JAMES Fanshawe has labelled current prize-money levels ‘dire’ and called on racecourses to operate with greater transparency.
The multiple Group 1-winning trainer warned British racing faces an uncertain future if the sport can’t resolve issues with it’s finances.
Though prize-money at the bottom end of the sport has been largely unaffected by cutbacks post-restart, Class 4 races and above have been hard hit.
The Racecourse Association (RCA) opted to suspend contributions to the prize-money pot when racing resumed on June 1, with the sport continuing behind closed doors.
The Racehorse Owners Association (ROA) have criticised that decision, and Newmarket-based Fanshawe is the latest high-profile trainer to call on racecourses to reveal their income from TV rights.
Fanshawe told Sun Racing: “The first thing to say is that we are very grateful to be racing. But the prize money is currently dire.
“It’s okay for the maidens and the low-grade handicaps, they haven’t been too badly affected.
“But there have been Saturday races where the prize-money has been paltry. There were a couple of handicaps at Ascot on Saturday, televised on ITV, which had shocking prize money.
“Racecourses will argue that they haven’t got crowds coming through the gates, but it would just be interesting to know what the media rights are. They’re on ITV these races and they’re very poorly rewarded.
“No one has a clue as to how much money is going in from media rights and how much is coming out.
“Of course, racecourses need to cover their costs, but if there was a bit of transparency they could argue their case better.”
Ed Vaughan, just a week after winning a Group 2 at Newmarket, announced on Friday his intention to quit the training ranks at the end of the season due to financial pressures.
Fanshawe fears that many of his colleagues will follow suit with the majority struggling to make ends meet in the current climate.
He said: “From a trainer’s point of view, you are running a business and you like to run your yard on your training fees.
“We have all had to cut our costs to the bare minimum to try and keep all our staff, so things have got very tight.
“The prize-money is the profit that keeps things afloat – the only other way to make money is to sell your horses.”
He added: “We are coming up to yearling sale time and you are trying to get owners to invest in the future of the sport, and the prize-money is shocking.
“In the short term something needs doing about it, but in the long term it’s very important that we get back up to previous levels.
“The majority of owners have been brilliant. My owners have kept their horses in training throughout the lockdown and kept the show on the road.
“We knew there would be difficulties when racing returned, but something has to be done, we can’t carry on with things the way they are.”
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