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2021 Thoroughbred Owner Conference Series Concludes With Aftercare Panel

The 2021 Thoroughbred Owner Conference series held its final session Tuesday, Dec. 7, with a panel focused on the importance of Thoroughbred aftercare. Held virtually this year in lieu of an in-person conference, the series was hosted by The Jockey Club and the Thoroughbred Owners and Breeders Association and presented by Bessemer Trust, Dean Dorton Equine, Stoll Keenon Ogden, and Stonestreet Farm.

The free conference series, which consisted of 10 virtual panels on a range of topics, attracted nearly 1,200 registrants from seven countries. All sessions were recorded and are available to registered guests.

“The 2021 virtual Thoroughbred Owner Conference series has been a remarkable success by just about every measure,” said Gary Falter, project manager for OwnerView. “There have been over 5,500 views of the live and recorded panels, and the feedback from attendees has been incredibly positive.”

Following the success of the 2021 online series, OwnerView plans to continue with another series of ownership panels in 2022. More information on the dates and topics will be released in January.

Tuesday's session was sponsored by Canterbury Park and Gainesway Farm and moderated by Kristin Werner, senior counsel for The Jockey Club and administrator of the Thoroughbred Incentive Program. Panelists were Michael Blowen, founder of Old Friends; Stacie Clark, operations consultant for the Thoroughbred Aftercare Alliance (TAA); and Erin Crady, executive director of the Thoroughbred Charities of America (TCA).

Clark spoke on the work of the TAA, which accredits aftercare organizations and provides funding to support those organizations. She said that she has been heartened by the publicity from positive stories of horses being retrained and rehomed in recent years, giving owners confidence that their horses can thrive off the racetrack.

“What has really been amazing is an owner can come into the sport and know that there is an option for their horses and there is a safety net,” she said.

Blowen agreed, noting that “there's a new awareness not just when these horses are racing and breeding but also when their racing and breeding days are over.”

Old Friends is a sanctuary facility that is home to more than 200 stallions, mares, and geldings that experienced varying levels of success on the racetrack and in the breeding shed. These horses serve as equine ambassadors during public tours of the property, which raise money for the farm's operations.

The TCA provides grants to approved non-profit organizations that work toward improving the lives of Thoroughbred racehorses and the people who care for them. Crady emphasized that racehorse owners should be including aftercare in their business plans from the onset and that it is critical for horses to be retired while they are still sound to maximize their career potential beyond the racetrack.

“Start thinking about your exit strategy before you even have a horse,” she said. “Aftercare should not be an afterthought.

“A sound Thoroughbred is so incredibly versatile. Don't push for that one last race.”

The session started with the presentation of the 2021 New Owner of the Year, sponsored by The Stronach Group and 1/ST RACING, to Boat Racing. Boat Racing owns a handful of horses via yearling sales, 2-year-old in training sales, and pinhooking, but their primary claim to fame came from their significant minority share of Hot Rod Charlie, who won the grade 1 Pennsylvania Derby and grade 2 Twinspires.com Louisiana Derby in 2021. He also placed in this year's Kentucky Derby presented by Woodford Reserve and Belmont Stakes presented by NYRA Bets (both grade 1).

“We've fallen in love with this sport and fallen in love with these majestic animals,” said Patrick O'Neill of Boat Racing. “We're hopeful that we'll be a part of this industry for many years to come.”

OwnerView is a joint effort spearheaded by The Jockey Club and the Thoroughbred Owners and Breeders Association to encourage ownership of Thoroughbreds and provide accurate information on aspects of ownership such as trainers, public racing syndicates, the process of purchasing and owning a Thoroughbred, racehorse retirement, and owner licensing.

The need for a central resource to encourage Thoroughbred ownership was identified in the comprehensive economic study of the sport that was commissioned by The Jockey Club and conducted by McKinsey & Company in 2011. The OwnerView site was launched in May 2012.

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Grimthorpe Named National Stud Chairman

Teddy Grimthorpe, who for 22 years served as racing manager to the late Prince Khalid Abdullah, has been named chairman of The National Stud. Grimthorpe succeeds Nicholas Wrigley, who has filled the role since the death of the Duke of Roxburghe in August of 2019. Grimthorpe, who has been a member of the Jockey Club since 2007 and joined its board of directors this year, will serve a three-year term.

“I was a student on the National Stud course in 1976 so we have a long history, as they say,” Grimthorpe said. “My three most recent predecessors have all made a huge impact on the stud: Ben Sangster, Guy Roxburghe and Nicholas Wrigley, who kindly stepped in as interim chairman after Guy passed away in August 2019.

“It is a fantastic time to be taking over the role, with Time Test creating a lot of excitement and interest while Aclaim has had an excellent first year with runners with a whole stack of winners. Hopefully recent recruit Lope Y Fernandez will carry on that momentum. There's a good reason why Coolmore paid €900,000 for him as a yearling because he's a really outstanding individual. He's already been really well received by breeders. There are important times ahead for all six stallions and there's a really good base from which to build on, so, with director Tim Lane, we will continue to drive The National Stud forward.

“Morale is very high on the farm and it's not only because of the upward trajectory of the stallion roster. The diploma course is a very important part of the stud farm and is beginning to make a serious impact. Racing, like a lot of businesses, is looking for good-quality staff and The National Stud is a great place for people to start out in the industry.”

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Ninth Thoroughbred Owner Conference Panel Focused On Breeding To Win

The ninth panel in the online Thoroughbred Owner Conference series held Tuesday, Nov. 2, featured a panel devoted to breeding Thoroughbreds who discussed the research and factors they consider when making breeding decisions. The conference series is hosted by The Jockey Club and the Thoroughbred Owners and Breeders Association and presented by Bessemer Trust, Dean Dorton Equine, Stoll Keenon Ogden, and Stonestreet Farm.

Moderated by Carolyn Conley, “Breeding to Win” featured owners/breeders Madeline Auerbach, chairperson of CARMA (California Retirement Management Account) and a member of The Jockey Club, and David O'Farrell, manager of Ocala Stud and vice chairman of the Thoroughbred Owners and Breeders Association. Also on the panel was Dr. Barbara Murphy, head of Equine Science at University College Dublin, who specializes in equine reproduction and developed the Equilume Light Mask, which has become a useful breeding tool within the Thoroughbred industry. The session was sponsored by Centennial Farms and Equilume.

To start the discussion, Murphy explained the thought and science behind the Equilume Light Mask and how light, specifically blue wavelengths, affects reproductive and growth hormones.

“If you provide lighting to the pregnant mare early in the year, you also have an improvement on her breeding efficiency in that she will cycle back sooner after she foals and she will foal closer to her due date,” Murphy said. “By giving the mare light, she turns on growth hormones, which stimulates the foal to develop at the normal pace.”

Auerbach and O'Farrell spoke about the differences in breeding to race and breeding to sell, the importance of selecting your breeding stock, and ensuring your horses are in the right hands.

“It's the most wonderful thing in the world to see a horse you bred win a race,” Auerbach. “But be careful, make sure you know what you are doing, and, once again, get as much advice as you can, but remember it's your decision and the buck stops with you and starts with you.”

“It's easier to breed to race than it is to breed to sell because racing you can breed to horses and get runners, but they might get ugly horses,” O'Farrell said. “You can't sell ugly horses.”

When discussing conformation, O'Farrell stated that it is very important but is not everything.

“For the most part, I think we just have to understand what physical qualities your mare has and what they are lacking and what the stallions may have and what they are lacking and try to be sensible about it,” he said. “You can't be too nitpicky. You have to consider all things including conformation, but I don't think it's everything.”

Talking about the importance of choosing a stallion, Auerbach noted: “It is just as important to study your mares, study her origins, and then start thinking about stallions. Don't put all of your eggs in one basket.”

“I would agree with that,” O'Farrell said. “Put a lot of effort into understanding your mare and what she's capable of.”

Before the Q&A session, the panel touched on the importance of aftercare.

“Everybody in the supply line, the people that buy them, the people that race them, everyone as a hand in making sure that they contribute to aftercare,” Auerbach said. “Everyone has a hand in pitching in and being responsible so that these horses, when they get out of racing, that there is a place for them, that there is somewhere that they can go and live out their lives.”

The next and final session of the series will focus on aftercare and is scheduled for Tuesday, Dec. 7, at 2 p.m. ET. It is sponsored by Canterbury Park and Gainesway Farm.

All sessions will be recorded and made available to registered guests. There is no registration fee for the live or recorded virtual conference series, but registration is required. Registration information and schedules are available at ownerview.com/event/conference or by contacting Gary Falter at gfalter@jockeyclub.com.

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Legislation Introduced to Ease Tax Burden

U.S. Congressman Andy Barr, a Kentucky Republican who represents Lexington, has reintroduced the Equine Tax Fairness Act, which, if passed would make changes to the tax laws favorable to horse owners and breeders, it was announced by his office Wednesday.

The bill calls for new regulations that would make the three-year depreciation schedule permanent for racehorses, no matter their age when put into service. Currently, Congress must reauthorize this provision in the tax law on an annual basis.

The legislation would also reduce the holding period for equine assets to be considered long term capital gains, putting them on a level playing field with other similar assets.

“Permanently delivering tax incentives for owners and breeders will strengthen investment in our signature equine industry,” Congressman Barr, who serves as Co-Chair of the Congressional Horse Caucus, said in a statement. “I want to continue the momentum started with the enactment of the Horseracing Integrity and Safety Act to push another key industry initiative across the finish line that will help solidify the sport for decades to come.”

Barr's bill has been endorsed by the National Thoroughbred Racing Association (NTRA), the Kentucky Thoroughbred Association, the Jockey Club, the Thoroughbred Owners and Breeders Association, Keeneland, and the American Horse Council.

“The three-year depreciation of racehorses (similar to other investment assets) is critically important to encourage robust investment in Thoroughbred horses and to maintain the vibrant economy and trade we have seen throughout this Thoroughbred sales cycle and consistently over the past 85 years at Keeneland,” Shannon Arvin, President and CEO of Keeneland said in a statement. “We appreciate Congressman Barr's consistent support of this legislation and the entire Thoroughbred industry.”

“The Jockey Club wholeheartedly supports the Equine Tax Fairness Act, introduced by Congressman Andy Barr,” Jockey Club President & CEO Jim Gagliano said in a statement. “This bill will put horse ownership on par with other investment assets. The bill addresses two key deficiencies of the tax code. First, the bill will decrease the depreciation schedule eligible to racehorses from seven years to three, permanently rescheduling racehorses that are put into service before the age of two into the three-year depreciation asset class. The three-year depreciation schedule accurately reflects the typical career of a racehorse since nearly three-quarters of foals that race have a career of four years or less. This change has been enacted by Congress on a temporary, year-to-year basis since 2008, and needs to be permanent law.

“Second, the Equine Tax Fairness Act will reduce the holding period required for equine assets to be considered long-term capital assets from 24 months to 12 months, putting them in line with other investments, such as homes, stocks and bonds.”

Along with Congressman Paul Tonko, Barr was the original sponsor in the House of Representatives of the Horseracing Integrity and Safety Act.

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