Joe Miller | Horse Racing Free Tips

American Buyer Miller Looking Forward To Getting Involved At Craven Sale

Joe Miller, the leading bloodstock advisor and American representative for Tattersalls, has put forward the value on offer in Britain comparable to America as one of the main reasons behind the increasing levels of interest among international buyers getting involved at the Craven Breeze-Up Sale.

A number of top American buyers are reported to be making the trip to Newmarket for the Craven Sale in just over a week's time and Miller, best known in Europe for playing a leading role buying for Red Baron's Barn and Rancho Temescal's racing operation at the horses-in-training sales, is looking forward to returning to the breeze-up scene this month.

“Last year was our first year shopping the Craven Sale and we're looking forward to going back,” Miller said. “It's incredibly difficult to buy the horses that you really like at the breeze-up sales in America. If you don't have two hundred to four hundred thousand dollars to spend, it's hard to even get your hand up.

“My experience of the Craven last year was that, with the horses we bought or even with the horses that we liked but didn't end up buying, you could get a really nice racehorse for much less than you could in America. You can get much better value for your money at the Craven Breeze-Up Sale at Newmarket. If you are shopping at the seventy five thousand to one hundred and fifty thousand mark, you can buy horses that you really like for that money at Tattersalls and you don't have to talk yourself into it either. That's what has really convinced us to go back and do it all again this year.”

Miller bought two horses at the Craven Sale last year, both of whom ended up racing for William Jarvis in England. He is hoping to fill a similar brief when he returns to Newmarket for the sale that takes place on April 18 and 19 but revealed that he would be buying for new investors who are commercially-minded.

He explained, “We're going to try and buy a few horses there this year with the view towards leaving them in England to race and they may be sold on in the future. We also might buy a couple of horses with the idea of running them a couple of times and bringing them back to America to run at Del Mar. We're going to be looking to do both of those things. The ship and win bonuses in California is a big plus for us. If you run a time or two outside of California before the Del Mar meet and then you ship in, you run for a substantial purse bonus, so that is very appealing to us. We've done so well with these European grass horses that we said we'd try to source them a little earlier in their careers.”

Miller added, “We bought two horses at the sale last year and they ran for William Jarvis. One of the horses was Dandy Man Shines (Ire) (Dandy Man {Ire}), who William did a great job with. He ran third on debut before finishing fourth in a Group 2 and then shipping out to America. I think it's a very good foundation for a horse to get them started in Britain. He wasn't a particularly expensive horse at 105,000gns and we'll be shopping in a similar price range at the Craven.

“This is a completely different venture to the Red Baron's Barn operation. Moving forward, Rancho Temescal is going to be in a racing partnership format with Tim Cohen and myself being the managers but we will also be bringing in some outside investors and will be specifically shopping for racehorses privately and at the Tattersalls horses-in-training sales. We're going to be very active at the sales this year on behalf of the Rancho Temescal Thoroughbred Partners racing venture but shopping at the Craven is a different deal this year. There are different people involved and we will be looking at possibly selling some horses further down the road.”

So what do the American buyers look for at the breeze-up sales? The Craven may be billed as the sale where consignors have the opportunity to sell the dream of owning a Royal Ascot two-year-old but, according to Miller, he is hoping to find a horse for the future rather than one who will burn up the track in the early part of the season.

He said, “We are partial to horses by stallions who we have done well with before. But we are just looking for horses with good physicals and ones who we think are going to like firm and fast ground. I'm not too desperate to buy horses who are going to be incredibly precocious and winning in May. I'm looking for horses who will have a future–the ones for further down the road.”

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Horse Sales And HISA, The Overlap

With the Horseracing Integrity and Safety Integrity Act's (HISA) anti-doping and medication control program set for launch Monday–pending approval by the Federal Trade Commission (FTC)–the inevitable focus will be on the spider web of post-race and out-of-competition testing set to blanket most of the nation.

But with it has come this other question: What do buyers now need to be aware of when purchasing a horse at the sales or privately?

The question has gained added currency since a recent the Southern California horsemen by representatives from the Horseracing Integrity & Welfare Unit (HIWU), the arm of HISA charged with rolling-out and managing its anti-doping and medication control (ADMC) program.

At that presentation, Mary Scollay, HIWU's chief of science, explained that under the new medication regime, bisphosophonates–a controversial group of drugs used in older horses to tackle issues like navicular disease but also used in younger horses to treat things like sore shins–will be banned from administration in what HISA terms “covered horses.”

(It should be noted that a Thoroughbred becomes a “covered horse” only when it completes its first officially timed and published workout)

“My last two weeks has pretty much been a deep dive into bisphosphonates and how to navigate this stuff,” said Joe Miller, a racing manager and bloodstock advisor, who leans heavily on Europe when scouting for new talent destined for the U.S.

“I actually skipped going to the OBS March sale because I'm so focused on how we're going to be moving forward in navigating these purchases,” Miller added.

For all sorts of reasons, bisphosphonates pose a slippery set of problems for regulators and horsemen alike. Once administered, they can stay in a horse's system for years. Horses given a bisphosphonate won't necessarily test positive for the drug consistently over time either, with a positive finding more likely during periods of bone remodeling, which would release the drug into the horse's system.

Punitive consequences for a positive bisphosphonate finding can be steep. A trainer faces a possible two-year suspension for a first-time bisphosphonate violation, while the horse could be subject to lifetime ineligibility from competition.

Joe Miller | Tattersalls

HIWU published a notice to the industry on March 10 regarding the use of bisphosphonates under the ADMC program, explaining how only proven administration of a bisphosphonate to a covered horse after the March 27th implementation date would be deemed an actionable violation. Furthermore, HIWU explained that it would not pursue disciplinary action for a positive bisphosphonate finding against a covered horse and its connections, provided those connections can share with HIWU documentation–such as medical records or a positive test result–proving administration or presence of bisphosphonates prior to the ADMC program implementation date.

“In accordance with HISA's requirements for Covered Horses, all medical records, including any relevant test results, must be uploaded to the HISA portal. Additionally, due to the variability of bisphosphonate detection through laboratory analysis, all bisphosphonate findings detected under the ADMC Program will undergo thorough review regardless of the alleged timing of administration,” the notice added.

This still leaves some worrying holes for trainers and owners to potentially fall through.

A fear among buyers is that because of the longevity with which bisphosphonates can stay in the system, a recently purchased horse administered bisphosphonates prior to the ADMC launch date–and unbeknownst to the new connections–could still land them in regulatory hot water.

Furthermore, buyers like Miller are concerned about purchasing horses from international jurisdictions where bisphosphonates are still permitted.

“Since private sales are subject to individual contracts, it is up to the buyer and seller to formalize provisions for bisphosphonates testing and conditions of sale to protect all parties,” wrote Scollay, in response to a list of questions.

Miller hasn't made any international purchases since last October, he said, but he expects that to change in the next few weeks. When Miller does once again plunder foreign shores, “we can definitely do a blood screen for Osphos and Tildren,” he said, singling out two of the more commonly-used bisphosphonates. “I'm hoping we can do a urine screening as well.”

Indeed, urine samples are deemed more accurate than blood screens at detecting bisphosphonates administered longer in advance due to typically higher concentrations in urine of most substances than in the blood.

Though HIWU has stated it will conduct a thorough review in the event of a bisphosphonate positive, “If you come up with a trace amount of bisphosphonate in a post-race urine sample, how is that going to be dealt with?” asked Miller. “Is a horse going to be able to compete while the review is being conducted?”

According to HIWU spokesperson, Alexa Ravit, “HIWU will not just automatically issue a suspension for a Covered Horse or Covered Person upon receiving a positive finding for bisphosphonates.”

Fasig-Tipton is one of the major U.S. sales companies to have taken steps in recent years to limit drug use in the horses that pass through their rings, including offering bisphosphonate testing as a condition of sale for horses younger than four.

If the sale horse tests positive for bisphosphonates, a buyer has the right, within 24 hours of notification, to rescind the sale. In Fasig-Tipton's case, a bisphosphonates test costs $500.

“As with all these drug tests that have come along, it's usually because there has been a shift in the market,” said Bayne Welker, executive vice president of Fasig-Tipton. “That's usually what drives us to make these offerings.”

And as a result of HISA, “I'll probably take the limitations off of the racing age horses,” explained Welker, pointing to the condition of sale bisphosphonate test.

Indeed, Scollay stressed how “buyers should consult sales companies, as applicable, to verify the bisphosphonates testing available as well as the conditions of sale should a purchased horse test positive for bisphosphonates.”

Which leads to concerns over the use of other potentially problematic drugs, especially in horses-in-training purchases.

Major sales companies have moved in recent years to restrict the use in sales horses of non-steroidal anti-inflammatory drugs (NSAIDs), corticosteroids and bronchodilators, including Clenbuterol. Welker explained that HISA's new ADMC program won't change what condition of sale tests Fasig-Tipton offers for these particular substances.

Perhaps the biggest concern, explained Scollay, would be if the horse has been administered a banned substance that may linger in the horse for an extended period and show up in testing conducted under HISA, with anabolic steroids singled out for concern alongside bisphosphonates.

Scollay recommends that both buyers and sellers refer to HIWU's “Banned List,” which are the substances not permitted to be in a horse at any time once it falls under HISA's jurisdiction.

According to Miller, none of the drugs listed on HIWU's banned substances list cause him particular concern. “I only buy horses off people that we trust,” he said.

Furthermore, Miller said he will continue his current practice of performing a full blood screening of a horse pre-purchase.

Dr. Mary Scollay | The Jockey Club

“We typically test for steroids, any non-steroidal anti-inflammatories,” said Miller. “We just want to make sure when we do a soundness exam on a horse, we want to make sure they haven't been given anything.”

In regards private testing, however, there is an important distinction for stakeholders moving forward.

HIWU has contracted six labs around the country to conduct its testing program:

The Ohio Department of Agriculture's Analytical Toxicology Laboratory; the Animal Forensic Toxicology Laboratory at the University of Illinois-Chicago; Industrial Laboratories in Denver, Colo.; Kenneth L. Maddy Equine Analytical Chemistry Laboratory at the University of California-Davis; Pennsylvania Department of Agriculture's Pennsylvania Equine Toxicology and Research Laboratory; and University of Kentucky Equine Analytical Chemistry Laboratory.

Trainers and owners can ask HIWU to conduct clearance testing on a horse–for a fee–provided there is a reported administration history of a particular substance. Clearance testing though HIWU will be conducted at these six labs.

But these same HIWU-affiliated labs are prohibited by contract from testing any covered racehorses from private clients, explained Jeff Blea, California Horse Racing Board equine medical director.

And does Blea have any broader advice for industry stakeholders looking to close a sale after Monday?

“Any purchase of a horse as a buyer, you should have a conversation with your veterinarian as to what your concerns are and what your risk tolerance is relative to drug testing as a condition of sale,” Blea replied.

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Cohen, Miller Ownership Venture “Fun, Immediate Action”

Norwegian playwright Henrik Ibsen believed the strongest man in the world is one who stands alone.

“My father never wanted to complicate things, so he never really wanted another partner,” explained Tim Cohen of his beloved father Jed, the much-missed scion of the Cohen clan, whose paprika-dusted silks have been carried with rare aplomb in recent years under the family's Red Baron's Barn and Rancho Temescal banner.

“I'd have clients at the farm or friends, and they'd go, 'Gosh man, you're doing great. Can we buy into a horse with you?' And I'm like, 'Love to, but I can't,'” he added, highlighting the stable's winning formula, honed to an audacious point, of purloining horses with latent talent from across the pond.

But as Cohen sees it, the industry's economics are putting the monolithic ownership experience on an unrealistic trajectory, making the collaborative one its increasingly inevitable alternative.

That, and Ibsen with his tufty-white mutton chops was never exactly known as the life of the party.

“The intent is to really get people into a marketplace that they would otherwise find very hard to enter or duplicate,” said Cohen, about why he is sunsetting the family's nom de course and replacing it with Rancho Temescal Thoroughbred Partners (RTTP), a bespoke ownership venture, formally unveiled last week, in tandem with his long-time associate, Kentucky-based bloodstock agent Joe Miller.

When it comes to launching new ventures, Cohen's muscle memory should stand him in good stead.

More than 20 years ago, his family purchased a 6,000-acre plot of land in California's Ventura County, transforming a cattle ranch and oil field into a sprawling tangle of fruit groves, emerald pastures and a horse farm.

A former luxury hotel manager, Cohen was plunged into an agrarian crash-course of soil management, growing cycles, climate and water conservation.

Cohen's new partnership shouldn't require the same degree of autodidacticism–yes, that is a word–nor the same amount of dirt beneath the fingernails. But it hardly follows the typical syndicate blueprint.

At $100,000 a pop, Cohen is selling a maximum 30 shares in a Limited Liability Company (LLC), an upfront payment that covers all purchase costs and training fees. Roughly three years later, the LLC will be dissolved with proceeds distributed accordingly. A new LLC will launch every year.

Joe Miller | Tattersalls

“You're not buying into a horse, you're buying into a company,” said Cohen. “That company is going to acquire the horses.” No more than ten horses per LLC in fact.

Twenty shares have already been snapped up. With the bulk of the investors so far West Coast-centric, Cohen said to expect continued patronage of the stable's current pool of Californian training talent, the likes of Jeff Mullins, Mark Glatt, Bob Hess, Leonard Powell. But the venture has its eyes on nationwide horizons.

“It's not a dictatorship, it's collaborative,” he said. “Right now, nobody's excluded. I think if one trainer had a bunch of clients jump in, then obviously some of those horses would be going their way.”

Cohen stressed the residual benefits to an up-front payment model. No excessive mark-ups, for one. The team can also wield financial elasticity when scouting for talent, a useful shield against the hot flames of a bidding war.

“When a horse becomes available, you need to be able to purchase it right away,” said Cohen. “You can't wait to purchase it then raise the money and hope the horse is still available.”

Miller agrees. “A lot of times we've made offers on horses minutes after they run,” he said.

One that comes to mind, said Miller, is Quattroelle (Ire) (Mehmas {Ire}), who cut a Moses-like swath through the field to claim the GIII Megahertz S. at Santa Anita earlier this month.

“Tim and I made an offer on her within 10 minutes of her crossing the finish line when she ran third,” said Miller, of the horse's debut at Leopardstown in August of 2020.

Cohen and Miller's forays into European sales rings have historically yielded results. The stable's Grade I winner River Boyne (Ire) (Dandy Man {Ire}), for example, was purchased for five figures at Tattersalls Autumn Horses in Training sale in 2017. Looking ahead though, private sales, it seems, will likely constitute the team's phalanx of attack.

Miller lauds “a very good network of trainers that I speak with very frequently” as a backbone of this strategy, supplemented by a network of busy bees.

“We really do our due diligence, a lot of research, spending time with the horses before buying them privately, watching them train,” said Miller, championing the working relationships he's forged with Euro-based bloodstock agents Alastair Donald and Charlie Dee.

That said, “if an outside agent finds a horse that they think would suit us, they're welcome to present us with that horse,” he said. “There are a lot of great agents out there with a great eye.”

Quattroelle won Santa Anita's Megahertz Feb. 4 | Benoit

So, what type of horse gets the blood pumping? For one, “fillies with a little bit of pedigree, with a little bit of residual value,” said Miller. “If they're the right physicality, they can have a lot of value at the end of their career to go on to be a broodmare.”

Runners without the necessary on-track seasoning don't typically cut the mustard. “We like to see them run several times and show progression in the right direction.”

In terms of physicality, “we specifically like very good-looking horses that are going to go on firm ground, what we think are on the improve, and have a turn of foot,” he said.

They also need the constitution and fortitude to train “day in, day out” over America's deep dirt tracks, he said. Horses with a strong hind-end are desirable. “And you need a hip to it,” he said, “a bit of a shoulder.”

Smaller horses aren't necessarily looked over. “But they have to be very, very well balanced,” he said. “And they have to have some scope.”

If the horse couldn't cut it as a yearling, said Miller, “a lot of times we're not really going to want to buy it as a racehorse either, no matter what their record is.”

When it comes to RTTP's one-and-your-done payment method, Miller has had prior experience in other syndicates built around a similar model.

“It seems to work for people who don't want a monthly bill. You write one check and you get a check back at the end,” he said. “It wasn't for everybody, but it did seem to work for a lot of people.”

Goals are lofty–or rather, they remain so.

Front and center of last week's press release was an impressive set of numbers illustrating Red Baron's Barn and Rancho Temescal's recent big race clout: over the last three years, 27 of the stable's horses have either won or placed in stakes company.

“We want to keep winning stakes. We want to get people in the winner's circle at Santa Anita, Del Mar. Really, everywhere,” he said.

Another key aim of the partnership, said Miller, is to remove so many of the obstacles littering the way to the winner's circle.

“People always have setbacks. It's just not easy to get your horse to the races,” he said, calling the long road to the racecourse “the hardest part” for owner-breeders especially.

“Our horses have already made it to the races, and we have a very reasonable expectation that they are going to be running right off the plane for us. Most of the time they do so successfully,” said Miller.

“We just want people to have a lot of fun, some immediate action,” he added. Immediate action, and–in news welcome to any frugal investor with one eye on their checkbook–“we do want to be fiscally responsible about it.”

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Red Baron’s Barn, Rancho Temescal Launching New Partnership

With the express intent of making racing partnerships 'more accessible, fun and affordable,' Tim Cohen's California-based Red Baron's Barn is teaming with Rancho Temescal and Kentucky-based bloodstock agent Joe Miller to launch Rancho Temescal Thoroughbred Partners (RTTP).

Red Baron's Barn, founded by the late Jed Cohen, and Rancho Temescal have made use of Miller's expertise over the years to acquire race-ready European and North American bloodstock through both public and private channels. The fruits of the team's labor has yielded the likes of MGISW Janet (GB) (Emperor Jones), GISW River Boyne (Ire) (Dandy Man {Ire}) and MGISW and GI Breeders' Cup Sprint runner-up Dr Schivel (Violence). Together, Red Baron's and Rancho Temescal have campaigned no fewer than 27 horses to have won or placed in stakes company en route to earning the team champion owner honors at Santa Anita and Del Mar last year.

“Before he passed away, my father and I had many discussions about the future of horse racing, and we agreed that the individual ownership model is now going away,” said Tim Cohen. “We were fortunate to own horses without partners for over 60 years, except for a few family friends. This experience taught me that winning and racing are better with friends, associates and like-minded enthusiasts.

“With that mindset of camaraderie as our driving force, Joe Miller and I are excited to announce the creation of Rancho Temescal Thoroughbred Partners, through which we expect to share my family's successful racing model by inviting individuals to partner with us,” Cohen continued. “We believe that veteran Thoroughbred owners and newcomers alike will appreciate the international bloodstock team we have assembled, and the success it has generated.”

According to a release, the business model will be simple, with one payment up front that will cover acquisition and training and the dissolution of the partnership approximately every three years ending with a return distribution. A new collaboration may initiate each year, with prior partners preferenced to limited availability. RTTP will engage no more than 10 horses per year, to be based throughout the U.S. Daily management and partnership communications will be handled by Miller.

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