Golden Eagle causes a ripple

The announcement of the $7.5m Golden Eagle this week has sent ripples through the entire thoroughbred industry.

While the majority of reaction from within the industry to Racing NSW's innovation in coming up with a rich 1500m spring race for 4-year-olds has been overwhelmingly positive, the two points of contention are its timing and the impact it will have on the trend of colts retiring to stud at the end of their 3-year-old season.

There is not an aspect left untouched by such a significant change in the thoroughbred landscape, from breeding and bloodstock to syndication, ownership and training.

The Agent

Bloodstock agent Sheamus Mills is well-placed to assess the likely impact of the Golden Eagle on the breeding and bloodstock industry.

He doesn't believe the race will have the impact of preserving the careers of top 3-year-olds as was suggested by Racing NSW at Wednesday's announcement, but thinks the overall impact will be extremely positive.

"These races in my opinion, until they gain a bit of traction, don't hold stallion value. I think the idea that you are going to keep horses in work into their 4-year-old year is only right to the point where the economics don’t make sense to go to stud," he said.

"The most valuable stallion prospects in this country are horses who win a Golden Slipper and horses that win a Coolmore (Stud S.) at 3. Those horses, in my opinion, are not hanging around to be tried at 1500m as 4-year-olds and stand the chance of damaging their reputation."

Mills said the economics of a top 3-year-old colt racing on to contest a $7.5m race at 4, as opposed to retiring to stud didn’t make sense.

"I think the idea that it will keep the best horses in work is nonsense. A stud deal on a $20,000 stallion these days is probably around $8 million. Do you knock back an offer for $8m to hang around and try and win $4m?"

He also doesn't believe that the race can be moulded into a stallion-maker in its own right.

"If you are at the peak of your powers as a 4-year old miler in this country, you are struggling to find a home to stand. If you look at Tooraks, Doncasters and Epsoms, they are great races to win, but they aren’t stallion making races," he said.

Mills did concede that the likelihood of promising horses staying in Australia rather than being sold overseas was increased by the addition of races such as the Golden Eagle and Victoria's All-Star Mile.

"If they think these young promising ones can front up in one of these races, whether it be a Golden Eagle or an All-Star Mile, it’s just a carrot that probably gets them to keep the horses. It will mean that more people say no (to Asian buyers) than say yes," he said.

And he does feel these new races will have an effect in the upcoming sales season.

"All prizemoney is good at yearling sale level. Whenever it is an announcement of increased prizemoney each week or the announcement of a big race like this. I think it has an effect on yearling sales for sure," he said.

"The prizemoney levels are great. I think there's a much bigger political problem with them, but from a bloodstock point of view, I think it will have a positive effect."

The syndicator

The politics are the last thing on the mind of Triple Crown's Chris Ward. When Racing NSW first announced The Everest, it caused a similar furore when it was scheduled on the same day at Caulfield Guineas in Melbourne.

Triple Crown's Redzel (Snitzel) has since won the first two editions of Australia's richest race, providing a massive boost to Triple Crown as well as the entire syndication model Australia-wide.

"I personally think it's brilliant. I'm sick and tired of the parochial, New South Wales versus Victoria argument. I'm one for Australian racing as a whole. I think it is for the betterment of Australian racing and we should celebrate that," Ward said.

"It further enhances the strength of racing in NSW and Sydney in particular. I think that just shows to people what’s available for them if they get involved and what rewards are available."

Ward is in an excellent position to judge the impact of these huge prizemoney races, saying that rather than catering to the big players, it gave smaller owners the opportunity to compete on a level playing field.

"It’s been enormous for us. It’s really showcased racehorse ownership and syndication in particular. It's not a case of who's got the biggest chequebook, it’s a case of getting the best horses you can and everyone competes equally on the racetrack," he said.

The concept of the Golden Slam, a $5 million bonus for any horse who can win the Golden Slipper S, Golden Rose S. and the Golden Eagle, would also capture the public imagination, said Ward.

"If a horse can certainly win the first couple of legs, it will bring a huge buzz and a lot of interest. It’s going to take a hell of a horse to win the Slam. But never say never, it could be done, but it will probably take a pretty special horse," he said.

The owner

Tony Tighe owns shares in 33 racehorses and six broodmares and is a huge supporter of the Golden Eagle but would have liked to see some of the prizemoney invested back into the industry to address the skill shortage and overall industry marketing.

"I'm excited because I'm an owner, but taking care of the horses and broader industry perception are our most pressing challenges," he said.

"I'm a believer that with prizemoney so strong, why wouldn't we give 10 per cent to help fund an academy and a marketing brand for this industry?"

"If you ask a trainer what their biggest problem is, it is finding people to work in the industry, so I’d like an amount of money to go into an academy to support that. It could complement the new Thoroughbred Industry Careers brand and start to put industry staffing in a better place.”

Tighe suggested that the academy should be approved and co-ordinated by Racing NSW rather than the state government and would be partly funded by prizemoney donations from major races in Sydney.

“We invest a lot in quality bloodstock. It’s important that these horses are cared for by those with appropriate skill. I want to see this industry thriving in 20 years time. There are marketing and education initiatives that could fly with the kind of money going into these big races.”

The big farm

Coolmore is a big supporter of the series of initiatives announced by Racing NSW as part of the Golden Eagle announcement which include the establishment of the Bondi S. a $1m race over 1600m for 3-year-olds the week before the Golden Eagle, and the elevation of the Golden Gift, a 2-year-old race over 1100m, to the same prizemoney level and held the week after.

"The Golden Eagle is yet another example of innovation and forward thinking by Peter V’landys and his team at Racing NSW as well as the ATC that serves to further strengthen the Australian racing industry," Tom Magnier said.

"Racing in Australia is in great shape and world-leading prizemoney levels are a significant contributing factor."

Magnier said the Golden Gift, in particular, could prove a valuable early-season guide and given its timing during the breeding season, could become quite significant.

"Naturally, winning any of these races will play a role in enhancing a stallion's credentials," he said.

"In particular, the $1m Golden Gift for two-year-olds in early November has serious potential to increase the demand of a stallion if one of their progeny was to win. Being in the middle of the breeding season, we will certainly be keeping a close eye on the progeny of our first-season sires progressing towards the race," he said.

Magnier agreed with Mills that there would be definitely flow-on to yearling sales, particularly in the mid-range market.

He also predicted the impact of the series of initiatives would only enhance the reputation of Australian racing around the world.

"Australian racing has people talking throughout the world, whether it is with regard to the Melbourne Cup, the All-Star Mile, the Everest and now the Golden Eagle. It is a very exciting time for racing in Australia, the rest of the racing world are envious of us and we are just very lucky to be involved," he said.

The international impact

Aquis CEO Shane McGrath is currently in the UK and said the global impact of the Golden Eagle announcement was instantaneous.

"It’s unbelievable, all anyone wants to talk to me about is prizemoney and how well our racing is going in Australia. I think you'll find we will have more and more people sending their horses down to race against our horses," McGrath told Sky Sports Radio.

"No-one is focussing on where the carnival is, they are just seeing the prizemoney and the opportunity. I think with the latest announcement, we are going to find that while Australia is already part of the global racing calendar, it’s going to put the Sydney spring racing carnival on the map as well."

Aquis has been a huge investor in Australian racing over the last few years, and McGrath said two of its best 3-year-old performers at the recent Melbourne spring carnival, G1 VRC Derby winner Extra Brut (Domesday) and dual G1-placegetter Fundamentalist (Not A Single Doubt) are horses that he could see heading toward the $7.5m race.

The trainer

Kris Lees also has a wealth of 3-year-old talent at his disposal in the likes of El Dorado Dreaming (Ilovethicity), Miss Fabulass (Frankel) and Graff (Star Witness) and he is an unabashed fan of the Golden Eagle concept.

"We're in very healthy situation and full credit to Racing NSW and the board. They are certainly doing wonderful things, and certainly giving everyone an opportunity in this great game," Lees told Sky Sports Radio.

Lees, who had three runners in this year's edition of The Everest, said he hadn’t yet planned which of his 3-year-olds would look to target the race, and he would keep an open mind.

"I think you have it in the back of your mind for sure. First things first, you have to get through the autumn. So many things can happen, or can go wrong, or horses can come out of nowhere," he said.

"The winner might not have had his first race start yet. It’s certainly something we are all thinking about."

The Victorian government

While the majority of reaction to the Golden Eagle has been positive, there has been some negative sentiment, especially around the timing of the race to coincide with VRC Derby Day.

Victorian racing minister Martin Pakula said he was bemused by the timing of the race.

"My reaction when I read it was more bemusement than anything else to be honest, I've spoken to RV (Racing Victoria), I've seen the comments from people like (Moonee Valley Racing Club CEO) Michael Browell, there is not a huge amount of concern about what NSW has announced to be honest," he told RSN.

"I think the concept of a race that might play a role in keeping horses racing at four is a good one, it is a valid concept, why you would put it on Derby Day is a bit beyond me to be frank."

"I would have thought for NSW they would get more bang for putting it at some other time but frankly that is a matter for them."

Pakula said the interstate rivalry which has driven this scheduling provided a good example on why racing needed a strong national body guiding the racing pattern.

“It probably does demonstrate that Racing Australia does need more powers. Is it not desirable, ultimately, that we not cannibalise the racing product?" he said.

The competition

The VRC were also less than impressed with the decision to schedule the Golden Eagle the same day as their feature Derby day.

"What I find baffling, is the seeming lack of understanding of the importance of this as evidenced by recent decisions of RNSW - the lack of understanding of the importance of racing patterns and the rhythm of the calendar for all participants," VRC chairman Amanda Elliot said.

"Nothing about the conduct of those north of the border suggests that they have any interest whatsoever in the bigger picture."

"Throwing money at 'initiatives' in an isolated parochial way, with no sense of respect nor apparent interest in any impact to these crucial foundations and drivers of our industry, seems foreign to us at the VRC."

VRC CEO Neil Wilson emphasised the importance of racing jurisdictions working together.

"There is no doubt that a collaborative approach on a national basis is critical to achieving an optimal result for the Australian thoroughbred racing industry. It is an obligation we all have regardless of our specific geographic responsibilities to ensure the longevity and future health of our sport," Wilson said.

"The VRC supports local innovation and appreciates from time to time there are initiatives that push the jurisdiction boundaries, however, there is a threshold, and we do not support ongoing potentially destructive agendas that have no regard for the broader impacts and the national responsibilities we all have."

"This announcement will not alter the momentum of the VRC's Melbourne Cup Week or in any way challenge its unequivocal number one status on the important measures."