IT’S always quite annoying to hear racing attacked in the general media on the basis that it receives Government funding of over €67 million, a portion of which goes to prize money.

But the narrative often proceeds along the lines that the prize money is going to those who are among the most wealthy in the country, funding their hobby, and could be better used by Government in other areas.

It ignores the fact that racing and breeding are an industry and for those ‘big’ owners to have the horses to indulge their hobby, the wages of very many ordinary working people are provided for. Producing horses is no different than any other industry, with value added at each stage of a young horse.

For all his success, Michael O’Leary has spent more on buying horses, paying to have them looked after and trained than he ever received back in prize money.

There was no more obvious example this week of how risky a business it is than a look at the sales in Doncaster. And why having decent prize money as a bit of an incentive, especially in National Hunt racing, is vital to the industry.

Four years ago in December 2017, Downtown Getaway went through the sales ring in Tattersalls Cheltenham sale for £350,000.

No doubt it cost as much to get him to that stage as it would Honeysuckle. This week he went through the sales ring for the princely sum of £3,000.

In his seven outings he won back £20,000. But for all that he looks an expensive failure as a racehorse, he has put some euros in the pockets of many and kept the supply chain going. Racehorse ownership is the high risk game and it’s big owners who bear it.