A number of farm owners in the breeding industry are getting out the business because of poor Yearling sales.
A few of them have already closed down their farms.
The Poon Tip Stud Farm is reportedly one of the most successful farms, producing some quality horses but few are being sold to buyers.
The annual Yearling sale staged by the Stud Farm Association of Trinidad and Tobago (SFA) keeps declining over the past three years as owners prefer to invest in the Jamaican-bred horses.
Owners were discouraged from buying Yearlings this year because the Arima Race Club (ARC) reportedly owes them close to $7 million in prize monies. The ARC is now paying owners for horses that won in February this year.
This year only 18 Yearlings passed through the sales ring but only nine were sold, some of them were bought back by their farm owners. Only one horse was able to fetch $40,000, the others went for between $5,000 and $10,000.
Owner of JMH Stud Farm Charles James said he is considering getting out the breeding business since owners are not buying horses because they cannot get their prize money when their horses win.
He said it is the trainers who are making the money since they collect their commissions from the wins and placings of horses. Trainers of horses that place, second, third and fourth are paid their commissions but owners of winners have to wait because of the cash-flow problem with the ARC.
The ARC is required to pay owners after winners are declared dope free.
He said an owner has to pay trainers for the upkeep of their horses, entry fees, veterinarian bills, “Grassman”, farrier, which amounts to over $4,000 a month.
James noted that some owners have been racing their horses for more than six months without even getting a cheque for oats money.
He said the delay in payment of stakes money has contributed to the problem for the breeders.
This year JMH Stud Farm had no Yearlings for the SFA sale. There were just four Yearlings which were sold privately.
JMH Stud Farm has two Stallions and five broodmares.