A Blueprint for Racehorse Ownership in the UK: Making retention and acquisition of owners the number 1 goal of a Racing Recovery Plan - July 2020 ...
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July 2020
A Blueprint for Racehorse Ownership in the UK:
Making retention and acquisition of owners the
number 1 goal of a Racing Recovery Plan
Ged Shields | Jon Hughes
© Copyright 2020, Ged Shields and Jon Hughes, All Rights Reserved.
Expect a Major Demotivation of A Two-Factor Improving the Economic Impact A Phased Recovery An Agenda for
Contraction Owners Approach Financial Return of Owners Plan, 2020-2025 Stakeholder Action
Racing needs a post-pandemic Recovery Plan with the
retention and acquisition of owners as its number 1 goal. For every pound spent by owners, £7 is generated across the industry for
Owners matter. The financial strength of racing is inextricably linked with the
3 bookmakers, breeders, trainers, racecourses and sales houses. This 1:7
multiplier amplifies the £124m financial loss to racing to a significantly
continued commitment of owners to keep funding it. The Covid-19 crisis has more damaging £868m. We are alarmed about the negative impact of this
put this commitment under unprecedented pressure while accelerating the multiplier on all stakeholders and their staff. Cutbacks will be painful.
pre-existing challenges that both owners and racing were already facing.
\
Think of the pandemic as a kind of “time machine” that is rushing us towards
Racing needs a strategy to attract and retain owners. A co-ordinated and
the end phase of a process that was always likely to happen. Owners are re-
evaluating their ongoing support, with a significant number likely to reduce
4 well-funded nationwide marketing plan is needed, and for it to be adopted
particularly by trainers and syndicators. Retaining owners requires radical
their involvement sooner rather than later. reallocation of prize-money to ensure a better, fairer and more acceptable
Now that the immediate danger of the pandemic has passed, the risk is that return, while simultaneously improving the on- and off-course ownership
racing will revert to the “old normal” rather than embrace the “next normal”. experience. In the longer term, racing’s funding model has to change.
We believe there is a better approach. A Racing Recovery Plan should be
developed as a matter of urgency with the retention and acquisition of
75% of all races are Class 4-6. Prize-money should be restructured and
owners as its number one goal. It has to bring the stakeholders together in a 5 reallocated to grass-roots racing. Minimum prize-money for a Class 6 race
way that puts aside discord and disagreement – collaborate to succeed. should be £7,500, distributed 50% for 1st, 25% for 2nd, 15% for 3rd and 10%
for 4th . This would mean that all these owners, as a minimum, recoup
(just) their racing expenses for the day. This is at least an important start.
Without a Recovery Plan there will be a major contraction in ownership
1 over the next five years. We believe the impact of the pandemic will be
worse than the financial crisis of 2008/9, when the number of owners fell
The financial damage to racing of a significant contraction in owner
by 1,889 (17%) and horses in training by 2,621 (12%). We predict that
owners will decline by 2,244 (20%) and horses in training by 3,531 (15%).
6 numbers will be considerable. A phased Racing Recovery Plan needs to
commence immediately. Owners want to see rapid and positive changes.
The immediate financial loss to racing will be £124m.
Task teams fully representing the whole industry should be put in place,
reporting to a stakeholder-led Recovery of Racing Group. Accountability
Once the initial excitement of ownership has faded, poor prize-money for success sits with these stakeholders. A first phase of immediate action
2 is the major factor that drives owners out of the sport. The median is required throughout Q3 / Q4, 2020, focused on retaining owners.
return on investment is 8p on the Flat and 6p for NH, after deductions.
Owners lose between 92p and 94p in the £. In 2019/20, owners spent
£527m and lost a collective £428m. While owners don’t expect to make a Two postscripts: (1) The first race back after resumption on 1st June generated
handsome return on their racing investment, they increasingly feel short- £600k in bookmaker profits. The winning owner received a miserly £2,782
changed. An inconvenient truth is that other stakeholders in the industry before deductions. (2) Royal Ascot made a dramatic reduction in top prize-
do rather well out of owners’ annual expenditure … and their losses. money. It had no negative impact on entries or horse participation on raceday.
© Copyright 2020, Ged Shields and Jon Hughes, All Rights Reserved. 2
Expect a Major Demotivation of A Two-Factor Improving the Economic Impact A Phased Recovery An Agenda for
Contraction Owners Approach Financial Return of Owners Plan, 2020-2025 Stakeholder Action
Expect a major contraction in ownership in the UK over the next And ten years from now, the landscape could be
five years. It could be worse than after the 2008/9 financial crash. hugely different, according to John Gosden.
Forecast of total number Forecast of total number The first thing that will change is due to what has happened
of horses in training, of owners (Flat & NH), to the economy, not just in our country but all around the
2020-2025 2020-2025 world. That is going to have a significant impact. We’re an
entertainment business but also a luxury goods department
and, as everyone knows, it’s very expensive for anybody to
25,000 11,500 have a horse. Syndicates will become a far bigger part of the
11,218 owners raced industry but unless you have proper prize-money you won’t
horses in 2019 After the financial
(Source: Racing Post) crash of 2008/09, owner encourage too many of them.
numbers dropped by 17% and
24,000 horses in training by 12%. This time 11,000 I think we’ll see a dramatic restructuring of racing. I believe a
we predict 2,244 (20%) of owners number of the racecourses will not survive and I particularly
will leave, together with 3,531 worry for the small independents. It’s also clear to me the
horses (15%). The immediate loss horse population will shrink because people won’t be able to
Horses in Training
23,000
will be £124m, but with a
10,500 afford to own horses in the way we see now.
Number of Owners
considerably greater impact due to
the multiplier of There’s another huge factor. A lot of the big owners aren’t
owners’ investment young people any more.
There were 23,537 across the industry.
horses in training in Racing Post interview with John Gosden by Lee Mottershead, 13th June 2020.
22,000 10,000
2019 (Source: BHA
Data Book)
“The trend is your friend” is a phrase often used in the investment
21,000
2019: 19,433 horses raced (£25k p.a. cost
9,500
world. It won’t be for racing in this decade, due to three factors:
excl. bloodstock = £486m), 4,104 did not
(£10k p.a. cost = £41m) = £527m. 3,531 1. Economic contraction: the UK faces the worst recession since the
horses = £88.27m training fees (£25k p.a.) &
£35.31m bloodstock, so a £124m loss. War, rapidly rising unemployment and the collapse of many
20,000 9,000 smaller companies, particularly in leisure and hospitality.
2019 2020 2021 2022 2023 2024 2025 2. Owner demographics: average age of owners is around 60, and
with substantial numbers over 70 there was always likely to be a
Note: Trend lines are based on the actual declines in owners and horses reduction in their investment. Also, they remain wary of Covid 19
in training between 2009 and 2014. We fear that the contraction will be and this may inhibit future investment in ownership even further.
far worse than this. Substantial numbers of horses went out of training
during lockdown. Throughout this blueprint, we assume that owners will 3. Disposable income: balance sheets, both personal and company,
decline by 20% and horses in training by 15% over the next five years. will have to be rebuilt. As that happens, owners will cut back if
the lessons from the last financial crisis are anything to go by.
© Copyright 2020, Ged Shields and Jon Hughes, All Rights Reserved. 3
Expect a Major Demotivation of A Two-Factor Improving the Economic Impact A Phased Recovery An Agenda for
Contraction Owners Approach Financial Return of Owners Plan, 2020-2025 Stakeholder Action
Once the initial excitement of being an owner has faded, the total amount and allocation of prize-money quickly becomes a
demotivator. It is one of the key factors that drive owners out of the sport. Consider the returns from National Hunt, 2019/20.
NH prize-money won by owners soon falls off a cliff … … with the majority of owners winning < £2,000 per season
56% won Miserly Returns for NH Owners &
£2.5m
1 40% less than Trainers
£2,000 after Unfortunately all these owners actually
National Hunt 2019/20 Season lost money in the season, once raceday
deductions
It was a miserable season for owners, costs of c.£600 are deducted. Owners
with dreadful weather and 35%
£2m 36% have to pay all these costs regardless of
abandoned meetings. Even before the where the horse finished. Even if it won
national tragedy of Covid-19, prize- 30% or was placed, they made nothing. It is
money returns were dire and
Total NH Prize-Money
£1m this dismal return which erodes owner
demotivating, with NH even worse enthusiasm to continue.
than the Flat. 25%
It was equally bad for trainers and
Percentage of Owners
£250k permit holders, with 136 of them
2
20% winning precisely zero prize-money.
20%
100k
15%
14%
£50k 10% 12%
3 9%
£10k 4 5 5%
Data source: 6% 2%
Racing Post 1%
0%
£0
1 100 500 1,000 2,000 3,000 4,000 5,000
UK NH Owners Ranked by Total Prize-Money
1 #1 Owner on prize-money: 2 These 44 owners ran 692 4 984 owners (20%) Total NH Prize-Money won vs. Actual Received per Owner, 2019/20
J.P. McManus, £2,138,544, horses and lost £7.5m. won no prize-money
but with 141 horses racing
he lost an estimated £1.81m. Estimated raceday costs: assume horse transport £250, stakes entry fee at the lowest
44 owners won £100k+ but 3 The majority of owners won 5 136 trainers / permit level £29, administration fee £32.90, NH jockey fee £173.59, NH riders’ insurance
had substantial losses.Expect a Major Demotivation of A Two-Factor Improving the Economic Impact A Phased Recovery An Agenda for
Contraction Owners Approach Financial Return of Owners Plan, 2020-2025 Stakeholder Action
The factors that bring owners into the sport are not those that drive them out. This is why racing needs a proactive ownership
strategy that deals simultaneously with both acquisition and retention of owners. It is the top priority for racing.
What drives owners out of the sport (the “churn rate” factors)
Strategies to Boost 1. Cost of keeping a horse in training
Owner Acquisition 2. Poor prize-money
3. Need to redirect money on to other things
4. Facilities and treatment of owners on and off the racecourse
Acquisition 5. Limited success
Strategies 6. Not a good trainer experience
Examples of Proactive Strategies to Boost Owner Retention
• Improve the funding model, with extra sources of prize-money coming into the sport
• Reallocate prize-money with higher minimum race values for grass-roots racing
What attracts • Rationalise and reduce all the registration fees and administrative charges
owners into the sport • Improve the off-course ownership experience with high-quality communication
1. Enjoyment of watching the horse run • Improve the on-course ownership experience with more flexible owner benefits
2. The non-raceday elements
3. Dream of winning races
4. Social aspect of racing with friends Strategies to Reduce
5. Love of horses and association with them
6. Enjoyment of racing with the family
the Churn Rate
Examples of Proactive Strategies to Boost Owner Acquisition
• Develop and implement an innovative UK-wide marketing plan
• Proactive promotion by all stakeholders nationwide Understand
• Expand shared ownership with a major campaign on syndication the Tipping Retention
• Showcase ownership on TV and through ownership ambassadors Points in Owner Strategies Note: These conclusions on owner acquisition and
• Introduce a nationwide series of prospective owner days at stables Acquisition and Retention retention are our interpretations of the BHA and
ROA’s National Racehorse Owners Survey, 2016.
78% 53% 73% 80% 65% 82%
The excitement of watching Visiting trainers and their Most owners start off with Being on the racecourse is Poor prize-money drives Owning is expensive. High
your horse gives the yards is crucial for bringing others. Make it easier to the highlight of ownership. out owners, particularly at cost drives churn rates.
emotional return. Acquisition in new owners. It needs locate and join syndicates Provide more flexible the grass-roots level. Syndicates reduce them.
marketing sells that. more promotion. that are properly regulated. benefit packages. Address this. Cut irritating charges.
© Copyright 2020, Ged Shields and Jon Hughes, All Rights Reserved. 5Expect a Major Demotivation of A Two-Factor Improving the Economic Impact A Phased Recovery An Agenda for
Contraction Owners Approach Financial Return of Owners Plan, 2020-2025 Stakeholder Action
As a minimum any owner whose horse finishes in the first four should cover the costs of the raceday. Plan A on minimum race
values addresses that need. In addition, implementing a more radical Plan B assumes a substantial contraction in total racing.
NH Flat Number of NH & Flat Races Analysed by Class in the 2019 Season
2019/20 2019
NH % Flat % Total % 75% of races
Class 1 210 5.6 293 4.6 503 5.0 across both codes are
Class 2 236 6.3 459 7.2 695 6.9 at Classes 4-6, which is
Owners who won less than their annual costs Class 3 683 18.3 567 8.9 1,250 12.4 where the vast
Class 4 1,731 46.5 1,405 22.0 3,136 31.0 majority of the grass-
98% 97% Class 5
Class 6
Class 7
826
35
0
22.2
0.9
0
2,050
1,564
37
32.1
24.5
0.6
2,876
1,599
37
28.5
15.8
0.6
roots owners’ horses
race.
Owners who wonExpect a Major Demotivation of A Two-Factor Improving the Economic Impact A Phased Recovery An Agenda for
Contraction Owners Approach Financial Return of Owners Plan, 2020-2025 Stakeholder Action
The economic impact of owners’ expenditure on the whole racing industry is huge, and is the prime driver of financial success of
all other stakeholders. Every pound spent by owners generates £7 elsewhere across the industry.
Owners Racehorse Trainers Syndicates & Syndicators
? High net worth sole owners There were 23,537 horses in 3 Trainers with 201-300 HiT There were 23,537 horses in 100 Racing clubs Analysis based on estimates
training in 2019 (BHA Data The figures on the number of from the Racehorse
20+ different Book) & 11,218 owners raced trainers and horses in training Syndicates Association (RSA).
? Owner breeders owner segments their horses (Racing Post). 20 Trainers with 101-200 HiT (HiT) are from the National 250 Commercial syndicators
& marketing Trainers Federation, June Racing clubs: c.100, some
Owners on the Flat 2019. with thousands of members.
propositions to 6,255 owners raced 11,524 2020. There are also 59
? Partnerships be defined 225 Trainers with 21-100 HiT 300 Trainer-led syndicates If 50 members per club, 5,000
horses. 144 won £100k+ in permit-holders.
participants. Average of x 3
total but with 2,545 horses, There were 676 trainers in horses per club = 300.
20% Syndicates & racing clubs lost a net £5.95m. Few broke 278 (53%) Trainers withExpect a Major Demotivation of A Two-Factor Improving the Economic Impact A Phased Recovery An Agenda for
Contraction Owners Approach Financial Return of Owners Plan, 2020-2025 Stakeholder Action
The economic impact of owners’ expenditure on the whole racing industry is huge, and is the prime driver of financial success of
all other stakeholders. Every pound spent by owners generates £7 elsewhere across the industry.
Thoroughbred Breeders Racecourses Bookmakers
3,318 Breeders in the UK The number of breeders in the 17 Dual purpose courses Income / costs are based on £948m Off-course betting (OCB) on dogs Data sources: Betting Industry
UK is in decline: down from our estimates of growth since of the UK, Statista.
3,400 (2013) to 3,318 (2018). a 2013 Deloitte study and the
3,500 Number of direct employees About 4,800 foals born p.a. to 19 Flat courses recently disclosed c.£600m £972m OCB on numbers Enormous changes are
c. 9.000 active broodmares. income p.a. impacting the gambling
industry – a combination of
4,778 GB-born foals in 2017 Rewards are enormous at the 23 National Hunt courses Revenue: £478m to £600m. £1.57bn OCB on football huge growth as well as
top of the pyramid but 66% of Outflow: £484m to £605m. regulatory constraints. For
breeders are unprofitable and Entries: £114m to £143m. some, market capitalisation is
9,100 Total connected jobs this situation is worsening. 1- 59 Total number of courses Food: £100m to £125m. £4.22bn OCB on horseracing rocketing while others
2% of breeders are leaving the Sponsors: £31m to £39m. struggle with consolidation
Yearling Sales industry p.a. Five-Year Goal for Attendance Media: £88m to £147m. Racing Turnover costs. There is huge scope for
innovation, e.g. the “Super
£250m Aggregate of the top five 2019 Return on capital employed 7m Strategy for Growth in 2015 set Raceday costs are high: £4.2bn For the year to March 2019, this
yearling sales in England, France for the industry is 1-3%. a target for raceday attendance is the amount wagered on Pools” at Royal Ascot in 2020
£173m to £216m. So are generated total co-mingling
& Ireland. of 7m. overheads: £110m to £137m. horseracing off-course.
Considerable economic betting of an average of $4m
Substantial capital per race, with 20 jurisdictions
Top Stallion Income impact on the UK economy, Declining Attendance expenditure of c.£1bn over Gross Gambling Yield
particularly in rural areas with involved.
£200m Annual income earned from top an extensive network of 5.62m There has been little the decade drives interest £522m This yield reflects the profit
stallions at Coolmore, improvement in five years: charges of £30m+ p.a. made on bets excluding Race 1, Newcastle, 1st June,
suppliers and 19,000 jobs. Class 6 Handicap x 12 runners.
Godolphin & Juddmonte. This contributed £427m in 7.8% annual decline. JCR and ARC account for 60% associated costs.
Matched bets on Betfair =
Potential Decline in Foals 2017. Median Raceday Crowd of revenues and independents Net Profit from Racing £1.2m (part of Flutter with
40%. Typical top course
30% 4,800 foals are born each year The last economic crash
1,567 Apart from festivals, raceday revenue £45m+ per year vs. £282m Estimated as a margin of 6.72% 38% of the online market.
in the UK. Could be a 30% following 2008/9 reduced the crowds are low. Sometimes smaller track £4-5m. on the total amount wagered of Assume Betfair accounts for
decline (worse than 2008/12). foal crop by 26%. paying customers areExpect a Major Demotivation of A Two-Factor Improving the Economic Impact A Phased Recovery An Agenda for
Contraction Owners Approach Financial Return of Owners Plan, 2020-2025 Stakeholder Action
Racing should not underestimate the financial damage likely to occur as a result of a reduction in owner numbers. Action is urgently
needed. Phase 1 of an Owner Retention Plan should be launched this summer. Phase 2 then follows in 2021-2025.
Accountable for Action A
Prioritised & Focused
A Recovery Plan needs to be designed and Unified The critical actions to retain and grow
implemented by action-oriented task teams. Vision ownership need to be prioritised against
Key stakeholders should be represented and required deliverables, i.e. target number of
accountable. The BHA’s role is to facilitate it. owners to be retained and acquired.
A stakeholder-led Recovery of Racing Group should be
formed to develop, own and implement a recovery strategy with
owner retention and acquisition as the number 1 focus of endeavour. Very
High Top 5
BHA Longer Term
Owners Trainers Owner Retention Plan, Phase 1: Strategies for
Implementation
Impact on Owner
Immediate Actions, Q3/Q4, 2020 2021-2025
Acquisition &
Owner Retention & Acquisition Plan,
Retention
Breeders Racecourses Phase 2: 2021-2025
Stakeholder Led
Recovery of Stakeholder Buy-in to the Top Five Most Critical Strategies Top 5
Racing Group Immediate
Syndicators Levy Board
Integrated
Strategies for
Funding, Innovative Off-Course On-Course Implementation in
Ownership Prize-Money Marketing & Ownership Ownership Quite
Strategy & Fixtures Communications Experience Experience 2020
Media Bookmakers
High
Easy Challenging
Government Develop a Establish an Produce and Lockdown led to a Develop a new
segmented plan of Executive Council implement British huge expansion range of flexible Difficulty of
action that targets for the funding of racing’s first-ever of, and innovation on-course benefits Implementation
all the key owner British Racing to Ownership in, off-course and privileges for
types through develop an Marketing Plan communication. owners that meet
multiple channels innovative five- that targets each Racing needs to the varying needs
of media and year plan of accelerate this of different types Racing should not delay in forming the
owner segment.
communication. improvement. development. of owner. task teams. Rapid action is required
throughout Q3/Q4, 2020. Owners need
to be motivated by what is implemented.
Four Supporting Capabilities will Need to be Funded and Resourced There will be immediate feedback on
progress or otherwise in the median
1. Leadership & accountability: with specific strategies led by designated stakeholders prices and clearance rates at the
bloodstock sales. Phase 1 of the plan
2. Project management: a network of teams reporting to the Recovery of Racing Group puts a big emphasis on communication
and compensatory benefits to all
3. Digital technology: harnessing its power to transform owner communication owners, who have been frustrated at
being treated as “non-essential” during
4. Data-driven decision-making: systematic analysis underpinning all key decisions racing behind closed doors.
© Copyright 2020, Ged Shields and Jon Hughes, All Rights Reserved. 9Expect a Major Demotivation of A Two-Factor Improving the Economic Impact A Phased Recovery An Agenda for
Contraction Owners Approach Financial Return of Owners Plan, 2020-2025 Stakeholder Action
“We face huge challenges across our industry which must be tackled together if we are to ensure the sport we all love can recover
from the current crisis and grow into a more robust model in the future.” New ROA President, Charlie Parker, June 2020.
A Prioritised & Focused Plan Phase 1: Immediate Actions, Q3 / Q4, 2020 Phase 2: More Radical Strategies, 2021-2025
The Recovery of Racing teams will need to 1. Form a virtual Ownership Strategy Team in July to produce an 11. Each owner segment needs a long-term plan: high net worth,
identify and prioritise a wide range of An Integrated action plan for immediate implementation. sole, breeders, companies, partnerships, syndicates & clubs.
important initiatives. There is no time to lose. Ownership
This calls for agreed goals, clear principles and Strategy 2. Confirm leadership roles & accountabilities of key stake- 12. Each of these strategy workstreams should be led by the most
a collaborative, proactive way of working. holders: BHA, GBR, NTF, RCA, ROA, RSA. Provide funding. relevant stakeholder group. Share out these key tasks.
3. Retain the current reallocation of prize-money and minimum 13. Council addresses two prime subjects: increasing total funds
Very Funding, Prize- race value arrangements. Sort out media rights allocation. for British racing + size and shape of the race programme.
High Top 5 Money &
Longer Term Fixtures 4. Form an Executive Council, including the bookmakers, to 14. Address next phase of Levy reform, betting innovation,
Strategies for develop an innovative five-year funding plan for racing. optimisation of the Race Programme, handicapping changes.
Impact on Owner
Implementation
Acquisition &
2021-2025 5. An industry-wide team to produce racing’s first ever 15. Address the inadequacies of racing’s marketing and digital
Retention
Innovative Ownership Marketing Plan targeting each owner segment. communication capability. Harness external specialists.
Marketing &
Communications 6. Identify all these segments, the ownership propositions and 16. Three prime opportunities: high net worth individuals,
Top 5 the most appropriate channels, media and communications. trainer-led initiatives and syndicates / shared ownership.
Immediate
Strategies for 7. Lockdown triggered huge creativity by trainers, syndicators, 17. Scrap all racecourse restrictions on video and audio
Off-Course racecourses and broadcasters. Expand it. communication to owners by trainers, jockeys & syndicators.
Implementation in Ownership
Quite 2020 Experience 8. Many owners cannot go racing. Provide a quality package of 18. Create an owners only, privileged-access British Racing portal,
High compensatory benefits for non-attendance. The Owners Club, connecting owners to raceday highlights.
Easy Challenging
9. Owners need full, appropriate and safe access to the 19. Syndication is increasing owner numbers. Produce more
Difficulty of On-course paddock, hospitality, their horses and trainers ASAP. flexible packages of owner benefits to accommodate them.
Implementation Ownership
Experience 10. In Q3/Q4, racecourses to do everything possible to make 20. Owners making the greatest financial contribution are not
owners feel special and welcome. “Go the extra mile.” acknowledged. Develop a Gold Tier of privileges to do this.
Collaboration on Contested Issues
1. Collaboration of the stakeholders is vital.
Leadership & Each strategy to have designated leaders, provided by the most Leadership by all the key stakeholders must be unified and
They must work together on the plan. Accountability appropriate stakeholder body. Hold them accountable. collaborative. Remove and replace those who block change.
2. They should not duck the contentious
issues. They must find common ground. Project Each task team to operate in line with defined principles and ways Task teams to report regularly on progress to a stakeholder-led
3. Robust project management is required Management of working. Adopt a four-week rule: urgent action is called for. Recovery of Racing Group which challenges and approves actions.
to keep everything on track.
Digital During the pandemic, digital communication has expanded Produce a digital technology strategy for British Racing that puts
4. Each task team needs a dedicated leader Technology dramatically. Learn from best practice and expand it. marketing, promotion and communication centre stage.
with clear goals and accountabilities.
5. A transparent approach should be Data-Driven All key decisions need to be facts- and data-driven. Logic and Provide funding so that task teams can gather and analyse the
adopted, with full access to all data. Decision-Making analysis of data underpin the required implementation plans. necessary data, e.g. optimising the race programme.
© Copyright 2020, Ged Shields and Jon Hughes, All Rights Reserved. 10The Authors of this
Blueprint for Racehorse Ownership in the UK
Ged Shields: involved in racehorse Jon Hughes: an owner since 2004 with 94
ownership since 2015 and has had 38 winners so far. Current trainers are Karl
winners so far. Current trainers are Ruth Burke, Philip Hobbs, Anthony Honeyball,
Carr, Richard Fahey, Ralph Beckett, Ed Martin Keighley and Charlie Longsdon.
Walker and Willie Mullins. At present has Involved with 21 horses, from foals to
shares in 18 Flat horses and one National chasers. Former chairman and co-founder
Hunt chaser – Gr.1 winner Kemboy. of specialist management consultancies in
Former Vice President of The Sherwin- procurement and supply chain, and visiting
Williams Company with international professorships at the University of
experience in marketing and mergers & Birmingham and Vlerick Leuven Gent
acquisitions. Stood for the Racehorse Business School. Chairman of Martin
Owners’ Association board in 2020. Keighley’s yard in Gloucestershire.
ged.shields@yahoo.co.uk. jon@ownersforowners.co.uk.
01226-495149. 01451-850780.
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