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Ascot Projects Tough Times Ahead

Ascot Racecourse has said it does not expect crowds to return to pre-COVID levels before 2022, and in releasing its 2019 financial results on Wednesday painted a bleak financial picture for the next two years in the absence of continued government support.

“Overall, in terms of our long-term financial flight path, we forecast that the Covid-19 pandemic will have set the business plan back at least three years,” said Guy Henderson, chief executive officer of Ascot Racecourse.

Ascot returned a net profit of £7.3-million last year and a rise in turnover and reduced its net debt to £37.9-million, which is ahead of schedule, while making further investment and capital expenditure in racecourse facilities. Looking at 2020 and ahead into 2021, however, Henderson said things would have been extremely bleak this year without the significant government support the racecourse received.

“In 2020 the impact of the pandemic has been significant but mitigated by cushions such as the Government Furlough Scheme, Business Rates Relief and pandemic insurance for racing without crowds,” he said. “That picture adversely changes in 2021 and the business has had to take the appropriate steps to reduce its fixed and variable costs.

“Without our pandemic insurance and the Government support of furlough and business rates relief, our 2020 trading loss would be over £20m. The year will only be overall cash positive due to that support and a very significant reduction in our capital investment programme. 2021 will be much more challenging without such support. Our modelling currently projects a significant figure pre-tax loss in 2021. Whilst the business is robust and remains in sound financial health, the journey back to normality will be gradual and determined by the phasing of public allowed to the races.”

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Racing Welfare Emergency Appeal Hits Target

Racing Welfare’s Emergency Appeal, which was launched when the COVID-19 pandemic hit to make up for the income deficit the charity faced due to the cancellation of its fundraising events, has hit its £500,000 target.

Racing Welfare Chief Executive Dawn Goodfellow said, “I can honestly say that we have been overwhelmed by the generosity of the racing community. The news that we have hit our target is a great boost as we head towards the end of 2020 and is a wonderful reflection of the unwavering support we have received this year. I cannot say thank you enough to everyone who has donated during what has been a tough time for so many. I very much hope everyone in the industry is able to enjoy the festive period and remind anyone who needs support that Racing Welfare remains available 24/7 throughout this time.”

Racing Welfare this week has sent out nearly 600 Christmas boxes to retired racing staff who in normal times would be joining together for Christmas lunches. The charity has also continued its check-in calls and Facebook group, Racing Conversation, to try to combat loneliness and isolation during the pandemic.

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Half-Sister To Integral Set For Lingfield Debut

Observations on the European Racing Scene turns the spotlight on the best European races of the day, highlighting well-pedigreed horses early in their careers, horses of note returning to action and young runners that achieved notable results in the sales ring. Today’s Observations features half-siblings to two Group 1 winners.

1.35 Lingfield, Nov, £5,300, 2yo, f, 7f 1y (AWT)
Cheveley Park Stud’s hitherto unraced DEGREE (GB) (Dubawi {Ire}) is a homebred half-sister to G1 Falmouth S. and G1 Sun Chariot S. heroine Integral (GB) (Dalakhani {Ire}) out of G1 Matron S. victress Echelon (GB) (Danehill). Declared to race in a first-time hood, she represents the Sir Michael Stoute stable responsible for those Cheveley Park luminaries and faces a cast of 10 rivals which features Sheikh Mohammed bin Khalifa Al Maktoum’s twice-raced Bint Al Anood (GB) (Dubawi {Ire}), who is a John Gosden-trained half to MG1SW sire Pride of Dubai (Aus) (Street Cry {Ire}).

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Oxx Honored With HRI Award

Trainer John Oxx, who retired at the end of the recently concluded flat season, has been honored with the Contribution to the Industry Award as part of the 2020 Horse Racing Ireland Awards which were announced on Tuesday.

Oxx, who held a license for 41 years, was champion trainer in 1995 and will be best remembered as the handler of great champions like Sea The Stars (Ire), Ridgewood Pearl (GB) and Sinndar (Ire).

Another recently retired fixture of the Irish racing scene, National Hunt jockey Barry Geraghty, was the recipient of the Irish Racing Hero Award. During his 23-year career in the saddle, Geraghty was champion jockey twice. His major wins included the Grand National and Irish Grand National, the Gold Cup (twice), Champion Hurdle (four times) and Champion Chase (five times).

The other award winners are as follows: Horse of the Year Award: Al Boum Photo; Emerging Talent Award: Gavin Ryan;

National Hunt Award: Rachael Blackmore; National Hunt Achievement Award: Eugene and Maxine O’Sullivan; Point-to-Point Award: Colin Bowe; Flat Award: Colin Keane; Flat Achievement Award: Tony Mullins; Ride of the Year: Gavin Ryan.

Horse Racing Ireland Chairman Nicky Hartery said, “We are nearing the end of what has been an extremely trying year and I wish to thank everyone in this wonderful industry who adapted so well to the challenges posed by the Covid-19 pandemic. In addition to our winners today, I congratulate all those who kept the show on the road in 2020. Together, we look forward to a much brighter and exciting year ahead.”

Brian Kavanagh, chief executive of HRI, said, “It is hugely important that today we recognise those who achieved so much in the year gone by. And as we do, we also pay tribute to two giants of the racing game, John Oxx and Barry Geraghty, who called time on their stellar careers in recent months. Few trainers will reach the heights enjoyed by John, and similarly, Barry was so often a winner on the biggest of racing days. We eagerly await the seasonal return of Al Boum Photo at Tramore in the coming weeks and I congratulate his owners, Marie and Joe Donnelly on his Horse Of The Year Award.”

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