While horseracing in some regions is on an upward curve, it will be a blow for the industry to learn that one of our leading owners has decided to slash his string by over 80%.
KZN -based Gr1 winning owner Preggie Somasundram, a businessman who races countrywide and has held his colours for over 20 years, has decided to scale his string of 48 horses down to 9, attributing the ‘current state of horseracing’ as the reason for his decision.
Happier days. Preggie Somasundram and family with trainer Darry Moore after Canadian Summer won the 2022 Gr1 Thekwini Stakes (Pic – Candiese Lenferna)
“Don’t get me wrong,” said Somasundram, “I’m still passionate about the sport, but under the current circumstances, the pleasure versus the costs does not make sense.”
He said that ‘owners are getting screwed’ and suggested that the ‘NHA are bringing the sport into disrepute’.
“The scratching of Tony Peter’s horses on Betway Summer Cup day is a prime example. What message did it send to the general public? That was the final nail in the coffin for me,” he said.
“The misalignment of stakes to costs means that owners are not getting a fair deal. Over the past 20 years that I have been in the sport, I must have spent in the region of R60 million in training fees alone. That does not include vet’s fees and the capital cost of purchases.”
He said that after winning a race and the trainer and jockey have taken their 10%, the owner barely earns enough to cover three month’s training fees, and he suggests that owners get no support from the racing operators.
“Put simply, it’s the management of the game. That is why I’m slashing the numbers in my string. Once I have informed my trainers, most of my horses will be up for sale on line. My kids are now involved,so I may keep maximum nine of their favourites. But I’m reducing my involvement in the industry.”
He did not indicate whether any particular incident had made his mind up, beyond the reference to the Betway Summer Cup action at the end of last month.
“I am still passionate about the sport and if I feel that things are improving in the distant future, I might increse my interest and investment,” Somasundram concluded.
