David Redvers: affordability checks could have 'catastrophic' impact on British racing's international standing

British racing faces the loss of international investment in the sport if affordability checks continue to weaken the sport's finances and make prize-money levels even more uncompetitive.

David Redvers, racing manager and adviser to Qatar Racing, claimed British racing would be in "very serious trouble" if affordability checks contribute to a further weakening of its competitiveness internationally. He also warned the UK could lose the soft power benefits that British racing provides.

Affordability checks were among the proposals contained within the government's gambling review white paper published last April.

However, bookmakers have already been carrying out intrusive affordability checks involving requests for personal financial information in anticipation of the government's measures and these have been blamed for a major contribution to the fall in betting turnover which racing has experienced in recent months.

Gambling Commission figures showed a £900 million fall in racing betting turnover in 2022-23.

The BHA has warned MPs the proposal for affordability checks set out by the Gambling Commission in its consultation last autumn will "greatly jeopardise racing’s finances", by as much as £50m a year, "and the future of the sport in Britain".

The governing body said there were "legitimate concerns" about the ability of British racecourses to sustain their current contributions to prize-money this year and beyond.

Redvers, who was racing in Bahrain last week, said that could have a "catastrophic effect". He added: "If prize-money fails to keep up with inflation, which is currently the problem, and declines, then we are going to lose yet more of our international investment coming into the country.

"I was having dinner with a Bahraini trainer and a Bahraini owner who were telling me they are not going to be buying any yearlings to race in England this year because they didn't see any point running around for buttons.

David Redvers: impact of affordability checks could put British racing in "serious trouble"Credit: Edward Whitaker (racingpost.com/photos)

"It's already gone beyond what is sustainable. We need to be talking about dramatic increases in prize-money, not further falls, to be anything like competitive on the world scene. If affordability checks are going to further weaken our position then we are in very, very serious trouble."

Redvers said that it would be naive to believe the sport could survive on prestige alone.

He added: "When you have got weak prize-money as we do now on the global scene you have a situation where we are already being used purely as a nursery and as soon as a horse wins a maiden off it goes because the owners can't afford to hold on to it.

"From an owner's perspective it's a risk-reward issue. As prize-money falls the risks of continuing racing in the UK becomes too great and so the temptation then is just to sell at the first opportunity.

"We are already seeing the absolute dearth of runners in middle-distance stakes races for three and four-year-olds because they are all being sold off to Australia as it is, so the only chance we have of having competitive fields is competitive prize-money and that seems another world away."

Last year bodies in British racing including Ascot, the Jockey Club and UK Tote Group were involved as the sport joined forces with the Department for Business and Trade in a trade mission at the Breeders’ Cup in the US. A similar trade mission is to take place at the Saudi Cup this month. 

Ascot: part of a trade mission to the US last year to promote British racingCredit: Edward Whitaker (racingpost.com/photos)

Racing's leadership has been keen to demonstrate its value as a crucial soft power tool. However, Redvers said that contribution could be damaged if British racing loses its credibility.

He said: "You have only got to see if you look at who the big international owners are and why they come to Britain, it's soft diplomacy at its finest. Any decline in prize-money now makes us so uncompetitive with the rest of the major racing nations that we will continue to lose any credibility as an investment prospect for an international owner. With that goes a lot of the soft diplomacy that racing provides.

"We are not talking about a rich man's hobby here, we are talking about a massively important industry that employs a huge number of people, largely in rural communities, and it's also hugely beneficial to Britain plc that horseracing is strong and thriving."

British racing and soft power

Sport is increasingly seen as a way of helping to further the UK’s international influence with British racing recognised as an important tool for wielding that soft power.

A report published last year by the UK Soft Power Group described British racing as being "a hugely lucrative soft power sphere, with world-famous sporting events including Royal Ascot, the Derby, the Cheltenham Festival and more, attracting a huge number of tourists, global investors, foreign diplomats and policymakers alike, and projecting an image of international excellence for the UK".

It added: "British racing's calendar of fixtures, not subject to multi-event bidding cycles or set to change annually like in most other sports, is perfectly placed to attract long-term strategic planning, particularly around diplomatic networking and trade outcomes."

However, the report said that such events were not being used to their full potential and that the BHA had highlighted concern among international investors about the UK’s "perceived lack of interest in the racing industry".

Read these next:

'Please, please, carefully consider the damage you are going to do to the racing industry' - Middleham's plea to Rishi Sunak 

'Gambling is the lifeblood of racing' - Newbury MP seeks to reassure Lambourn trainers on affordability 

'The more support we can get the better' - training greats back calls to press MPs to engage in affordability checks debate 

Do you want £700+ of free bets? Racing Post have got the best offers, all in one place. Visit racingpost.com/freebets to find out more.