Charlie Parker: Drive for a new audience can accelerate growth

This is my final monthly column as President of the Racehorse Owners Association, having taken over from Nick Cooper during the first Covid lockdown.  With all sport shut down, the industry came together to work on a plan to get back racing. It was a significant achievement that we were the first sport to reopen and the first to allow non-participants to attend again. 

Cross-industry groups managed to ensure a safe return, with funding from the government’s sports relief fund allowing the Levy Board to continue to fund prize-money as well as support the capital works at racecourses to comply with the new operational rules that were brought in. Having worked so well together to get back racing, the industry has faced a series of challenges that were not considered back in early 2020.

The war in Ukraine, combined with rampant inflation and high cost of borrowing, has changed the financial landscape for all participants, impacting trainers, racecourses, breeders and of course owners, who remain the largest investor in the industry. Against this backdrop, the sport again came together to look at the governance structure and create a strategy for growth.

The core idea of creating an identifiable high-end product was sound. However, after an underfunded original launch, the true potential has yet to be realised. It is essential that we attract new investors to ensure the future of all our racing products. Global sports investment has seen a dramatic increase and British racing cannot be left behind.

We have of course been battling on other fronts. The introduction of affordability checks has reduced betting on racing. In addition, after working hard on the muchdiscussed levy reform, it was a body blow to miss out due to the election being called in June 2024. 

Now, we have the prospect of a tax hike on sports betting. Racing again showed a united front in responding to the proposal and organising the axetheracingtax campaign. We must wait until the end of this month to find out if our efforts have had the desired impact.

During the last five years, we have also seen a high turnover in key industry personnel. We are now looking towards a new era with the Chair of the BHA, the changes to the governance structure, a new CEO of the RCA and potentially the BHA, and of course a new Chair of the ROA. It is now crucial that the new team leading the industry delivers on our investments in strategy 
and customers. 

Most importantly, owners must be placed at the very heart of the future strategy. Financial pressures and inconsistency in the raceday experience have been highlighted as barriers to and reasons for ending ownership involvement. Without owners we have no industry. Owners need to feel both welcomed and rewarded for their considerable investment. 

The structure of the BHA finances often means that owners are the balancing funding item. It is also true that with racecourse finances, executive contributions to prize-money are the easiest 
line item to move to ensure a healthy P&L. Commercial agreements between owners and racecourses are vital to promote an environment where all benefit from the industry's work and cooperation.

Ownership can be challenging, but when success comes – especially in a big race – it cannot be beaten. Our syndicate enjoyed Queen Elizabeth II Stakes glory on Champions Day at Ascot  with Cicero’s Gift, trained by Charlie Hills, as he stormed home to come clear of many fancied rivals. I have been lucky enough to see our fabulous mare Verdana Blue, owned in partnership with two mates, win a Grade 1, and now our small syndicate has captured a Group 1 – such an incredible thrill.

In Britain, we have the best racing and horses in the world and our sport is the second most attended in the UK. We must build on this and engage fully with the next generation of bettors, racegoers and owners.

Finally, I would like to offer my best wishes to Jim Walker, who took over as ROA Chair last month. There is much work to do, not least supporting the highly experienced and committed team at the ROA, and I am sure he will do a fantastic job.