'Fools see record prices at the top and think the sport is thriving . . . it’s dying' - leading owner Mike Repole launches scathing attack on US Jockey Club

Leading US owner Mike Repole has launched a fierce attack on the Jockey Club following this week’s record-breaking Fasig-Tipton Saratoga Yearling Sale, branding the industry’s leadership as ‘greedy’ and accusing them of destroying the sport’s middle and lower markets.

In a lengthy and vehement social media post, Repole, who described himself as the ‘foolish’ leading buyer at the boutique sale, said he was not surprised by the auction’s soaring numbers and deemed them evidence of deep structural failure rather than prosperity.

“For over 20 years, while claiming to act for the ‘betterment’ of the sport, [the Jockey Club has] mismanaged it into the ground,” Repole said on X. 

“The foal crop has dropped from 50,000 to less than 20,000. The top stallions now make up 20 per cent of that crop. The result??? An overpriced, exclusive game where the rich get richer and the middle and lower markets die.”

The Saratoga Sale saw unprecedented trade, with gross sales climbing 23 per cent year-on-year to $100.8 million—the first time turnover has breached nine figures at the select auction. The average surged to $626,365 and a record 25 yearlings made $1 million or more, including the sales-topping $4.1m Into Mischief colt, bought by Coolmore and White Birch Farm.

The clearance rate reads 89 per cent, but Repole believes the figures mask a broken market. 

“That’s why we have: fewer tracks, fewer owners, fewer trainers, fewer horseplayers, declining handlers, fewer fans,” he said. “Yet the leadership fools see record prices at the top and think the sport is thriving. It’s not. It’s dying.”

A successful businessman and one of American racing’s biggest investors, Repole has campaigned the likes of champion juveniles Forte and the late Coolmore sire Uncle Mo, and has consistently been a force at top sales and major meetings.

His post went on to take aim at the Jockey Club’s influence on industry policy, including its support for the Horseracing Integrity and Safety Authority (HISA), which he said is backed by questionable financial arrangements.

“The Jockey Club forces HISA down everyone’s throat with an astronomical budget that’s neither efficient nor sustainable,” he said. “I believe we need HISA, but at half its current budget. And why do both the Jockey Club and Breeders’ Cup have outstanding loans for millions of dollars to HISA? That’s owners’ and breeders’ money. What right did they have to loan our money?”

Repole also criticised the lack of progress on aftercare, claiming a model he presented which could ‘generate $15-20 million annually’ was ignored. He concluded by warning of his plan to aggressively challenge what he called ‘the workings and inner dealings of their secret club.’

“They’re too busy making ‘profits’ for their ‘nonprofit’ club,” he said. “They own far too many industry businesses, creating massive conflicts of interest and strangling the sport’s growth. They hoard and sell the industry’s data while every other industry shares it for free. Greed.”

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