Double-edged sword of investing in foreign horses fixable

The interest being generated in the lead-up to Mouttet Mile weekend, December 4-5, has excited horsemen and bettors alike, THE PRINCE’S SPUR, a seven-year-old United States-bred gelding, emerging as the main threat to fellow American and defending champion RIDEALLDAY for the US$300,000 main event.

THE PRINCE’S SPUR’s elevation to Mouttet Mile fancy, after three starts, underlines the reason why all imported horses, age three and older, must debut locally no lower than the second-highest rating group, which, under the present ‘categorisation’ system at Caymanas Park, is Open Allowance, sometimes referred to as Grade Two.

It was the choice of THE PRINCE’S SPUR connections to debut in the Grade One Gold Cup, obviously eyeing the $2.5m purse, in which he was narrowly beaten by the country’s top-rated runner, RIDEALLDAY, while the third-place horse, PACK PLAYS, was almost a dozen lengths behind.

Having shown exactly where he belonged in the ‘categorisation system’, THE PRINCE’S SPUR, already armed with wins at Churchill Downs, Fair Downs, Gulfstream Park and Saratoga, all leading North American racetracks, returned 22 days later among Overnight allowance runners, officially Grade Three horses, for a saunter at seven and a half furlongs.

Why would a horse who was beaten three-quarter length in the highest category, by the country’s best horse, be allowed to race two classes lower on his second start locally?

First, it clearly shows that departure from the tested and proven system of how foreign-bred horses were rated, from which Caymanas Park departed in 1993, holds true to this day, further evidenced by the Mouttet Mile points standings.

Prior to switching to a ‘categorisation system’, all imported maiden runners, horses yet to win a race, age three and older, debuted locally with topweight among ‘B’ Class runners, the equivalent of what is now called Grade Two or Open Allowance.

Overseas winners all started their local careers in ‘A’ Class, not necessarily carrying topweight, but were certainly close enough, possibly 126lb, depending on the quality of the line-up. No ‘A’ or ‘B’ class runner, foreign-bred or local, could drop class on ‘condition of not winning a race’ at either level within any stipulated time as now exists under ‘categorisation’.

The only glitch back then was that no foreign-bred runner could race below ‘B’ Class, meaning some horses were forever stuck in ‘B’ Class, having not won a race at the level, as an overseas-bred maiden, or might have been relegated to that class on account of not being able to beat ‘A’ Class horses.

Though that clause was a bit draconian, and can be easily remedied by a proper rating system which takes into account performances, it certainly ensured that local-bred horses were not plundered by superior foreigners, which has been the case since 1993.

It has now reached a stage at which many horsemen with three-year-olds, local-breds, non-winners of two races, are saying it makes absolutely no sense to support the native breeding industry.

Having realised that purchasing cheap horses overseas, US$8,000 and US$10,000 claimers, they are almost guaranteed runners capable of beating local-bred classic winners, horsemen are now lining up in droves at the airport, not to purchase US$40,000 two-year-olds for a shot at the Mouttet Mile, but instead expending the equivalent of approximately $3m, which they would have otherwise spent with local breeders either privately or by auction at the annual yearling sale.

The importation drive, sparked by Supreme Ventures Racing and Entertainment Limited big Mouttet Mile purse plus easing of General Consumption Tax by government, has become a two-edged sword but can be tempered by the promoting company’s racing office.

The intent of the pre-1993 policy, stipulating that no foreigners, age three and older, should debut lower than ‘B’ Class, winners sent straight to ‘A’ Class, ought to be reinstated with no ‘conditions’ allowing unwarranted dropping of class based on ‘not having won a race’ within a stipulated time.

Ratings allotted in the top two classes, Grades One and Two, should be determined solely by performances, allowing demotion only on having gone below the lowest weight of 106lb, based on ability, not the calendar.

Local-bred horses, bar a few, have never been able to match foreigners hence the reason for the pre-determined entry level, maidens and winners, respectively.

Very few owners can afford to start their journey with a foreign-bred horse, exposing local-breds to foreigners at the non-winners-of-two-races level is not an encouraging sign for an industry that has been long struggling to attract newcomers.