This is a complete nonsense given that the organisation does not operate in a commercial sphere and there are no competitor organisations to the IHRB. I have no beef with Denis Egan but as someone whose salary comes from the public purse it should be disclosed the same as other public servants. Not disclosing the salary obviously gives rise to concerns that the real sensitivity is the embarrassment it would cause. We already have a situation in which the soon to depart Brian Kavanagh is paid a salary of c €190,000 which is well in excess of the supposed salary range for that role. HRI’s budget is a multiple of IHRB’s, yet I suspect that the salary differential is minimal (if indeed it exists). The IHRB have also been granted a derogation on the requirement to even list the number of staff in each salary band for higher earning staff. Both of these derogations are unacceptable in any public body…An FOI request to the Dept of Agriculture on the lobbying around this derogation would be interesting…

    3. The Turf Club (they haven’t gone away you know)

    Another interesting element of the accounts is the relationship with the Turf Club. That private members club hasn’t gone away… In 2019, €90,000 was paid in rent and it would be interesting to know why and what was involved in the payments made to and from the Turf Club/INHS relating to the transfer of assets/liabilities (see note below)..

    Final Word:

    The question has to be asked if Irish racing needs two highly paid (overpaid?) Chief Executives who are funded from the public purse. The accounts of the IHRB show a €2.8 million spend on administration with 33 staff. Rather than attacking Jim Bolger, perhaps a question for the upcoming Dail Committee could be if we need two separate bodies each with their own payroll, accounts functions, legal functions etc ? Why not absorb the integrity function into HRI? The arguments to retain the IHRB became harder to sustain when they seem unwilling to let the taxpayer know what salaries they are paying themselves and when they couldn’t correctly account for what they claimed to spend…..

  • Life After Galileo

    Bolshoi Ballet and Joan of Arc served notice that Galileo isn’t going to be displaced from his position as Champion sire anytime soon. However, whilst not at the end, we are at the beginning of the end of his reign and this will have very significant consequences for top level racing and breeding. Some of the likely impacts include:

     

    1. A dilemma for Coolmore.

    Although Galileo was still covering this year, he is now 23 and there have been limited updates on whether he is getting mares in foal. In the absence of Galileo, who should they utilise with their extensive broodmare band? This is the most immediate issue for Coolmore/Ballydoyle.

    Looking at Coolmore’s European roster there is nothing remotely of his class available. The most expensive listed sire is No Nay Never (€125,000) who is far removed from Galileo in terms of progeny aptitudes. He is nobody’s idea of a suitable substitute. Wootton Bassett is next at €100,000 and he will already be busy as a suitable outcross mate for their band of mares sired by Galileo.  He is an interesting option but by no means certain of the patronage.

    Camelot stands at €60,000. He received a fee hike this year but he doesn’t look like a successor in waiting. He will probably benefit from some redirected mares but he can count himself lucky.

    Fastnet Rock (€50,000) is very limited and is already 20 years old. Sottsass (€30000) is unproven, likewise Saxon Warrior (€20,000) and Churchill €30,000. Gleneagles €25000 has disappointed. Australia €25,000 is the best son of Galileo on their roster and would benefit from access to better mares and maybe speedier types but Coolmore don’t seem to have a lot of confidence in him.

    The US roster is headlined by American Pharoah (decent results in Europe) and Justify (potential but unproven) along with Uncle Mo (very few runners in Europe). It’s hard to see them redirecting too many mares to them. So there is the dilemma….do Coolmore support their own sires knowing their limitations or utilise more outside sires?

    2. Implications for Ballydoyle.

    Ballydoyle has been spoiled for over a decade with a conveyor belt of superior Galileo runners. I often thought that for a level playing field Galileo’s should carry a five pound penalty 🙂

    A full listing of his astonishing 39 European classic winners can be found at https://www.aidanobrienfansite.com/galileo-classic-victories-by-crop-order.php .

    However, without Mr Reliable the days of 25+ Group 1 winners in a season will be very hard to replicate. 15+ Group 1 winners in a season would be dreamland for any other operation but may seem underwhelming given what has gone before. This can escalate tensions with owners used to unprecedented success.   Will ‘the lads’ scale back on numbers? Will Aidan look to scale back the numbers he is training or redirect more to his sons?

    3. Dubawi may win a sires championship

    A little like Richard Johnson had to wait for McCoy to depart, if he can hang around for long enough, Dubawi may eventually claim a sires championship.

    4. New owners will have a chance to compete and succeed

    There is now an opportunity for new wealthy owners to enter the game and credibly chase middle distance classic horses. For the last decade with the close control of the Galileo progeny even the ultra-rich couldn’t get their hands on the right ammunition for classic glory. (Note if any such ultra-rich owner is looking for a bloodstock adviser drop me a line)…

    5. The title of Galileo’s best son is still undecided

    Frankel isn’t everyone’s cup of tea but he has very good black type percentages, classic winners in Logician and Anapurna and a superstar in Cracksman. He currently leads the way ahead of the reliable Teofilo and the infuriatingly inconsistent New Approach who nonetheless can boast three classic winners in Dawn Approach, Talent and Masar. There are still plenty of sons who could yet emerge to take this title.

    Conclusion:  Few would have predicted that the Sadler’s Wells era would have been followed by the even more remarkable Galileo era.  We don’t know what lies ahead but we are unlikely to see a third such dominant force emerge for some time. A more competitive top level racing environment with success being more evenly spread might not be such a bad thing…

  • HRI Administration Blues

    This article isn’t about breeding matters but rather more mundane administrative issues. The staff in Horse Racing Ireland (HRI) are very nice but their systems are woefully inadequate for 2021. Part of the remit of HRI is to encourage racehorse ownership but their outdated processes and bureaucracy are a major turn-off for new owners in syndicates/partnerships. They also haven’t adjusted for Covid and it is no longer practical to meet your dozen other fellow syndicate members in the pub and gather all their signatures (or however they imagine it happens).

    HRI only provide non editable partnership forms that owners and syndicates are expected to print out, hand fill, sign or scan/ post to the next person (and there may be 10 or more people in a syndicate). This is not acceptable in 2021. I know some syndicate managers just sign on behalf of everyone.

    Here are some improvements that could easily be made if HRI wanted to improve life just a little for owners:


    1. Have editable pdf /typable word documents for all ownership forms on the HRI website. Better still have an online form in which details are entered

    2. Accept digital signatures – it is 2021, we have been through a pandemic but their systems haven’t adapted

    3. Allow an online check of available horse names (subject to final verification). Currently you have to ring up and speak to someone, yet there is no reason why this can’t be done online.

    4. Sort out the sequencing of registering a new owner in a partnership. As I understand it, they can’t be registered until they are linked to a horse and that horse has to be named. Why? (apart from system inadequacy)

    5. The charge for naming a horse can only be taken from one partners account- yet everything else is split in proportion. I’d love to know the justification for that…

    6. Colours can’t be registered for a partnership but they can for a syndicate. Some people don’t care about whose colours a horse runs in but others do and having a neutral option that doesn’t favour one partner would be a good idea.

    There are HRI charges to owners for everything from registering a partnership/registering colours, renewal, authority to act, registering leases etc. It is not unreasonable to expect a decent service in return………

  • Cheltenham 2021 and Sons of Galileo

    Last year, I wrote about the deeply concerning rush by National Hunt breeders to use sons of Galileo see https://www.montjeu.com/galileo-groupthink-national-hunt-breeding-and-a-new-heresy/

    Herd mentality (or mass insanity) saw around one third of NH mares go to sons of Galileo in 2020 year. Nothing in the interim has changed my view that this is a misguided approach that will do long term damage to the National Hunt breed. NH breeders should look at the Cheltenham 2021 results and start to look for alternatives.

    The full listing of runners by Galileo and his sons at Cheltenham 2021 is shown below.

    HorseSirePositionRnrsClassType
    OK CorralMahlerPU16Hcp Gr. 3Chase
    ConcertistaNathaniel210Grade 1Hurdle
    Cabot CliffsGleneagles1222Hcp.Gr. 3Hurdle
    Glen ForsaMahler1219Hcp Gr. 3Chase
    Chris’s DreamMahlerPU9Grade 1Chase
    Pont AvalSoldier of Fortune1015Grade 2Hurdle
    Bob MahlerMahlerBD21HcpChase
    Deisa AbaMahlerPU21HcpChase
    ZanahiyrNathaniel48Grade 1Hurdle
    BuildmeupbuttercupSixties Icon2425Hcp Gr3Hurdle
    TorygraphMahler816Grade 1Hurdle
    N’goloGalileo916Grade 1Hurdle

    The results are striking for two reasons:

    1. The lack of runners, sired by sons of Galileo who were actually good enough to run at Cheltenham
    2. The lack of success of his sons runners. Only Nathaniel could be described as a good NH sire (and he is still a flat sire).

    Incidentally, the solution is not to redirect every mare to a son of Monsun instead!