'It's not all doom and gloom' - the long-term future of racehorse ownership

Nobody is compelled to own a racehorse. Those who do are involved in the sport because it brings them pleasure – yet pleasure has a price. As the world eventually starts to rebuild from the shuddering consequences of Covid-19, how many people will feel able to pay that price?

As has been obvious at Tattersalls these last two weeks, there are still plenty of individuals keen to invest, with Sheikh Mohammed and Coolmore seemingly no less willing to spend eye-watering sums of money. They are, however, a million miles from the norm. The sport's two superpowers can prop up a boutique yearling sale. They cannot by themselves keep the wheels of an industry turning.

Owners have already endured a tough time in 2020. For a significant chunk of the year they were unable to race their horses, even though training bills never stopped arriving. When racing returned they were initially forbidden from entering racecourses, whose prize-money offerings dropped significantly. Now owners are once again allowed through the turnstiles – although not currently in Ireland – but they are kept apart from their horses, trainers and jockeys in the new spectator-free norm.