What tweaks would you make to NH pattern races / calendar?

Article by Daragh Ó Conchúir

Getting consensus in racing is much like finding the pot of gold at the end of the rainbow. So the changes to the Cheltenham Festival programme by The Jockey Club were lauded by many but criticised in plenty quarters too.

The press release announcing the six changes, headlined by the relegation of the Turners Chase from a Grade 1 to a Grade 2 novices’ handicap, said that they were made “with a focus on more competitive racing and a better experience and value for all”.

Everyone agrees with the focus. But Cheltenham is one meeting, THE meeting in terms of National Hunt racing. But if there is an issue of lack of competitiveness and entertainment, piecemeal measures don’t cut it. 

Speaking at the Asian Racing Conference in Sapporo on August 28, BHA chair, Joe Saumarez Smith said it was time to stop thinking in the short term in a bid to reverse fortunes. 

At the same conference, Hong Kong Jockey Club CEO Winfried Englebrecht-Bresges opined that fragmentation was a problem in British racing. It isn’t solely a British problem, given the number of interest groups, but it is made more acute by the lack of central control on a calendar and racing programme.

There is an African proverb that says, ‘If you want to go fast, go alone. If you want to go far, go together.’ Unity is required to push past short-term goals in pursuit of the long-term future. Some would argue that given the niche element of national hunt racing, this unity of approach should extend across Ireland, Britain and even France as the three are interlinked in terms of competition and trade. 

Some amendments have been made to the NH programmes in Britain and Ireland in the last year or so, in a bid to address the dilution of the value of graded form. Bigwigs from Horse Racing Ireland and the British Horseracing Association met towards the end of September for a think-tank to discuss numerous issues of shared interest. A discussion on working together in relation to the programme was among the topics but a broad chat was all that occurred.

Meanwhile, I spoke to a variety of stakeholders on where jump racing is going, what it needs and what it doesn’t, and got some interesting responses.

Emma Lavelle (Trainer: Britain)

A former president of the National Trainers’ Federation, best known for guiding the spectacular career of 2019 Stayers’ Hurdle winner Paisley Park, Emma Lavelle has been concerned about the dilution of the product offered by British jump racing for a few years now.

Lavelle offers a cogent and clear argument for change. What is remarkable, in her view, is that while there is too much racing, the programme swelled while still not catering for every tier of horse.

“Changes should be about trying to make racing more competitive at every level,” says the boss of Bonita Racing Stables.

“There's no doubt that uncompetitive racing doesn't make for interesting viewing, good betting medians. You will always have the odd uncompetitive race and sometimes, small fields are competitive and exciting, but uncompetitive racing is a turn-off, and it's a turn-off for the practitioners as well as the general public. So I think ultimately, we've got to do something to shake it up.”

Lavelle recounts that watching Frodon win the Ryanair Chase at Cheltenham, about 40 minutes before Paisley Park’s fairytale triumph in the Stayers, was as moving as it was exciting. Shishkin reeling in Energumene late on in a four-runner Clarence House Chase at Ascot three years later was on a similar level. That’s what needs to be encouraged.

Attempting to directly slow the growth and impact of NH’s major yards would be short-sighted she believes, punishing ambition and success. 

“It’s just how the cookie crumbles,” as she describes the stunning resources now available to the likes of Willie Mulins. “But it’s why we need to find different ways of making sure that we can all be competitive. 

“I do think that our race programme needs to become more aspirational from the bottom up. Finding a race for that 130, 140 rated horse is nigh on impossible. You’ve just got one race here and there. If you've got a horse that's rated 100 you can run it six times a week, and somehow that just doesn't seem right. We need to maybe force or encourage some lower-grade horses to compete in mid-tier races off lower weights as an incentive. Otherwise you’re racing to the bottom.”

The over-provision of lower-tier races applies at graded level in Britain too, apart from in the three-mile division she knows so well, when Paisley Park drew swords with the same opposition in the Long Distance, Long Walk, Cleeve and Stayers’ Hurdles to thrilling effect on an annual basis.

“The pattern of this country has been shaken up this year and a little bit last year to reflect that maybe it had just got a little bit big. Hopefully that will just help them make those races a bit more competitive. I do think that the fine-tuning and the slimming of it is an improvement, and I think that needs to happen in Ireland as well. 

“The thing is, where do you send some of these horses if they miss some of the other races? And is it right that we're just turning everything into handicaps? You don’t want to take too many away, because otherwise, what's the point in trying to create a nice horse? So you’re getting the balance right and when you make changes, just seeing how they work.”

Giving alterations time to bed in and to determine their impact is critical, she feels, because there is no one silver bullet. Addressing some clear imbalances should be a starting point, however.

“We always talk about prize money. I If you're lucky enough to get a horse that's good enough to win mid-tier-and-up races. You deserve to be paid for that, and certainly to incentivise ownership, that’s important.

“We're always scared about really shaking up the programme. You look at the French system, a lot of their races are about how much prize money you've won up to a certain period or through a certain period. People are loath to try new things, and then you get a short run at it, because people don't really engage with it, so you don't get the runners, so the racecourses don't want those changes.”

The Wiltshire-based conditioner believes that a co-operative approach between the jurisdictions would benefit but doesn’t believe pursuing a uniform pattern is practical, at this juncture at least, with so much to be addressed on home territory first.

“It would make perfect sense if there was a centralised system of ratings, rather than how it is at the minute, where the Irish will get more weight when they come over here, etc. I think things like that would make sense.

“But the problem is, it's hard enough to get everybody in this country on the same page – and when I say get everyone on the same page, I mean where everybody is coming at it without self-interest, but for the good of the sport. So to think that you're then trying to join up with Ireland or other countries, I just don't know how that could happen. It would be wonderful if it did, but it would take some negotiating.”

If there is one factor, over any other, preventing the level of change Lavelle feels is required in Britain, it is the lack of central control of fixtures and programming. 

“It's so frustrating. Sometimes you just feel, ’Why can't people take a step back and take their own interest out of it and look at the bigger picture?’ ”

Peter Molony (Breeder/Trader/Sales Agent/Racing Manager: Ireland)

Peter Molony is involved in the industry from the start of the process as a breeder, right through to the destination point, as racing manager for Kenny Alexander, owner of the history-making four-time Cheltenham Festival victor and dual Champion Hurdle-winning mare, Honeysuckle, and on the flat side, Qatar Racing’s Irish representative.

The Rathmore Stud manager is an ardent supporter of the ramped up NH mares’ programme in Britain and Ireland in the past decade, which has had such a monumentally positive impact on the demand for fillies at sales and their participation in jump racing.

Molony reckons the mares’ programme could be used as a test case for the creation of a broader uniform jump racing pattern in the jurisdictions. And if it worked, you would have a template to implement a programme on a universal level.

“What we have has been a huge improvement, and it's added massively to the overall racing experience, the market, in every way,” says Moloney of the mares’ programme. “But it's kind of grown up in a sort of higgledy, piggledy, sort of way, with a listed race added here, and a listed race added there, and not the greatest natural progression.

“At times you’d be wondering where the next race is if you wanted to stick solely to the fillies’ programme. So, I've suggested many times that the Irish and British authorities should sit down together and hammer out a proper pattern for them. And to be honest, it would make a lot of sense if they did it on a wider scale. But they could start with the fillies and mares, see how that works, and then go from there.”

As a breeder and trader who has produced the likes of former Gold Cup winner Bobs Worth and dual Cheltenham Grade 1 winner Sir Gerhard, and a NH agent with Goffs, the importance of the pattern is not lost on him. Nor is the erosion of the value of the exalted black type.

“If it was set up properly and got established, I think one pattern would add huge value to everything. And if you started with the fillies, it adds value to their form as well as to the overall enjoyment of the racing fan, of the overall racing product.

“You don’t want too many easy options, giving horses the chance to avoid one another all the time. The mares’ programme has been attacked in the past, and this continues to be attacked, that it's taking away from competitiveness. My argument is that it is actually adding competitiveness, because it's adding a whole new group of horses into the pool that wouldn't be racing at all.”

There were three distaff winners of the Cheltenham Champion Hurdle before 2016. Annie Power, Epatante and Honeysuckle have doubled that tally in the blink of an eye. 

“Before the mares’ programme, the market didn’t exist. So you’d have none of those French mares. If you had a nicely-bred NH mare in Ireland, you just covered her. The racing mares are an exception. So the programme works but for it to be one programme would help it more.

“And then if that worked, bring it into the entire jump programme. In the flat game, people see progressions from your trials, into your Classics, and then into your later, all-age races with the clashes of the generations. People can see the progression, and that's great. It works well. It's easier to sell. I think if you had that in the national hunt game, it would be wonderful.

Willie Mullins (Trainer: Ireland)

There isn’t a sport in the world where sustained success isn’t at some point presented as a negative for the health of the sport. It must be tough to take even if criticism tends to be of a system rather than the winners’ magnificence.

He was crowned champion trainer in Ireland for a 17th straight year last season and became the first trainer since Vincent O’Brien 70 years previously to secure British honours. For context, Aidan O’Brien is on 26 consecutive native titles at the end of 2024 and a seventh British crown. 

Mullins, an ex-chairman of the Irish Racehorse Trainers’ Association, believes that there are plenty of opportunities through the levels in Ireland, pointing to the growth of Gavin Cromwell’s operation as just one sample. He doesn’t see a need for a standardised programme between countries.

“I think people should be very careful when they start messing around with the programme,” says Mullins. “When you do little tweaks with the programme, you don't realise the consequences that will have somewhere else. So that's a great legacy that (former HRI chief executive) Brian Kavanagh and Jason Morris (former director of racing, now director of strategy) gave to Irish racing, and we should cherish it.

“A few of us go to France. The French never come over here. Prize money isn't good enough for them. Our seasons are just slightly different as well. But I think the story about Irish and English jump racing is probably Ireland versus England. And for that to take place, you have to have an English pattern and an Irish pattern. And we're very lucky that we have a race meeting called Cheltenham, where it's nearly, for the want of a better word, a World Championships in our game and all roads lead to there and then to Aintree and to Punchestown.

“I think it's huge, the way it works at the moment. So if you want to break that up, I'm not sure it would be beneficial. 

“I also look at how racing has been put together by racing people, and I've seen, especially in Britain, over the last few years, people coming in from other sports, putting their imprint on racing, and they're not racing people. They don't realise how it works. They're in our sport for five years, and then they disappear off somewhere else. Meanwhile, they leave a fractured sport, putting in ideas that just don't take off or don't work.

“Racing is about breeding the best to the best, and hopefully get the best and taking on one another. And that's essentially it. That’s the core of racing.”

He considers the introduction of a team concept such as the Shergar Cup and racing League on the flat as ludicrous and argues that more focus should be on other factors in improving race-day experience for those in attendance than the action.

“When you have 35 minutes between races, it’s too long. I mean in the flat, it’s awful but even in national hunt. If you have a horse running in the first, and don’t have another till the last, it’s a long day. There are only so many cups of tea you can drink as there’s nothing else to do. It has been very boring for the public. They should look at that.

“And when it comes to Cheltenham, it is just too expensive.”

Jonathan Garratt (Kelso MD: Britain)

Jonathan Garratt has overseen the growth of Kelso as a desired destination for jumps racing with an imaginative, ambitious approach to programming and prize money. 

Last year, Garratt was scathing in his criticism of the BHA’s premierisation policy which planned to “declutter” Saturday racing in Britain, warning it could destroy the sport’s grassroots. It is a policy, Garratt tells us, that ignores the uniqueness of jump racing.

“Each of the three codes (if I can separate all-weather flat racing from turf) have very different opportunities and different threats,” Garratt declares. “And yet the BHA lumps them all together in the fixture process and has encouraged them to compete for a two-tier funding system which they’ve christened ‘core’ and ‘premier’.

“While it’s fairly easy to see an elite strand of racing on the flat, which exists on a global stage, jump racing is a much more integrated environment, where top-class horses develop over time, frequently competing at a grassroots level on their way to the top. The best horses might compete in point-to-points, or bumpers, or both. Many will take in a handicap or two, some in relatively modest company.

“Even during the recent Willie Mullins domination, we’d be hopeful of spotting a future Cheltenham Festival winner, or a Grand National winner, at a Kelso fixture which has been allocated the ‘core’ label.

“My opinion is that jump racing has a more nuanced and interesting narrative than flat racing and so we don’t need these false labels. We should be encouraging racegoers to follow the action at all tracks, and enjoy the progression as horses move through the developmental races and become seasoned performers – at whatever level they eventually attain.”

The purpose of all-weather racing is to provide a betting product in time slots that are not available to jump racing, Garratt argues. The story of jump racing is far deeper and a key asset he maintains.

“Each code has its own strengths. One of jump racing’s strongest is its unique ability to create fantastic, romantic stories. While it’s flattering that so many people have credited Kelso with developing the jumps’ programme through the changes we made to the Morebattle Hurdle, the truth is that we simply tapped into strengths that already existed in jump racing – we increased the value of a high quality race which was close in proximity to Cheltenham, made it a handicap to give more runners a chance, and added a £100,000 bonus to tie us into the existing Festival narrative. We were very fortunate when The Shunter won it in the first year!”

Garratt doesn’t think a centralised pattern for the chief NH countries would work but never one to knock a suggestion without offering another, he makes a different, radical proposal.

“One idea which I’d throw out there, instead, is a unified trainers’ championship. At the moment, the top British trainers will favour races in Britain over valuable opportunities elsewhere because they want to win their Championship. I assume it’s the same in Ireland and France. I might be wrong, but Willie’s bid for the British Championship appeared to be an afterthought, it came into the reckoning after he’d already enjoyed a great Cheltenham.

“If a European Trainers’ Championship had a really good prize and was supported by the media, trainers might consider running in races throughout all of the countries which were part of it. I’m not saying it would work – but if greater international cooperation was considered beneficial to the sport, this might be one way to move it forward.”

Louisa Carberry (Trainer: France)

Louisa Carberry is a native of England from an eventing background who is based in France ten years, where she met and married Philip Carberry, the Champion Hurdle winning jockey from the famed clan that became the first Irish jockey to win the Grand Steeple-Chase de Paris – the French Gold Cup - in 2006. 

She became the first foreign woman to train the winner of the Grande Steepe in 2020. Docteur De Ballon backed up 12 months later and with Louisa saddling Gran Diose to a third victory in five seasons last May, she is now in exalted territory.

The programme and prize money make France the most desired place to train for her.

“We have a lot fewer handicap handicaps over here in jumping,” Carberry explains. “What we do have is very valuable handicaps. There was a 100 grand handicap hurdle yesterday and that happens a couple of times a week, and they’re usually for horses rated from 0-130 and they’re highly competitive races.

“It’s a quite nice way of doing it. It might start off with a race for horses that haven't run three times or been placed twice. And then you might step up to races for horses that haven't picked up €20,000 this year. And then you get a kilo for every five grand you won. So you can sort of just step up and up and up. And then when you hit a bar, you change discipline. You go chasing.

“What I like is it's a very clear pyramid system here. For example, for chasers, five-year-olds and over, there’s one Grade 1 in the spring and one in the autumn. And so I think that's nice so the Grade 1 winner is essentially, hopefully, the best horse.”

With fewer jumps horses in training in France, there isn’t a need for the quantity of racing that exists in Ireland and Britain, but ensuring the best are taking each other on and that Grade 1s are not pieces of work should always be the target.

“Otherwise, it loses its importance, doesn’t it? We should have that stepping stone system, into a listed race if they’re capable and so on. You should be taking in a handicap on the way up unless, of course, the horse is clearly so super-talented that you don’t need to.”

She has little time for complaints about the dominance of Mullins et al.

“Everyone started somewhere. It should be more, ‘How can I compete with them more or, do as well as them?,’ rather than complaining. It’s easy to say that, of course, when I’m not in there. But you find what works. There are trainers that their business is based on selling one or two horses a year and if the horse goes on and runs well, they’re thrilled. Whereas I’d rather win a Gold Cup! But each to their own. I’d also be thrilled if the horse sold well and it went on to run well.”

Does being so prosperous within a French system remove the ambition of aiming for a Cheltenham Gold Cup, for example? Or would a uniform pattern, or at least something similar, bring travelling to one of the other two countries into focus for French trainers?

“Definitely, and we have gone to England and Ireland a couple of times. Happy to do more and are likely to do more. It's got to be worthwhile, that you think there's nothing more valuable over here. So it probably comes down to prize money, but then at the same time, God, I’d love to win a really good race, even if it was worth less than something over here. But over here, we know where we are, we've got our mark, their horse is going to do well, and it's worth a lot of money.

“I wouldn’t be against running in a nice handicap at Cheltenham either, by the way. It doesn't have to be a Grade 1. But you don’t know the horses you’re taking on, you don’t know the track, the racing style and the money isn’t great. So do I stick to what I know?”

Carberry believes more French-based trainers are looking beyond their borders, however. Current King George VI Chase favourite, Il Est Français (Noel George and Amanda Zetterholm) and Gold Tweet (Gabriel Leenders) made a splash in Britain in 2023. 

“I think it's important for us to show that we're keen and willing and able and capable of running them, but probably things like the season and the programme, a few little tweaks there might help. But that’s not something that’s going to happen overnight.”

Conclusion

This subheading may mislead. We have no definitive answers here. There is plenty of logic though and a few intriguing proposals  – take a bow, Jonathan Garratt with the idea of a European Trainers’ Championship!

Emma Lavelle’s championing of bands of racing for the mid-tier horse, and suggestions around adopting the French method of framing races around prize money, so well-articulated by Louisa Carberry, certainly appears to have a sound basis.

A single rating mechanism seems straightforward. Less so, perhaps, a NH equivalent of the European Pattern Committee that regulates the programme for flat racing, to avoid clashes in different jurisdictions, set conditions and ensure standard control i.e. that low-performing races have their status reduced and those constantly performing have them increased if they are not already Grade 1s.

One British course clerk, speaking off the record, had no doubt about the need for an overhaul of the pattern in some way. Of the circa 140 graded races in the jurisdiction, using three-year parameters, 54 of them are not performing. 

The pattern is supposed to be how we accurately measure achievement and status, with a variety of ways of eventually reaching whatever your ceiling. But if it is diluted and Grade 1s are thrown about like confetti, the entire product and system is devalued. 

Vin Cox, Yulong representative in Australia has discussed it in terms of a similar debate Down Under, about how the black type is the internationally recognised language but that its integrity is compromised by just adding another one “willy-nilly” i.e. without following a set list of criteria. 

Any thriving entity needs cohesion. We shall wait and see.

Emmet Mullins - the Irish National Hunt trainer who has had no shortage of success - a common trait in the Mullins clan!

Article by Daragh Ó Conchúir

Emmet Mullins possesses the sense of mischievousness that is common in many of the Mullins clan, and there are times when one wonders if it might be a contributory factor in his approach to training racehorses. Or at least his race planning.

We know from a significant sample of more than eight years as a trainer, that Mullins doesn’t throw darts without having given them due consideration. It’s just that his way of getting to the double is more Mensur Suljoviç than Michael van Gerwen. Convention is a constraint he sees no sense in burdening himself with.

So, it is not just plucking outlandish plans out of the ether. That would be idiotic and Mullins is no idiot. He is not unaware that he might be doing something others would not consider however, and when he delivers with an apparently off-kilter plot, he most definitely gets a kick out of it.

Examples of eschewing custom? Landing a listed three-year-old fillies’ hurdle race in Auteuil in 2019 with Fujimoto Flyer, acquired as a yearling on a trip to Japan two years previously. Scoring in a Grade 2 three-year-old hurdle race at the same venue last year with McTigue.

Winning a Grade 1 novice chase at Punchestown last April with Feronily, a horse having his second ever run over fences, just a month after shedding his maiden hurdle status, having been given his debut over both national hunt disciplines at graded level. That elite Punchestown triumph was less than five months removed from the Getaway gelding winning a point-to-point on his first ever public appearance at Rathcannon.

How about preparing ten-year-old The Shunter to bag the £103,080 first prize in the Cesarewitch at Newmarket last October? In March 2021, the same horse plundered a £100,000 bonus on offer for any winner of the Morebattle Hurdle that subsequently won at the Cheltenham Festival, doing so over fences in the Plate.

And then there’s capturing the Grand National with Noble Yeats in 2022, the first seven-year-old to be victorious in the Aintree feature since Bogskar, 82 years previously. And that came just 14 months after running in a bumper, 13 from obliging in his maiden hurdle. 

For the most part, these aren’t campaigns his uncle Willie would consider and he is the most successful trainer in jumps racing. That said, when it comes to campaigning internationally at least, Willie has been all over the world and taken a punt in places like Nakayama and Merrano, and his own father Paddy (Emmet’s grandfather) did it before him, winning the $750,000 Grabel International Hurdle at Dueling Grounds – now Kentucky Downs – in 1990.

So there is a bit of nature in the ambition, the refusal to be hemmed in by the norm. He’s even had a runner in an Irish Derby, legging up Rachael Blackmore on King Of The Throne in 2020. But certainly, he has taken pioneering thinking to another level. It is his oeuvre. It takes a lot of confidence but the self-assurance is well placed. The CV tells us the methods produce results at a sustained and very exalted level. 

For all that, and despite an average strike rate of around one in five over jumps in Ireland since he began in 2015, 28% over jumps in Britain over the same period (four from six at the time of writing this season alone) and a career high eight winners on the flat in Ireland this year (15% SR). Success for the Closutton 34-year-old – his 30 boxes are located at the HQ of his father, George’s equine transport business and next door to the gallops used by Uncle Willie to condition his legion of champions –is primarily about getting horses sold.

Sometimes they stay in the yard, which is the case if JP McManus gets involved as he has done on a number of occasions with The Shunter, Filey Bay, So Scottish, Corbett’s Cross and Feronily, and with Noble Yeats after the Waley-Cohens acquired the subsequent Grand National hero. 

Most of them don’t though, particularly the flat horses, with a global market. Of the jumpers, McTigue is one of the more recent to have been bought to race in America.

In an interview in last year’s Irish Racing Yearbook, Mullins said he wasn’t good enough to be a jockey, even though he was a Cheltenham Festival winner in the Martin Pipe Conditional Jockeys’ Hurdle on Sir Des Champs for Willie in 2011. 

He won a graded novice chase on the same horse at Limerick the following December and then two years later at the same meeting, was entrusted with the responsibility of steering Faugheen around in a graded novice hurdle. But he couldn’t see himself having enough of those sorts of days.

“I didn’t want to be mediocre. Move on to the next thing and do better,” he explained in that feature.

So he retired at 24, just as his younger cousin David did, having won a Grand National as a teenager. They know their own minds, the Mullins boys.

That independent streak is evident in his second career. Being given the responsibility by Willie of travelling with Blackstairmountain to Japan and overseeing the eight-year-old’s preparations prior to landing the valuable Nakayama Grand Jump planted the seed for training, as well as leaving a very positive impression of racing in the land of the rising sun. 

He knew he wasn’t going to be champion trainer but given his disinterest in being a journeyman, resolved to operate commercially and improve the quality while he could. 

Making money on a horse is success in his eyes, as evidenced when in the aforementioned Irish Racing Yearbook feature, he posited that saddling a two-year-old to score in an auction maiden on the flat at Gowran Park was arguably his most important winner of a year that also included Noble Yeats’ Liverpool romp.

“Grand National prize money wouldn’t get you a deposit on a house,” he reasoned, referring to the filly’s subsequent sale.

Asked now to sum up his model, he uses one word initially.

“Flexible.”

That, as they say, is an understatement. 

“It was always to buy and to sell. Try and advertise your horse and sell it on for a profit. You’ve a lot of advantages with the surname Mullins but there’s a downfall with the selling part. I think most of the market would feel if Willie doesn’t buy it, it’s no good. That’s a drawback. It’s tricky.”

But it’s gone well. He would like to retain the calibre of horse, but it is not at the top of the list.

“I want the quality of the horses to be as high as possible but I don’t think I’ll ever go down the road of too many horses. I’m happy enough with the workload that I have. I went to Kentucky in September and October for the guts of five or six days each time, which you could never do if you had too many horses. There’s a good team at home but the bigger you get, no matter what systems you have in place, the more diluted it gets, I feel.”

As for being hands-on, he says: “I like to know, but I like to delegate. If I’ve all the right information I can make the decisions.”

He only rides work now when they are short of bodies, but is fortunate to have eight full-time staff, while his number one jockey, Donagh Meyler arrives three times a week.

He has just resurfaced a five-furlong gallop he had installed originally in 2018, and describes his method of conditioning as interval training. 

“All I know really is Willie outside the back door of our house. It’s all I’ve seen and it’s a good model to be working on.”

While the conditioning, fitness and schooling aspects are imperatives, they are useless without the raw material and it is here that Mullins seems to really deliver at an incredible level for a small-scale operation. He is very clear about what he is looking for when making acquisitions.

“When it comes to horses in training, it’s when they hit the line. There’s nothing worse than something tying up that might fall across the line and hold on to win. I would definitely be waiting for the horse in third that was too far back and flew home and ran through the line. I’d value him more than the horse that actually won but the market might consider the winner the best horse. There are plenty of different factors gone into where each horse was but horses that run through the line, there’s another day in them.

“With unraced horses, I suppose it’s a lucky dip but if they can’t walk, they can’t gallop. It’s all about the action. When you’re looking at horses that ran, the page is 90% irrelevant because they’ve either outrun their page or underrun it and there’s probably more underrun their page than outrun it. Once there’s black and white form, the page drops way down the list. But with unraced horses, it’s one of your only markers. You’ve got your conformation and pedigree and you haven’t much else to go on.”

Paul Byrne is a key investor, a friend of cousin Patrick (son of Willie), who clearly liked what Emmet Mullins was doing and whose light blue colours have become very recognisable on the likes of Feronily, Corbett’s Cross and The Shunter prior to their sales to McManus, as well as Slate Lane, among many others. Meyler is a key contributor too, obviously.

“We’re on the same wavelength I think,” he says of the experienced pilot. “Sometimes I mightn’t say much and I think I’ve said what needs to be said. If you’re not on the same wavelength, the jockey hasn’t got it. That’s my fault. It hasn’t been communicated the right way. With Donagh, we’re on the same wavelength and a facial expression could say as much as a word.

“McTigue in Auteuil, I walked the track with him [Meyler]. Don’t think he’d ridden there before. I’d won there with Fujimoto, had ridden there and we’d been watching Willie’s horses win there over the years. I told him how I would ride the race, and hurdle by hurdle it was just textbook, following the conversation we had the whole way around.

“Once we come out after getting the saddle, I ask him about the race. I might have my homework done but I want to see what he says first anyway. Nine times out of ten, we come up with a plan together. A few times, I throw a spanner in the works, like with Slate Lane in Haydock when I say, ‘We’re gonna make it today.’

“Donagh thought we’d be switching off as usual, down the paint, but I just thought there wasn’t much pace in the race so I said, ‘No. Line up wide. Go with them. If they’re going too hard, you can always sit in behind them. If you’re going too slow, you’ll get a freebie up front. It’s up to you to figure it out from then. I just wanted him to have those options rather than being locked in a pocket in behind if they were going too slow. But the main thing is we are on the same wavelength.”

When we speak, Slate Lane has just delivered on another target, his fourth consecutive triumph, bagging the £71,188 first prize of that premier handicap at Haydock he has referred to. It is bittersweet though as, barring a miraculous recovery from a very bad tendon injury suffered at some point during that race, he won’t compete again.

“I don’t know how he got to the line. Fifty per cent of the tendon is gone, into the tendon sheath and the big worry with that is infection. He’s in a cast now so as not to put the weight on it. The BHA vets were very good, flushed it out and gave him antibiotics on the racecourse and he went to Leahurst (Equine Hospital in Liverpool). It’s fairly certain he’ll never race again but it’s good news that he avoided the infection and saving the horse was the most important thing. With tendon sheaths it’s often 50-50 whether you’ll survive it because of the risk of infection.”

It is a reminder that even when things are going outstandingly well, in racing, above all other pursuits it seems, the leveller is just around the corner. Only the day before, Jeroboam Machin won a Fairyhouse bumper on debut. He too suffered a nasty cut on his tendon, a bigger one than suffered by Slate Lane but not as deep. It will sideline the youngster for some time and there is a double whammy in terms of a potential sale but he should hopefully return to the track at least. 

Some were talking up Slate Lane as a potential Stayers’ Hurdle candidate, cognisant of Mullins’ propensity to press fast forward with his neophytes but the intention had been to stay in novice company and to see just how far up the ladder the five-year-old son of Ask could go. 

He only had him six months, and though there were three underwhelming performances on the track for Paul Hennessy, the third had been an improved sixth in a two-mile Gowran Park maiden hurdle in March though that ended in disqualification when jockey Niall Prendergast weighed in incorrectly. That actually brought Mullins’ attention to him however, and when he delved a bit deeper to look at his third-place finish in a Moig South maiden point, the manner in which Slate Lane finished strongly was enough for him to press the button.

“He flew home. I know he finished third but he was the horse to buy out of the race. There were no hiccups from then. We were probably on the mark after Newton Abbot but it was 75 days out to the race. As it transpired, the race didn’t fill and he’d only have been a pound or two out off 113 but you couldn’t take that risk and you’d have been longer again out. So in between Newton Abbot and Haydock, we took in the (Corinthian Challenge) charity race at Leopardstown (which he won) to keep him ticking over. Michael O’Neill, who won on him, comes in to ride work for us a good bit.

“Haydock wasn’t mentioned until after Cartmel but first, it was Cartmel for the sticky toffee pudding. That was the big draw! As soon as he crossed the line - it was a 2m6f maiden hurdle - we said, ‘Big pot, three miles, Haydock, November’. I had a runner in it once (2021), Righplacerighttime. I tend not to forget where the money is!

“We couldn’t enter him in Irish handicaps because if you ran him in Ireland, the English handicapper has his own interpretation so we campaigned him exclusively in England over hurdles to keep on their handicap system and we wouldn’t be guessing about what rating we’d have.

“He was working well when we decided to go for the maiden hurdle. We thought he’d win and he kept improving the whole time and he had to. The same horse that won in Haydock, wouldn’t have come off the bridle in the Cartmel race and he came off it on the home bend and had to be scrubbed against a 78-rated horse. So he’s clearly improved. He wasn’t a 127-rated horse. It has been a natural progression.”

Using a charity race to keep him ticking over is unconventional, to say the least, but Mullins readily concedes that “we don’t do much normal”. The outside-the-box planning seems like genius given how often it comes off.

“You’re just looking for those niches. It was 2017 I think I went to those yearling sales in Japan... They are, I would say, on top of the world now with their system, their tiered racing, their midweek racing and their weekend racing, the prize money. It’s ten years this year since I was at the Japan Cup and the racing fraternity were like the Premier League stars. The following was phenomenal.

“I bought Fujimoto Flyer. Another foal I bought privately over there was Crowns Major (owned by long-time patron Annette Mee, who provided him with his first winner St Stephen’s Green). He won the big premier handicap at Galway (in 2021) with Wesley Joyce. Now, the third, I sold to Poland or the Czech Republic fairly quickly after but two out of three isn’t bad.”

No other trainer around would have campaigned Feronily like he did and that they picked him up for just £45,000 at Cheltenham, five days after cantering to victory under Derek O’Connor in his point-to-point was a fantastic start.

“It’s funny, on the day of the sale, I was going over thinking he was the best horse in the sale. Told the clients, ‘Couple of hundred thousand, this is the real deal.’ I hadn’t seen him but looked at the vet report on the phone, saw the video of the race but the rumour machine was going around that he had bad tendons. Two vets were after standing over him and cleared him! I spoke with Ellmarie Holden who won the point-to-point with him. They’d scanned the tendons at home, they showed me them, it was perfect.

“Paul was beside me and I says, ‘We’re buying the next one in.’ He says, ‘What is it?’ I says, ‘You’ll see when you sign for it.’ There were a few mates of his with us and I said to them, ‘Put up your hand now. We’re gone past the reserve and you’ll get him on the next one.’ One of the guys bid, so we got him. They didn’t know what was after happening. I was giggling away and Tattersalls had the buyers as Hughes, Smith and Stokes - three friends of Paul’s!

“He’d won ten lengths. He’d a big advantage going to the last. Popped it. Lost all the ground. Derek sat down on his back and he took off and went again. And you don’t go a second time unless you’ve got a big engine and he galloped through the line after losing all momentum. It was a no-brainer.”

Okay, buying him was, but you cannot tell me the subsequent course of action was obvious.

“It was Paul that wanted to go to Kelso after two good bumper runs (second to Isle Atlantique and third to A Dream To Share). He didn’t run too bad (finishing fourth) because it was a graded handicap on his first start over hurdles. We got the maiden hurdle in Limerick out of the way. I think the entries for Punchestown were closing after that and I don’t know why, but I just thought that the three-mile novice chase division was vulnerable. Stuck him in, then rang Paul and told him, ‘I might have done something crazy again.’ When the entries came out then he said, ‘That wasn’t one of your worst ideas.’

“We got the run into him in Cork (in a Grade 3 chase). We didn’t want to run in a beginner’s chase because if he won, he wasn’t a novice the following season. So you wanted it to be justifiable to lose it. If we won, well and good, if not, you had the experience. He ran very nicely in second and it was on to Punchestown from that.”

Sometimes things just fall into place. The Shunter was slated for a major staying handicap from the time he won his maiden in Sligo in May 2022.

“He wasn’t right for the Irish Cesarewitch and for luck, he went to Newmarket. The extra two weeks probably helped and it rained then as well.

“It was Paul that had spotted the bonus with the Morebattle. He had won the Greatwood already. You can’t be expecting him to be that far ahead of the handicapper to win three premier handicap hurdles so that’s why we had to take up the chase option in Cheltenham after he won the Morebattle. He probably wouldn’t have run over fences at all, he was still in a 0-116 bracket and there was a beginners’ chase at Punchestown for horses rated 116 or less over hurdles. I said to Paul we probably wouldn’t win a beginners’ chase in a month’s time when Willie and Gordon (Elliott) had their horses out and 140 horses were getting beaten in beginners’ chase. That opened that possibility for us. So it wasn’t that we were planning hurdles and fences with the Morebattle and Cheltenham. With that one, it just panned out that we had somehow done the right thing.

“He’ll get a break now and maybe come back for the Chester Cup. He’s an older horse, he’s had plenty of issues and I’d say his jumping days might be behind him.”

Corbett’s Cross is moving the right way and a return for one of the Grade 1 novice chases at Cheltenham is a more straightforward plan.

Noble Yeats is likely to miss the Gold Cup this time around, having finished fourth last year before filling the same position in his bid to go back-to-back in the National.

“I think we found a little race for him to start back over hurdles at Christmas. It’ll be a start. He had a tough year last year. Gold Cup, Grand National, Grand Steep de Paris. He had an extended break and didn’t come back to me till the first of October. At the moment it’s the National. I don’t think we can do both. He won’t be helped by being so consistent in his races, with his handicap mark and plenty of weight but as they say, horses for courses and he definitely has Aintree sussed.

“He’s a funny horse in that he needs a hood or ear plugs for the preliminaries, but when he’s going he needs cheekpieces. There’s no other horse you’d do it with. It’s just figuring them out.”

Just another element of the job Emmet Mullins seems to be very good at. 

Steer clear of banks in international prize money stakes

Since Cheltenham last year, over £317 billion has been wiped from the FTSE100, with major contributors being a 38% slide in the price of oil as well as the dramatic speed at which China’s economy is slowing down. As we rapidly approach this year’s festival, the economic outlook is even less predictable and currency markets are no more immune to volatility than anywhere else.

With an ever growing Irish dominance, the conversion of Cheltenham prize money from Sterling to Euro is likely to be a popular activity in the weeks following on from the festival, and bearing in mind the current fickleness of the global economy, Owners, Trainers and Jockeys will want to get the best exchange rate possible. 

An example of how rapidly the GBPEUR rate can change came at the end of 2015; at the start of October, the exchange rate was around 1.3500, then moved to 1.4300 in mid-November. At the end of December, the price went back to 1.3500, where we saw a maximum change of 6%. So, when buying €100,000, there would a difference of €6,000, depending on the date of purchase. If the same were to happen over the coming months, for foreign winners at Cheltenham, victory would be somewhat dampened by receiving fewer Euros on the other side of their conversions.  

“Once you move away from your regular bank to an independent currency provider, you
immediately notice how much more prize money you receive on the other side of the conversion.”

— Bryan Cooper, Racing FX Ambassador and Irish Jockey.

On top of this, Owners, Trainers and Jockeys should also be aware of the provider they use to convert their winnings. Typically, High Street Banks will charge 3%-5% on the interbank exchange rate, compared to independent currency and payment providers, who have the advantage of being able to offer clients more flexible rates, with some bespoke companies presenting their racing and equine clients with prices around 0.3%-0.5%.

To put this into perspective, if for argument’s sake, the interbank exchange rate for GBPEUR was 1.3500 and a client was charged 3% by their bank when converting £100,000 worth of prize money, the client’s rate would be 1.3095 and the amount of Euros they’d receive would be €130,950. If the same person converted their money with an independent provider instead, they are more likely to be charged around 0.5% on the mid-market rate, receiving a quote of 1.3432 and would obtain €134,320 on the other side of the conversion, saving them €3,370.

“I frequently have horses racing around the world, and you’d be surprised how significantly the market can affect the exchange rate you receive and, effectively, how much it costs you to convert your winnings.””

— Willie Mullins, Irish Champion Trainer.

A mouth-watering total of $30 million will also be up for grabs at the Dubai World Cup at the end of the month and with competitors travelling from Japan, France, Australia and everywhere in between, the sums of currency being converted are likely to dwarf those of Cheltenham, with the difference in returns for connections using independent providers compared to a bank, being huge. 

With over £4 million in prize money at Cheltenham and $30 million from the Dubai World Cup, the number of currency transactions within the racing industry this month looks set to be phenomenal, and the potential savings that could be made are unquestionable. As always, there’ll be winners and losers throughout the week, but by moving away from the banks, those who gain festival glory could be even more victorious.

For more information as to how you can save money on your next currency transfer, please visit www.racingfx.co.uk