RACEHORSE owners are “leaving the industry in droves” due to increases in costs and low prize money levels, says the Association of Irish Racehorse Owners [AIRO].

The AIRO held its annual general meeting on Thursday night and chairman David Hyland took the opportunity to appeal to Horse Racing Ireland [HRI] to tackle the situation.

Hyland said that prize money “is still the most essential and most worrying issue affecting Irish racing at present.”

He acknowledged the “slight increase” in some sections this year “but I’m afraid it does not go far enough to balance the exponential rise in costs that is being felt by every owner.”

Hyland again cited the figures compiled by HRI which show that the racing authority’s contribution to prize money in 2024 is less than it contributed in 2019. HRI chief executive Suzanne Eade responded to that point in The Irish Field in March by saying prize money levels are higher in 2025 than ever before and that HRI is putting more money into other areas.

Priority

However, Hyland this week implored HRI to “critically look at expenditure and to prioritise prize money before it’s too late.”

He said: “While acknowledging the funding we get from Government includes capital development requirements, surely it makes far more sense to concentrate on ensuring the survival of the horse racing and breeding industries rather than expanding an already full workforce or funding huge developments at racecourses while the foundations at the grassroots level are crumbling.

“We appreciate that these capital developments projects are all worthwhile but, at this juncture and in the current economic climate, it is essential that a larger percentage of the Government fund be allocated to prize money which would be far more beneficial to the whole industry.”

He said that prize money was one of the reasons why international owners have horses trained in Ireland.

“We are now seeing horses moved to the UK, USA and Australia as well as other jurisdictions where prize money has improved while ours has stagnated or dropped,” he said. “This isn’t an argument based around making owning racehorses a profit making business. But prize money levels need to be comparable with our competitors in order for the entire Irish industry - breeding and racing - to remain viable.”

Dropping off

The AIRO has seen evidence of “a lot of owners dropping off due to the spiralling training costs and ever-increasing owner charges and expenses”, Hyland added.

“From looking at the decline in our own membership numbers and discussions with trainers and other industry stakeholders, owners are leaving the industry in their droves.

“Considering the current economic downturn, inflation, cost of living increases and threats of impending tariffs, disposable income available to spend on luxury items such as horses is reducing considerably.”

Hyland warned that a drop in owner numbers will have a knock-on effect for trainers, jockeys, stable staff, breeders and sales companies, as well as attendance levels and on-track betting turnover.

“This exodus of owners has the potential to pose a huge knock-on effect on our entire industry.

“There are reports of growing numbers of empty stables in many trainers’ facilities right across the country, especially in smaller trainers yards, Owners are not just moving stables, they are getting out of the game.”

In January HRI published industry statistics which said the total number of active racehorses owners rose by 0.9% in 2024. The number of new owners registered last year was up 4.1% and the owner retention rate climbed marginally to 73.8%.

Hyland was re-elected as chairman while Caren Walsh will servce another term as vice-chairman.

John Connolly, John Weld and Sandra Fox were re-elected to the board.

The chairman reminded owners that AIRO membershop includes third party liability insurance.