ONLY RATINGS SHOULD ENABLE SEMEN

Before the advent of unlimited books of mares, it was usual to sell stallion prospects off of the racecourse to syndicates formed in the hope of profit in the medium to long term and the expectation of a delay approaching four years before a positive balance was achieved. This meant that those investing had a committed interest in supporting their horse, as the sunlit uplands of prosperity could only be reached if the first crop showed significant potential and encouraged continuing patronage. Backing the horse with their own mares would show geometrically progressive returns in the second and third years if the early progeny were successful on the course, so stallions enjoyed a relatively stable size of book until their first crop had raced for a season. The interests of stallion owner and mare owners were closely aligned, at least until success on the racecourse enabled a sharp rise in the stallion's covering fee.

Nowadays stallions of limited racecourse performance are put across three times as many mares, or even more. The fee structure for what is laughingly described as "commercial stallions" ensures the rapid recovery of outlay for the stallion master and a glut of contemporary foals and yearlings for the breeder's produce to be judged against. The irrational and highly dubious affinity most purchasers have for first crop sires ensures enough action in the auction rings to solicit ongoing demand for the following season's stud debutants.

There are multiple consequences of this carousel that are injurious to both the short term future of the sport and the long term future of the business. 

Firstly, most stallions are moderate to useless progenitors. Young mares of promise are ruined by picking the wrong new boy in successive seasons, even if the sale of their foals is lucrative. 

Secondly, the variety of bloodlines is ever narrowing, as a fraction of the number of individual horses now command a reasonable number of mares on which to base sound judgements.

Thirdly, fifty percent of products are fillies and many of no redeeming merit are pressed into service for the next generation to support the modus operandi.

Fourthly and most importantly, it is servicing the sales ring at the expense of the racecourse.

This has been evident to some long standing serious breeders for some time, but has been brought to prominence by the sorry case of Sands of Mali. The cast of this tragedy is not important, but the figures are highly illustrative. According to papers submitted before court, the horse was bought from the racing owners for £270,000 and sent to Ireland to stand as a stallion. His valuation on a loan charge is listed as £3 million. 

Steve Parkin has described Joe Foley in historic interviews as "a genius." He most certainly is if by covering 150 mares at an advertised fee of 6,500 euros he cemented the value of the horse at more than ten times what they paid for it and without having a Group winner to prove his worth. Whatever the merits of this case, every mare owner should be asking why the cost of the semen they are paying for returns an immediate risk free return of 200% to the stallion master.

Unfortunately this is not an isolated case. There are several examples every year. Meanwhile horses of better pedigree, physique and racecourse performance are relegated to National Hunt duty, or sold abroad, because they do not offer the mirage of two-year-old success.

It is not all doom however, as one of the most encouraging aspects of the recent Book 1 Yearling Sales at Tattersalls is the appearance of a wider range of stallions in the top twenty lots. This suggests that buyers are finally switching to a warmer appreciation of the athletic potential of the individual, rather than absorption with the top half of a pedigree in a catalogue. The number of stallions represented in the top twenty since 2020 have been, in order: 10; 8; 8; 5; 12.

The sport of racing can only prosper with the uncertainty that competition brings and the same is true of the business of breeding.