Thoroughbred Daily News

Chris Gracie is as much a product of the Mid-Atlantic as the Liberty Bell and the blue crabs lining Chesapeake Bay.

“I grew up in these regional markets. I grew up in Pennsylvania, I grew up in Maryland,” said Gracie–breeder, seller, bloodstock agent, former jockey, you name it–who, under his Gracie Bloodstock LLC banner, now operates out of Locust Hill Farm in Middleburg, Virginia.

“I think the biggest thing is that historically Virginia has been a really, really, really good place for raising horses,” he added. “Just go back over the last 100 years, the owners that used to be here and the farms that used to be here and the horses that have been raised here. I mean, Secretariat himself came from Virginia.”

Don't think, however, Virginia's halcyon days are a thing of the past.

“It's finally getting back to that place where people want to send horses here again to be bred and to race,” said Gracie. “It's starting to really catch more momentum.”

And what's prompting this Virginian renaissance? Lots of things, but the state certification and the state-bred incentive programs especially.

“To me, they're one of the only programs that can really be competitive with the [Kentucky Thoroughbred Breeders' Incentives Fund] KBIF,” Gracie said.

“I mean, you're seeing people that are trying to buy Kentucky-breds that are Virginia certified. And you're seeing Virginia-breds that are bringing real money,” Gracie added. “There are Virginia-breds that have been sold for a lot of money in the last couple years, so people are starting to catch on to it.”

Jill Byrne, executive director of the Virginia Thoroughbred Association (VTA), agrees.

“It's been a very big economic boost to the state of Virginia with the jobs that it creates,” said Byrne, about the Virginia Certified program in particular.

The state certified program was designed to lure business the way of the Old Dominion. Instituted about ten years ago, it has driven well over $86 million to the state (and that's a statistic already a few years old).

Byrne pointed to several Virginia farms the program has helped buttress economically, including Eagle Point Farm in Ashland, owned and operated by mother-daughter team Donna and Karen Dennehy.

“I think they would be in pretty bad shape if we didn't have this program,” said Byrne. Nowadays, Eagle Point receives more than 100 Virginia certified horses through its doors annually, she said, giving them the funds necessary to rebuild and renovate the farm's facilities.

“I think it's just been a huge, huge boost to Virginia horsemen,” said Byrne.

To participate in this program, a horse must be conceived and foaled outside of Virginia, but it has to reside in the Commonwealth for at least six consecutive months prior to December 31st of its two-year-old year.

“We see so many horses ship from the Timonium yearling sale [in late October] to a facility in Virginia to start their breaking and training–that's the beauty of them still being able to get [certified] into their 2-year-old year,” said Paget Bennett, director of sales for Fasig-Tipton Midlantic.

“Developers” of Virginia certified horses–in other words, the person or entity who owns the horse on its first lifetime start–can earn up to a 25% bonus for wins in open races in New York, New Jersey, Pennsylvania, Delaware, Maryland and Virginia.

These same “developers” can also earn a 10% bonus for wins in state-bred restricted races in those same states (except Virginia).

“Obviously you're never going compete with Kentucky, but you can compete regionally and work with these great regional programs,” said Byrne. “This one's going to keep growing exponentially.”

The Virginia-bred program is much more your archetypal incentive-based program with significant rewards for owners, breeders and “developers.”

Owners of all registered Virginia-bred foals earn a 50% bonus if their horse finishes in the first four in an open race at Colonial Downs, while breeders can earn bonuses if their registered Virginia-bred finishes in the first three in any North America open race.

Colonial Downs | Horsephotos

Furthermore, the “developers” of registered Virginia-Bred foals of 2021 and after–in other words, the person or entity who owns those Virginia-breds on their first lifetime start–are eligible for up to a 25% bonus if they win a non-Virginia-restricted race at any racetrack in New York, New Jersey, Pennsylvania, Delaware, Maryland or Virginia.

“We breed horses commercially to be able to sell a horse. And not have to worry about whether it ends up in Pennsylvania or ends up in Maryland or ends up in New York is a great, great thing for us,” Gracie said, about the way the program benefits his business.

“We can sell a horse, hopefully be profitable, they can land anywhere in the Mid-Atlantic and we're getting breeders awards anytime they hit the board. It makes a lot of sense. So that's why we really dove into the Virginia-bred program,” he said. “I mean, there's really nowhere else that's as competitive as here.”

Virginia's also home to a mare residency program where, if you buy a mare at public auction, she can qualify for the Virginia-bred program if you bring her to Virginia within 15 days.

“What's really good about that program, too, is we don't have a breed-back rule,” said Byrne.

Despite the lucrative incentives available to the breeders and owners of Virginia-bred and certified horses, some remain unaware of what's on offer.

“We're getting back up to the days of past, but it's something that's just going to take some time. We do need to keep promoting it,” Byrne said.

According to Gracie, “the biggest thing is just educating buyers” about these programs. “I mean, sometimes you have to explain the difference between the certified program and the Virginia-bred program. Or even what the Virginia certified program is,” he added.

Central to this whole breeding ecosystem are Fasig-Tipton's two regional sales in the area, the Midlantic May 2-Year-Olds In Training Sale and the company's Eastern Fall Yearling Sale.

At this year's fall market, Fasig-Tipton will portion off the sale into sections specific to each state-bred regional program.

“What that means is, there'll be a New York-bred section, there'll be a New Jersey-bred section, a Virginia-bred section and so on,” said Frank Alosa, who helps spearhead Fasig-Tipton's recruitment efforts in the Midlantic region.

“And we've been working with the state-bred associations to come up with creative ways to tell the story of what it means to own, breed and race in these states,” he added.

“You have these good horses, you have these good horsemen and women, and by creating all these little sales inside of the bigger sales, it's giving us not only an opportunity to showcase these programs and the incentives for owners and for breeders in these states, but it's also giving these horsemen and women who have raised these horses a good place to market them,” Alosa said.

Furthermore, with Colonial Downs' near two-month summer meet poised to begin, supporters of the region are once again extolling the reciprocal program between Maryland and Virginia, which allows both Maryland-bred or -sired and Virginia-bred or -sired horses to compete in a series of stake races at Laurel Park and Colonial Downs.

These kinds of reciprocal programs are another way to reinforce the foundation stones of these regional markets, said Byrne.

“I won't say we can't survive without the other, but it's a whole lot better working together than not,” said Byrne.

“Virginia was it back in the day. But with no pari-mutuel racing, the breeding programs really fell by the wayside back in the '70s and '80s,” said Byrne.

“But now it's all just rebuilding thanks to Colonial Downs racing being back and expanding and [Historic Horse Racing] HHR, obviously,” she said. “Virginia's one of the really good positive stories in racing right now.”

The post Virginia Breeding In Focus: “One Of The Really Good Positive Stories” appeared first on TDN | Thoroughbred Daily News | Horse Racing News, Results and Video | Thoroughbred Breeding and Auctions.

Every week, the TDN posts a roundup of the relevant Horseracing Integrity and Safety Act (HISA) related rulings from around the country.

The following rulings were reported on HISA's “rulings” portal and through the Horseracing Integrity and Welfare Unit's (HIWU) “pending” and “resolved” cases portals.

Among this week's rulings, the HISA Authority has issued trainer Roberto J. Rosado a provisional suspension for three medication violations involving the banned substances Mephentermine and Phentermine between three different horses in his care.

According to a notice of violation issued to the trainer on June 18, the provisional suspension took effect on June 19. The suspension will remain in effect until a hearing is conducted. The notice of violation doesn't contain any information about any potential hearing date.

Earlier this month, HIWU formally issued pending charges against Rosado after three of his horses had post-race positives for Mephentermine and Phentermine, both banned substances. The horses are H C Holiday, who finished second at Parx Racing on April 1; Happy Flyer, who finished second at Penn National on April 3; and Solemn Oath, who won at Parx Racing on April 22.

The notice doesn't provide any details if indeed there was some specific event or information that prompted the HISA Authority to subsequently issue Rosada with a provisional suspension.

The notice states, however, that a banned substance “is a substance that has been determined to be performance enhancing, containing masking properties, or have a detrimental impact on horse welfare. Mephentermine is a cardiac stimulant capable of being used for performance enhancement with no known therapeutic use in active Covered Horses. Mephentermine has the potential to create fatal arrhythmias. Phentermine is also a stimulant, and has no legitimate usage in the treatment of Covered Horses.”

The notice adds how “the recent discovery of Banned Substances in multiple Covered Horses under your care presents an immediate threat of serious injury or death to Covered Horses or Riders. Banned Substances are prohibited not only because they can enhance the performance of Covered Horses, but also because their properties can have a detrimental impact on horse welfare and compromise the safety of the Rider. With respect to the two Banned Substances at issue in this Notice, neither substance has a legitimate usage in the treatment of active Covered Horses, and carry the risk of potentially fatal cardiac arrhythmias.”

Resolved ADMC Violations
Dates: 06/22/2026
Licensee: Ryan Hanson, trainer
Penalty: Disqualification of Covered Horse's Race results, including forfeiture of all purses and other compensation, prizes, trophies, points, and rankings and repayment or surrender (as applicable); a fine of $500; imposition of 1.5 Penalty Points. Final decision of HIWU.
Explainer: Medication violation for the presence of Dantrolene–a class C controlled substance–in a sample taken from Potica, who finished third at Santa Anita on 4/30/26.

Dates: 06/22/2026
Licensee: Jesus Esquivel, trainer
Penalty: None. Charges withdrawn.
Explainer: Esquivel was facing out-of-competition medication violations for the presence of Albuterol (Salbutamol)–a banned bronchodilator–in samples taken from Summonyourcourage on 6/17/25; and from Geno's Myth on 7/9/25.

Dates: 06/18/2026
Licensee: Roshan Samsundar, trainer
Penalty: Disqualification of Covered Horse's Race results, including forfeiture of all purses and other compensation, prizes, trophies, points, and rankings and repayment or surrender (as applicable); a fine of $500; imposition of 1.5 Penalty Points. Final decision of HIWU.
Explainer: Medication violation for the presence of Dimethyl Sulfoxide (DMSO)–a class C controlled substance–in a sample taken from Seeker's Hope, who finished second at Belmont at the Big A on 5/2/26.

Dates: 06/18/2026
Licensee: Sergio S. Perez, trainer
Penalty: Disqualification of Covered Horse's Race results, including forfeiture of all purses and other compensation, prizes, trophies, points, and rankings and repayment or surrender (as applicable); a fine of $1,000 ($500 per violation); imposition of 3 Penalty Points (1.5 Penalty Points per violation). Final decision of HIWU.
Explainer: Medication violation for the presence of Dexamethasone and Methocarbamol–both class C controlled substances–in a sample taken from River's Benchmark, who was second at Turf Paradise on 5/1/26.

Pending ADMC Violations
6/24/2026, Carlos Munoz, trainer: Pending vets' list medication violation for the presence of Betamethasone–a class C substance–in a sample taken from Antrax on 5/24/26.

6/24/2026, Richard Baltas, trainer: Pending vets' list medication violation for the presence of Dantrolene–a class C substance–in a sample taken from Shop Till You Drop on 5/22/26.

6/24/2026, William I. Mott, trainer: Pending medication violation for the presence of Gabapentin–a class B substance–in a sample taken from Stars and Stripes, who won the GIII Ben Ali Stakes at Keeneland on 4/18/26.

6/23/2026, Regulo G. Rodriguez, trainer: Pending medication violation for the presence of Dimethyl Sulfoxide (DMSO)–a class C substance–in a sample taken from Economic Hangover, who won at Belterra Park on 5/10/26.

6/22/2026, David Fawkes, trainer: Pending medication violation for the presence of Triamcinolone–a class C substance–in a sample taken from Bachelor Party, who finished sixth at Churchill Downs on 5/17/26.

Crop Violations
Alburquerque
Luis Valenzuela – reporting date June 19; $76 fine, one-day suspension

Churchill Downs
Tyler Gaffalione – reporting date June 19; $750 fine, three-day suspension, on appeal stay requested

Delaware Park
Marvin R. Fernandez – reporting date June 20; $250 fine, one-day suspension
Wesley G. Ho – reporting date June 19; $1,000 fine, four-day suspension
Feliz Jasquez Jr. – reporting date June 19; $250 fine, one-day suspension

Gulfstream Park
David Boraco – reporting date June 19; $76 fine, one-day suspension

Horseshoe Indianapolis
Jose Gutierrez – reporting date June 18; $500 fine, two-day suspension

Saratoga
Junior Alvarado – reporting date June 18; $3,000 fine, three-day suspension

Registration Violations
Paulina Sinnefia fined $500 on June 18 for failing to register Rories Palace with HISA prior to entry into the race.

Victor Barboza Jr. fined $500 on June 18 for failing to register Dama du Sucre and Satira with HISA prior to entry into the race.

Juan Arriagada fined $500 on June 18 for failing to register Strategicoperation and Steel Verdict with HISA prior to entry into the race.

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Champion filly Nitrogen (Medaglia d'Oro) will run against the males in the GI Whitney Stakes at Saratoga, DJ Stable's General Manager Jon Green announced on his Rail Talk podcast Sunday morning. She is coming off an explosive victory in the GI Ogden Phipps Stakes, which she won by 12 3/4 lengths.

“First and foremost, with a filly of this magnitude we want to make sure we make decisive and specific decisions in regard to her career,” Green said. “There are so many races left in her career. Our next race won't be going back to the turf. Instead, she's going to take on the boys in the Whitney.”

The Whitney is annually one of the top races run at Saratoga and the fields over the years have been outstanding. The last filly to win the race was Personal Ensign in 1988. All told, only five fillies have won the Whitney since it was inaugurated in 1928. The list also includes Black Mariah, Bateau, Esposa, Gallorette and Lady's Secret in 1986. No filly has won the Whitney in the last 40 years.

“There have only been six fillies to win a race that's been around almost 100 years,” Green said. “It's a little disconcerting to know that so few fillies have won this. She is very competitive if not at the top of the older horse divisions. We looked at the Stephen Foster and the competition is daunting. We don't know who's going to be in this race, but when you compare her most recent races, like the Phipps, she ranks right up there or at the top of the division.”

Green said he almost vetoed the decision of trainer Mark Casse. He saw something that bothered him with both Swiss Skydiver (Daredevil) and Thorpedo Anna (Fast Anna).

“They gave it their all against the boys in their respective races, but they didn't really bounce out of them,” Green said. “So, I was worried about it because the end game for us is the Breeder' Cup. With the upsides of the Whitney, we started to come around. Most imputably, I looked at Nitrogen herself. Whenever she has had eight or more weeks off, she breaks through her ceiling and earns a new top figure. She gets that little extra time to rest and gather herself and then she runs lights out.”

Green said it is also likely that Nitrogen will run as a 5-year-old.

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Fresh off her stint on the official presenting team at Royal Ascot, Michelle Yu joined this week's TDN Writers' Room presented by Keeneland as the Gainesway Guest of the Week to share why the historic meet belongs at the top of every racing fan's bucket list.

For Yu, the absolute peak of the week was Godolphin's Ombudsman (Night Of Thunder) putting on a clinic in Wednesday's G1 Prince of Wales's Stakes, drawing away from Minnie Hauk (Frankel) by a commanding four lengths. Although the nine-furlong race was a 'Win and You're In' for the Breeders' Cup Turf, Yu said trainer John Gosden hinted that the 5-year-old will likely not be pointing toward a Breeders' Cup bid.

“I don't know what they're going to do, but they really did not seem keen on the Breeders' Cup, unfortunately,” she said. “And you can see why. He's just so good at this particular distance. It's not a configuration that we have in the Breeders' Cup. So it's unfortunate, but you're not going to cut him back to a flat mile. He's not fast enough for that, but he might not stay the mile and a half.”

Yu also discussed the epic G1 Gold Cup battle between Scandinavia (Justify) and Trawlerman (Golden Horn), a spicy bit of banter between trainers John Gosden and Aidan O'Brien, and Notable Speech (Dubawi)'s disappointing effort in the G1 Queen Anne. American representative Bacio (Maclean's Music) secured a thrilling Friday victory for trainer Wesley Ward, who plans to keep the colt overseas for one more start on the straight.

“Wesley said that there's a race at York that he's pointing for,” Yu said. “Wesley said the first time they go straight, they don't really know what's going on. They're waiting for the bend. [Jockey Juan Hernandez] said this horse ran straight as a string, but still was kind of waiting for that bend to come. He said the second time they run straight like that the light bulb comes on, so he wants to get that second start on the straight.”

Also on this week's Writers' Room, Randy Moss and Zoe Cadman looked ahead to an action-packed Saturday card at Churchill Downs, highlighted by the GI Stephen Foster. The race features a highly anticipated rematch between reigning Horse of the Year Sovereignty (Into Mischief) and White Abarrio (Race Day), who previously upset the champ in the GII Oaklawn Handicap on April 18.

Moss said he expects a completely different tactical battle this time around.

“The Oaklawn Handicap was the previous best race of the year, prior to the Stephen Foster, with White Abarrio running the best race of his career to take down Sovereignty,” said Moss. “But that was a little bit of a funky race…because of the complete lack of early speed in that race. Sovereignty found himself on the early lead with Junior Alvarado, which is not really the kind of race he typically likes to run. I think Sovereignty is going to be the horse to beat.”

The duo also discussed the latest news surrounding Maryland's bid on the intellectual property and branding rights for the Preakness, as well as the results of the GIII Ohio Derby. Chip Honcho (Connect) bested the fan-favorite maiden Ocelli (Connect).

“He's the world's most professional, brilliant maiden that you could ever want to own,” Cadman said. “What a horse. And honestly I think Chip Honcho is going to wind up being a very useful horse for Steve Asmussen.”

This week's Fastest Horse of the Week, presented by Winstar, was Lambeth (Arrogate), who earned a 97 Beyer Speed Figure at Churchill Downs on June 19. The Writers' Room is also brought to you each and every week by the PHBA, 1/ST TV, and West Point Thoroughbreds.

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The GI Stephen Foster Stakes which is scheduled for Saturday, June 27 at Churchill Downs will have a pair of defections and leave the race with a field of five after C2 Racing's Mark Cornett said that Forged Steel (Vekoma) and Navajo Warrior (Candy Ride {Arg}) would both scratch.

The news was first reported by BloodHorse.

C2 Racing posted a June 13 workout by Forged Steel on X and said that the 4-year-old was making preparations for the GII Surburban Stakes at Saratoga July 4. Cornett, who is also Navajo Warrior's racing manager, told the BloodHorse that the decision to scratch the two runners was made as a courtesy to handicappers.

Willy D's (Lookin At Lucky), a Michael Maker trainee, is entered in the Foster and the Texas Turf Classic at Lone Star Park on Saturday.

Of course, Churchill's signature summer race will also include White Abarrio (Race Day), Sovereignty (Into Mischief), Baeza (McKinzie) and Magnitude (Not This Time).

FORGED STEEL, last out winner in the Hollywood Gold Cup (G2) worked 4F 48.09 at Saratoga this morning. Preparing for next start in the Suburban (G2) July 4th. pic.twitter.com/9EbjnNIp7g

— C2 Racing Stable (@C2RacingStable) June 13, 2026

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In a new TDN series, we are asking industry participants what racing's biggest problem is, and what the solution to that problem is.

Today, we ask bloodstock agent David Ingordo, “What do you think is racing's biggest problem?”

Racing has a lot of things going right, and I think we focus on the negatives a lot, but there are real problems in the sustainability of the industry. One of the biggest issues I see is this: where are the next trainers, veterinarians, farriers and racing executives going to come from? How are we going to develop the people who will carry the sport forward?

I'm not talking about fans or owners. I actually think we're in a renaissance of people wanting to get involved and race and breed horses. But if someone wants to get into the industry and make a career, where are these people going to get started and develop the skills they need?

What is the solution?

Racing is a very specialized sport and business, and we need a better system for developing the next generation.

Maybe that starts with job fairs and outreach programs to introduce people to racing as a career. Someone like Todd Pletcher could go back to Texas, where he's from, and talk about his path into the profession. A range of different people could go out and do it.

We need a clear plug-and-play program that explains how you become a trainer. For example, maybe a four-year degree is recommended but optional. Then you spend time working under established trainers, starting in entry-level roles and learning the hands-on side of the business. Advise people that there should be a minimum amount of practical experience required before obtaining a trainer's license. There could also be certifications covering areas such as HISA compliance, labor laws, payroll and business management. Whether that's delivered through teaching institutions, racetracks, or racing commissions, we need to create that pathway.

I actually think we're in a golden age of jockeys. We seem to be developing a lot of talented riders through various programs, and by recruiting from overseas. That part of the pipeline gives me confidence. When you look at the different subcontractors that you need to keep the sport running, especially trainers, that's where we need a more structured approach.

On the veterinary side, we have a really tough issue to face in attracting equine practitioners to the racetrack. Can we create working environments that are more attractive to young practitioners? Being a racetrack veterinarian is a demanding lifestyle. Younger generations seem to place a greater emphasis on work-life balance, so perhaps we need to work with veterinary practices to create more sustainable models that attract people to the racetrack. These are vocational careers after all.

My solutions are fairly simple: teach more, show people how to do it and create clearer pathways into the industry. The final piece is financing. Are there grants, scholarships or other forms of support that could help people become trainers or veterinarians? If someone commits to our industry, are there ways we could help offset the cost of education?

We're not turning around a jet ski on a lake; we're turning around a massive ship. None of this happens overnight.

You have to recruit people, create the programs and give them time to develop. If we started this year, you're probably talking about 10 to 15 years before you see the full benefits. In the case of veterinarians, it could take eight to 10 years before those students complete their education and begin taking over existing practices. The same applies for any racing profession.

Cherie DeVaux | Sarah Andrew

Look at Cherie DeVaux. People talk about overnight success, but she spent roughly 15 years as an assistant before going out on her own eight years ago. Success stories like that always take time. So when today's top trainers eventually retire, there needs to be another generation prepared to take their place. Creating opportunities today is how we make sure those people are there tomorrow.

We also need an industry resource center where people can learn about these careers, find contacts and connect with mentors. We should build a network of people willing to guide young men and women who are interested in racing and help put them on a path to success.

If we don't get this right, the industry will continue to contract. As the industry has contracted in recent years, fewer people have been exposed to horses, farms and racetracks. Racing is a difficult business to break into, and it's a demanding way to make a living. People who choose racing usually do it because they have a genuine passion for it. Each generation has become further removed from an agricultural lifestyles and horse racing. If we don't actively reintroduce people to these careers, the contraction will continue.

Ten or 15 years from now, we could find ourselves struggling to recruit qualified workers at every level, from future Hall of Fame trainers to assistant trainers, foremen, grooms, farriers and veterinarians. If we don't start building that pipeline today, those people simply won't be there when we need them.

–Emma Hunter is a first-year trainee in the Godolphin Flying Start program. She is a native of Cork, Ireland. The first horse she ever foaled was Noble Yeats, winner of the 2022 Grand National, whom her family bred.

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The Horseracing Integrity and Safety Authority (HISA) is seeking public comment on proposed modifications to the Rule Series 6000 (Equine Standards for Laboratories and Accreditation) of its Anti-Doping and Medication Control (ADMC) Program, according to a press release from the regulator on Tuesday.

The proposed modifications build on HISA's ongoing review of the ADMC Program. Last November, HISA distributed for public comment proposed modifications to Rule Series 1000, 3000 and 4000, and in January, sought comment for Rule Series 5000 and 7000. Comments received in response to these Rule Series are under review.

The proposed updates to Rule Series 6000 of the ADMC Program include enhanced laboratory accreditation standards, expanded laboratory oversight and more.

A memorandum summarizing the proposed modifications is available here. A full draft of the proposed revisions in PDF redline format is available here. The redline reflects proposed updates compared to the version currently in effect and approved by the Federal Trade Commission (FTC).

HISA invites all interested parties to review the proposed modifications and submit comments by Tuesday, July 14, 2026. Comments should be sent to HISA General Counsel Sam Reinhardt at Samuel.Reinhardt@hisaus.org with the subject line “Proposed Rule Modifications–Rule Series 6000.” Alternatively, comments may be mailed to HISA at 201 East Main Street, Suite 340, Lexington, KY 40507.

Following the expiration of the public comment period, the ADMC Committee, in consultation with the Horseracing Integrity & Welfare Unit, will review and consider all relevant feedback before recommending proposed modifications to the HISA Board. If approved by the HISA Board, the proposed modifications would then be submitted to the FTC.

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Breeders' Cup Limited will host its Annual Day of Giving on Wednesday, July 22, which benefits Breeders' Cup Charities and is dedicated to generating lasting support for key industry non-profits and the broader Thoroughbred racing community, the organization said via a Tuesday press release.

For 2026, Breeders' Cup Charities will support multiple established charities, including but not limited to the Thoroughbred Aftercare Alliance, the Permanently Disabled Jockeys Fund, the Grayson-Jockey Club Research Foundation and the Race Track Chaplaincy of America.

A pledge from Ken Freirich will kick off the Annual Day of Giving. The racehorse owner and philanthropist will match up to $100,000 for donations raised this year.

Fans and supporters are encouraged to participate in the Annual Day of Giving by clicking here or by calling (859) 514-9428 to make a contribution July 22.

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Tom Ryan has launched Front Row Club to build on the success of managing SF Racing since 2018. Ryan said Front Row Club will continue managing the racing stable for longtime partners, including Starlight Racing, Madaket Stables, Stonestreet, Mrs. Dianne Bashor, and others, while also welcoming new participants such as the Albaugh family.

“Our ownership group has been together for nearly a decade, and our business model, primary owners, and trainer Bob Baffert will continue unchanged,” Ryan said.

The operation's philosophy will also remain the same.

“Our goal remains to compete at the highest level of U.S. racing,” Ryan said. “Front Row Club will continue our proven model of selecting yearlings and managing our racing stable with the utmost rigor and discipline.”

Ryan added that longtime bloodstock advisor Donato Lanni will continue to head the partnership's yearling selection team, while Bob Baffert and Brittany Russell will oversee the stable as trainers.

Under the new structure, SF Racing will continue its ownership and management involvement with the partnership's current crop of 3-year-olds and older horses, while Front Row Club will assume management responsibilities for its 2-year-olds and future acquisitions.

The new banner was represented by an immediate winner Saturday when Hughes (Into Mischief) scored impressively at Los Alamitos, becoming a 'TDN Rising Star, presented by Hagyard', in the process.

“We were thrilled to have Hughes win on Saturday under our new banner and look forward to ongoing success at the track,” Ryan said.

Ryan reported that Hughes emerged from the effort in excellent order. “He has exited his race in good shape and headed back to Santa Anita early this morning,” Ryan said. “He broke well, took pressure from both inside and outside early, switched leads, and leveled off in the stretch. He looked great through the lane after being geared down, making this a great starting point for what looks to be a promising colt.”

Ryan also noted that Hughes's pedigree suggests he should continue to improve. “His dam was twice Grade I-placed at two, and his first two broodmare sires, Union Rags and Point Given, both won the Belmont Stakes at a mile and a half,” he said.

Ryan explained that the colt's name carries multiple personal and sporting connections. “His name was inspired by the tenacity that Jack Hughes showed while leading America to Olympic gold in hockey earlier this year. I also have a personal connection to the name Hughes: my wife's father, Pat Hughes, won three Stanley Cups, and Into Mischief was the brainchild of B. Wayne Hughes. Take your pick–they're all mighty men.”

#2 HUGHES ($3.20) debuted impressively in R3 at @losalracing. @JRosarioJockey rode the juvenile Into Mischief (@SpendthriftFarm) colt for trainer Bob Baffert.@starlightracing @MadaketStables @StonestreetFarm pic.twitter.com/JbYu1aqBd4

— FanDuel Racing (@FanDuel_Racing) June 21, 2026

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Kevin Bond and the New York Racing Association have reached a settlement to charges lodged against the trainer in February accusing him of conduct detrimental to the best interest of racing and to NYRA's business operations, the association announced in a statement Tuesday.

“The New York Racing Association, Inc. (NYRA) and trainer Kevin Bond have reached a settlement agreement resolving and discontinuing the administrative proceeding brought against Mr. Bond in February,” the statement read.

“As part of the settlement agreement, Mr. Bond has agreed to temporarily step away from racing or training activities at NYRA tracks through Aug. 13.”

Bond was charged in relation to an antisemitic comment posted on his Facebook page following the murder of Rob Reiner.

According to attorney Clark Brewster who represented Bond, the agreement to step away from training did not equate to a “formal” suspension.

“There's no suspension. There's no formal ban. But Kevin has voluntarily chosen to step back away from doing any training or assisting on NYRA grounds. But he helps his father at the farm [in upstate New York] and does things that are off NYRA grounds that do not violate the agreement he made to step away for a while,” said Brewster.

Brewster said that as part of the agreement, Bond was required to take classes on anti-discrimination policies.

“He took classes, completed those classes, and did so with real acceptance and responsibility. That's been reported to NYRA that Kevin's completed those,” said Brewster.

“He's accepted full realization how comments that were attributed to him would be viewed by people, and Kevin has really been incredibly accepting and responsible in that comprehension and in his actions and what he learned going forward,” Brewster added.

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In a new TDN series, we are asking industry participants what racing's biggest problem is, and what the solution to that problem is.

I would identify one of the biggest problems in racing right now as the role of the regulatory vet. Especially, as it relates to race day scratches and the frustration that stems from that for owners and trainers. This is speaking from an unbiased third party, as someone who doesn't have a lot of horses in training, but speaks to a lot of owners and trainers who feel that sound horses are getting scratched and they don't have an answer for it. They don't have a recourse for it.

We're all proponents for safety, and that's paramount, but I think we've gotten to a situation where, in some cases, the easiest thing to do is scratch a horse rather than give it the benefit of the doubt or accept that a trainer says “this is the horse's normal gait” or “he loosens up when he gets onto the track.”

I think that for a lot of people, that's the biggest pain point in racing right now. They have a horse, they've paid months of training, they built it up for this race, they have all this time and money invested to get it to this point. Then, it falls on the shoulders of one person to determine whether or not that horse is fit to go into the starting gate. And that's an awful lot of burden for one person to bear.

My proposed solution would be, in the event that a trainer disagrees with the decision that a regulatory vet makes regarding a scratch, there should be some recourse or a panel to go to, whether that's an attending vet, or maybe a panel of three other vets that are unrelated to the trainer and the connections, and reassess that horse. Obviously, this would have to take place in the days, or day, leading up to the event; it would be much harder to do on race day. It couldn't necessarily apply to race day scratches, because the appeal process would take too long. But there should be some recourse in trying to get down the rate of vet scratches in the races.

Recently, in Kentucky, the required time a horse must remain on the vet list after being vet-scratched was reduced from two weeks to one week. I think that all stems from the amount of frustration that is being harbored as a result of the current situation.

I think if this continues as it is, what is happening and what will continue to happen, is you'll have owners exit the industry. They will get frustrated to the point that this source of entertainment will no longer be fun for them. You've heard some trainers express a level of frustration to the point that they've said that they're going to accelerate their retirement. For example, Kenny McPeek has loudly voiced his frustrations over the current climate. The role of the trainer should be to focus on training and the health of their horses. They shouldn't be having to consistently worry about getting scratched by the regulatory vet.

I'm not trying to paint the regulatory vet as the villain here. They're just trying to do their job to ensure that racing is as safe as it can be, and that's absolutely what everybody wants. We just need to make sure that it's done in as fair a way as possible, so that horses aren't needlessly being scratched, and that you aren't driving people away from the sport due to rising frustrations.

If you were to look at world-class events like the Breeders' Cup especially, I'd like to see these changes implemented, where you would see this appeal process in place and people would be working alongside the regulatory vets. You'd have world-class veterinarians being able to consult with the state regulatory vets and evaluate these horses, therefore enabling them to do a better job, because they would have access to renowned fellow veterinarians to collaborate with. It would only improve the sport and the ownership experience that goes with it, in turn improving the longevity of the sport. It would hopefully increase the number of starters in the gate, which would help to increase handle, and have similar knock-on effects. I think if done the right way, you would see an increase in important key metrics across the board, which will improve the health of the sport on a pretty significant scale.

Emma Hunter is a first-year trainee in the Godolphin Flying Start program. She is a native of Cork, Ireland. The first horse she ever foaled was Noble Yeats, winner of the 2022 Grand National, who was bred by her family.

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The recent reveal of racing past performances with information about treatments a horse received from a veterinarian has created quite a lot of kerfuffle (to put it mildly) in the industry. While many questions remain (including mine of whether anyone has truly confirmed this info as accurate or just an elaborately AI created document) unanswered, there is one that has repeatedly come up.

Why aren't all vet records on racehorses available for anyone to view in a public database??

The answer to this question is kind of multifaceted, but making one small change would alleviate any legal hurdles.

What most people don't know is that there really is no HIPPA equivalent in the veterinary care world. Problem solved right? If there is no HIPPA, then show me the records! Not so fast. Each state does have a Veterinary Practice Act that dictates how veterinary records are handled. Through specific regulations and rules governing ethical conduct of veterinarians, veterinary records cannot be released to anyone without the owner's consent. The only exception to these rules is usually when an animal cruelty investigation is conducted or if the State Board is investigating a specific complaint against the vet.

This creates multiple issues in making records public. An owner would have to ensure they would be following the rules of each state Vet Board that the horse was racing in. In the case of partnerships, how does one handle it if one partner does not want the records released, but others do? What if an owner only wants certain information released? Finally, it is also important to remember that vet records are only as accurate as a vet makes them. We must be able to trust that the treatment the veterinarian puts on the record is the one that was actually given.

Another thing to consider is what database stores it and who would be paying for it? We are talking about massive amounts of data that would have to be stored. Also, how long would the records be required to be stored for. Most Veterinary Practice Acts require records on an animal to be held for three to five years and then they can be disposed of. Would the industry want the data held for decades if, say, breeders also wanted access to the info to make mating decisions?

When watching the Royal Ascot meeting last week on the GB1 feed, I was pleasantly surprised how many times I heard the commentator say a particular horse seemed to do much better after “getting an air/wind surgery.” This most likely implies the correction of an entrapped epiglottis, tie back, or soft palate surgery to allow the horse to breathe easier when racing. Why is it so hard for that information to be given about horses in the U.S.? Why is announcing a horse was gelded considered crucial information to be reported, but not a surgery that improves airflow?

This brings me to the easy solution. All that would be needed is minor change to all state racing commission owner license applications to state something to the effect, “by applying for and being granted this license as an owner, I hereby approve and or allow any veterinary records on any horse I own to be released for public inspection when requested.”

I know the immediate push back on something like this would include, “no one will understand what these medications are or what they do or why we did a surgery or not. They will just use it as something to further their agenda of claiming we are doping up all our horses.” I understand that concern, but it can be alleviated by having a simple education program with it that explains what these medications do and why they are used when they are.

I fail to understand why there is such resistance to this, and am genuinely curious to hear back from owners, trainers, vets, or anyone else who opposes the idea of the release of vet records as to why they would oppose it? Could a compromise be reached where only certain aspects of the records, such as major surgeries, are available for public knowledge?

This issue is not going to go away. Proper transparency of vet records (with the education for the public behind them) is needed to help bring back the integrity of the sport that everyone is clamoring for.

The post Letter to the Editor: We Can Handle the Truth (When it Comes to Racehorse Veterinary Records)! appeared first on TDN | Thoroughbred Daily News | Horse Racing News, Results and Video | Thoroughbred Breeding and Auctions.

Edited Press Release

Officials at the Thoroughbred Retirement Foundation (TRF) have announced that Board Member Michelle Keating has established a $25,000 matching gift challenge to support the organization's Annual Appeal.

After decades of leadership and service as President and CEO of Alder Foods Inc. and as Chairwoman of Fisher House Boston, Keating was searching for a cause that aligned with her passion for creating meaningful change. She found that opportunity through the Thoroughbred Retirement Foundation's mission of caring for retired racehorses and transforming lives through its Second Chances Program.

Her introduction to the organization came during the TRF's annual BBQ fundraiser in Saratoga Springs, where she heard firsthand from a graduate of the TRF's Second Chances Program a vocational training initiative that pairs incarcerated individuals with retired Thoroughbred racehorses.

Inspired by what she heard, Keating traveled to Ocala, Florida, to visit the TRF's Second Chances Program at Lowell Correctional Facility. Seeing the program in action solidified her commitment.

“I knew I had so much more to give, and this path chose me,” said Keating.

As a longtime horse owner, Keating was already familiar with the responsibility of caring for Thoroughbreds after their racing careers end. What she discovered through the TRF was a mission that extends beyond equine welfare.

“The TRF demonstrates what is possible when compassion meets opportunity,” she said. “These horses receive the dignified care they deserve, while the people who care for them gain confidence, skills, and a renewed sense of purpose.”

To encourage additional support for the organization's mission, Keating has pledged a $25,000 matching gift challenge. Beginning June 22, every dollar donated to the TRF Annual Appeal will be matched dollar-for-dollar until the full $25,000 challenge is met.

“Michelle's passion for our mission was immediate and inspiring,” said Maggie Sweet, Executive Director of the Thoroughbred Retirement Foundation. “She understands that our work is about both horses and people. Her leadership, vision, and generosity will help us continue providing lifetime care for retired Thoroughbreds while creating opportunities for transformation through our Second Chances Program.”

For more information or to make a donation, visit www.trfinc.org.

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The longtime Laurel Park and Pimlico assistant starter Derrick Edwards, who handled both Triple Crown winners in the GI Preakness Stakes during their historic bids, passed away June 20.

Including the aforementioned American Pharoah (Pioneerof the Nile) in 2015 and Justify (Scat Daddy) in 2018, Edwards had also been assigned to handle two-time Horse of the Year California Chrome (Lucky Pulpit) in his 2014 victory in the middle jewel. He'd most recently handled GI Kentucky Derby hero Golden Tempo (Curlin) this past May at Churchill Downs.

Edwards had also been a frequent face at Saratoga for many years and at Charles Town, having started over 100 races at the latter. He missed the New York marquee meeting this year due to being injured while handling a horse in the gate at Laurel Park.

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The 2026 racing season at Colonial Downs in New Kent, Virginia, kicks off Thursday, June 25, with no fewer than 22 turf races scheduled across the weekend on the Secretariat Turf Course.

Featured on opening weekend are a pair of Virginia-restricted turf stakes on Saturday: the Brookmeade Stakes for older fillies and mares and the Edward P. Evans Stakes for males three year old and up, each contested over a mile and a sixteenth.

An all-steeplechase program is set for Monday, June 29, beginning at 10:45 a.m. ET and includes the NSA-G2 Theodora A. Randolph Stakes over 2 1/4 miles. The contest serves as the first leg of the National Steeplechase Association's Triple Tiara, all of which are to be staged at Colonial.

A deep jockey colony returns to Colonial Downs for the summer. Leading rider Paco Lopez, who captured last year's riding title, is back along with Mychel Sanchez, Jorge Ruiz, Sheldon Russell, Jevian Toledo and Daniel Centeno. Riders expected to have significant opportunities during opening week include Jareth Loveberry, Rajiv Maragh, Nik Juarez, Sonny Leon, Carlos Montalvo and Samuel Marin.

The trainer ranks are equally strong. Defending leading trainer Mike Trombetta returns alongside Brittany Russell, Mark Casse, Kenny McPeek, Mike Stidham, Robert Bailes, Saffie Joseph, Jr. and Whit Beckman. Among the newcomers expected to maintain a substantial presence this summer are Jose D'Angelo and Joe Orseno.

Horseplayers will again find an attractive wagering menu highlighted by low-takeout multi-race bets. Both the early and late 50-cent Pick 5 wagers feature a 12% takeout, while the 50-cent Old Dominion 6 carries a 15% takeout rate. Colonial Downs also offers rolling $1 Daily Doubles and $1 Pick 3s throughout the card, as well as early and late 50-cent Pick 4s.

New for 2026 is a $3 Late Pick 3 with a 15% takeout that covers the final three races on every card. The wager is designed to provide bettors with a compelling late-race betting opportunity while delivering strong value through a player-friendly takeout rate.

Racing will take place Thursday through Sunday, with a first post of 12:30 p.m. ET.

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5) PHANTOM BLUE, BAQ, 6/18-1st, 1 mile (VIDEO)
Beyer Speed Figure- 82 (2nd)
(f, 3, by Ghostzapper-Seeking the Blue, by Arch)
O-Resolute Racing. B-Payson Stud (Ky). T-Will Walden. J- Dylan Davis.

John Stewart's $1.2 million 2-year-old purchase is still looking for his first victory, but with Beyers of 81, 83 and 82 against quality rivals in his three starts, success is surely around the corner. He was favored at 4/5 here and cleared to the rail after early contract but couldn't finish with Long Term Market (below). His dam wasn't much of a runner but is a half-sister to graded-placed Janis Joplin and stakes-placed Vino Rouge.

4) TWIRLING LAD, BAQ, 6/21-4th, 1 1-16 miles (turf) (VIDEO)
Beyer Speed Figure- 82
(c, 3, by Twirling Candy-Kerry Girl, by Pioneerof the Nile)
O-The Three Colleens Stable. B-David and Christine Stack (NY). T-Horacio De Paz. J-Edgard Zayas.

Allowed to control the pace in a leisurely :49.41 opening half-mile, he dashed home with a final quarter of :23.25 to romp against New York-breds with a career-high Beyer. The underrated Twirling Candy has sired quality performers on all surfaces, but his top five career earners (Ag Bullet, Fionn, Walkathon, Gear Jockey and Concrete Rose) are/were all confirmed turf runners.

3) ROYAL GUARD, CD, 6/17-6th, 1 1-2 miles (turf) (VIDEO)
Beyer Speed Figure- 85
(c, 3, by Essential Quality-Cobb Hill (FR), by Arch)
O-FMQ Stables. B-Fred Hertrich III and John Fielding (Ky). T-Brad Cox. J-Irad Ortiz Jr.

When a 12-furlong turf maiden appeared in Churchill's condition book, Royal Guard was a logical participant. His sire won the Belmont Stakes, his French dam ran 1 3/8 miles (slowly) in her final two races, and his two grass starts were decent and left the impression more distance might be helpful. After he stormed away by 4 3/4 lengths, the logical followup question is: can he find a 1 1/2-mile non-winners of two? Kentucky Downs maybe?

2) LONG TERM MARKET, BAQ, 6/18-1st, 1 mile (VIDEO)
Beyer Speed Figure- 85
(f, 3, by McKinzie-Minetta, by Khozan)
O-Klaravich Stables. B-MKW Racing and Breeding (Ky). T-Chad Brown. J-Flavien Prat.

The Brown second-time-starter angle strikes again. Over five years, he is winning at 29% (including a slight flat-bet profit) with second-out maidens. Long Term Market–2nd in her debut to the promising Brad Cox-trained filly Highgrove–was placed by Prat on the outside hip of pacesetting favorite Phantom Blue (above) then edged away in the final quarter. Through last Sunday, owner Seth Klarman had won with 6 of his last 12 starters.

1) MARKET TIMING, MTH, 6/21-8th, 1 1-16 miles (turf) (VIDEO)
Beyer Speed Figure- 88
(g, 4, by Laoban-House Rules, by Distorted Humor)
O-Klaravich Stables. B-WinStar Farm (Ky). T-Chad Brown. J-Samuel Marin.

Exiled from Brown's first string since a disappointing debut 14 months ago, he trained at Fair Hill and Monmouth and was gelded in the interim. But after being hammered to 1-to-2 odds in his second start, he obliterated a weak field by 10 1/4 lengths. Klarman takes the top two spots in week's rankings and has options with this one. His pedigree leans toward dirt (his dam was a quality dirt runner for Allen and then Jimmy Jerkens a decade ago), but his maternal granddam was a top turf mare in Argentina who could go both ways.

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With a view to pulling the veil back on the whys and wherefores of their operations, a representative of either the Horseracing Integrity and Safety Act (HISA) Authority or the Horseracing Integrity and Welfare Unit (HIWU) will every week answer a question of industry importance posed by the TDN.

If you have any questions you'd like to ask HISA or HIWU, please feel free to send them over to us at the following email address: danross@thetdn.com

The following was submitted by trainer Michael Lerman.

Q: My question involves your methodology for selecting horses for Out of Competition testing. I have a mare named Denver's Alley who raced at Gulfstream Park this past Sunday (June 7th). She was in the 8th race, Post Time 4:52pm. She finished fourth, and as a result, wasn't post-race tested. The following morning (before 7:00am on Monday), however, a regulatory veterinarian appeared at my Palm Meadows barn to draw Denver's Alley's blood at HIWU's behest. Why would you choose to Out of Competition test a horse that had competed less than 14 hours before?

    Additionally, HIWU has requested a half dozen or so blood tests on horses of mine over the last year which have had recently published workouts. I question this because at the time, none of the tested horses had as yet ever raced. Can you justify the need to expend resources to Out of Competition Test a horse that has NEVER been IN Competition?

A: From Kate Mittelstadt, HIWU Chief of Operations.

One of the benefits of HISA's Anti-Doping and Medication Control (ADMC) Program is that it allows for a national, unified strategy in selecting horses for testing under the oversight of HIWU. Horses are selected for testing as part of HIWU's formal Test Distribution Plan, or TDP. As part of a national TDP, HIWU's decision to put resources toward testing a specific horse at a specific time for a specific reason is not made randomly and is informed by what we call a Risk Assessment. In other words, what facts about that horse may suggest that there is a greater chance of Prohibited Substances being present at the time it is tested? Examples of factors that may be considered in a Risk Assessment for any given horse include:

• The horse's past performances
• The horse's prior test history
• The horse's affiliation with trainers or owners who have previously committed or been suspected of committing rule violations
• Information received or acquired by HIWU's Investigations Unit about the horse

The Risk Assessment is considered for all testing that HIWU conducts, whether it's Post-Race, TCO2, or Out-of-Competition. We are also now using computer models to analyze these Risk Assessment factors and convert them into actionable recommendations for strategic test selections.

When it comes to Out-of-Competition Testing's role in the national TDP, the unpredictability and lack of notice for this kind of testing is what makes it especially valuable in catching and deterring Rule violations.

Once a horse becomes covered under HISA, HIWU may select it for testing at any time. There is no time as a Covered Horse during which HIWU considers the horse to be at zero risk of violating the ADMC Program Rules and therefore exempt from being tested. As Mr. Lerman has experienced, this could mean testing horses the morning after a race or before the horse has ever raced.

It should be noted that there are certain substances that are most effective in affecting performance or post-race recovery when administered during certain periods before or after a race, so the timing of sample collection for Out-of-Competition Testing is intentional and targeted to find these kinds of substances.

HIWU does not publicly discuss the test history of a specific horse or a trainer's stable of horses, but a trainer may contact the HIWU Support Line at (816) 285-1425 with specific questions about their test history. HIWU has been in touch with Mr. Lerman directly.

For all the attention that testing gets, the industry should be aware that the ADMC Program is more than the number of samples collected each year. While HIWU is confident in the range of testing we conduct to detect and deter prohibited activities, the work of our investigators and collaboration with our laboratories are just as important in running an effective Program. Our multi-pronged approach protects safety, welfare, and integrity for the benefit of all participants.

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FanDuel TV will team up with Churchill Downs and NBCSN to bring full coverage of the GI Stephen Foster Stakes across the country Saturday, June 27, the group announced via press release.

Produced by FanDuel TV, coverage of the entire card will be available on NBCSN, Peacock, and FanDuel TV with a first post of 12:45p.m. EDT. The Foster is part of the Breeders' Cup Challenge Series, and the winner will earn an automatic berth in the GI Breeders' Cup Classic. The 12-strong card will also showcase the GII Fleur de Lis Stakes, a 'WAYI' for the GI Breeders' Cup Distaff.

“This is one of the most anticipated races of the summer, a key race in the Breeders' Cup Challenge series that will have major implications for the Classic division, and we look forward to working with our friends at Churchill Downs and NBC Sports to bring it to racing fans,” said Rebecca Somerville, senior director of production at FanDuel TV.

The Breeders' Cup will be held Oct. 30-31 at Keeneland and FanDuel TV will have on-site live coverage throughout the event. In addition to the Breeders' Cup, FanDuel TV will offer in-depth live coverage from Del Mar and Keeneland this year as well.

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This is the third and final piece examining the structural condition of American horse racing. Part 1 examined the collapse of race days. Part 2 examined the fragility of wagering economics.

When I came into this industry 20 years ago, Thoroughbred ownership was sold as an investment. That is still how we lead our marketing: big purses and the dream of a stallion prospect selling for tens of millions. We frame the racehorse as an asset with a return.

So let's assess this investment.

North American purse distribution in 2025 was $1.38 billion, the total paid out across all races. Of that, roughly 30% goes to the cost of racing before the owner sees a dollar: trainer's percentage, jockey fees, entry fees, nomination fees. That leaves about $966 million distributed among the owners of 42,674 starters.

Now the expense side. At a conservative $40,000 per horse a year, covering day rate, vet care, farrier, and incidentals, keeping those 42,674 horses in training costs about $1.71 billion.

That is a gap of roughly $740 million that owners put in every year and never get back in purses. And that does not include the price of the horse itself. North American auction sales in 2025 generated well over a billion dollars. All in, owners put between $1.5 and $2 billion into this sport every year that they will never see again. Compare that to the $438 million from casino subsidies, or the net wagering revenue that barely covers purses. The owners are not part of the economic equation. They are the economic equation. The sport's benefactors.

And it has always been this way. Look at individual horses, and 78% of those 42,674 starters in 2025 earned less than the $40,000 it cost to train them. Go back further: the average earnings per starter in 1916 was $1,023, which adjusts to about $31,200 in today's dollars. The 2025 average was $32,350. In real terms, the economics of owning a racehorse have not changed in over a century. It has never paid for the majority.

So if the economics have never worked, and everybody in the industry knows it, how do you explain the yearling sales results in 2025?

The 2025 Keeneland September Yearling Sale closed at $531.5 million, the highest figure ever achieved at a Thoroughbred auction anywhere in the world. The average price rose 17% to $172,833. The median rose 14% to $80,000. A record 56 yearlings brought seven figures. The Fasig-Tipton October sale broke its own records across every metric, with gross up 22% and median up 50% from the prior year.

These are not the numbers of a dying marketplace. People want to own racehorses, and that desire has not faded. If anything, it has intensified.

So if 78% of horses never earn back their training costs, and the buyers know it, what are they paying these record prices for?

Before American Pharoah's Belmont, I asked Bob Baffert how he was feeling. His answer was, “I just want the chance to root for my horse.” That is exactly what we are selling. The birth of a dream when the hammer falls in your favor. The anticipation in the weeks before your horse starts. The 11 a.m. phone call from your trainer after that last work to tell you “we're ready.” The pounding heart as your horse loads in the gate, the percussive sound of hooves around the turn, the unbridled thrill of the stretch run and the chance to root for your horse.

Cherie DeVaux after winning the Kentucky Derby | Coady Media

That is the product. There is no better way to understand it than watching Cherie DeVaux root for Golden Tempo as he comes down the stretch in the Kentucky Derby.

This is not a sentimental observation. It is the most important economic insight in this analysis. The people funding this industry are not doing it for the purse checks. They are doing it for the experience. The purse checks just keep the dream alive.

And we are making that experience harder and harder to have.

Owners have to navigate a patchwork of apps and paywalls just to watch their horses run. If the horse wins, finding a replay takes more friction still, and unless it's a stakes race on YouTube, sharing it is near impossible. FanDuel TV, formerly TVG, the one network that reliably brought live racing into homes for 25 years, going dark is not an alarm bell. It's a fog horn. We are taking the experience away from the very people who keep this sport alive. We spent decades building platforms for the CAW player and rebate structures for the high-volume account, and we neglected the person at the rail who writes the biggest check of all.

The industry's answer to decline has been to raise purses. The logic sounds reasonable: bigger purses, better returns, more participants. But look at the results. Purses have risen to record levels, propped up by casino revenue, while the foal crop has fallen by more than half. More money in purses has not produced more horses. It has not produced more race days.

Because we have been marketing the wrong thing.

British owners face a worse financial equation than ours. They pay roughly £600 million a year in total costs against £190 million in prize money across flat and jump racing. Nobody ships a horse to Wolverhampton on a Tuesday expecting a profit. And yet attendance at British racecourses topped 5 million in 2025, the highest since 2019. British racing understands what it sells. The racecourse is the product. The day out is the product. The chance to watch your horse, in person, is the product. The prize money is almost beside the point.

If the owners are the sport's most important economic force, and the data says they are, then their experience should be the highest priority. That means more races on the calendar, not fewer with bigger purses. Not more races scattered across isolated tracks, where thin fields only get thinner, but more races concentrated into connected corridors, where the horses we already have can fill them. More chances to see their horse run. Making it effortless to watch a race, find a replay, share the moment. It means legislation that makes fractional ownership simpler, so more people can enter at a lower price point. The sales market is telling us the demand is there. We just need to make it easier to say yes.

We focus on the big days and the big races. But we cannot engineer a Derby winner the way Ferrari builds a championship car. Our best option is to breed the best to the best and hope for the best. Variability is built in. It takes nine average Into Mischiefs to get to the good one. We have to look at the population as a whole.

And unlike standard population models, where lower density reduces competition and raises individual fitness, Thoroughbreds follow an ecological concept called the Allee effect, where low population density correlates with low individual fitness. Below a critical threshold, decline becomes self-reinforcing. Fewer horses mean thinner fields. Thinner fields mean less betting. Less betting means fewer race days, and the cycle repeats, faster each time.

Whether we have crossed that threshold is not the lesson here, because the Allee effect teaches us one more thing. The critical threshold is not a constant. It depends on the structure of the habitat. Japan runs 21,000 races with 23,000 horses under a single authority and generates $25 billion in handle. We run 33,000 races with 42,000 horses across more than 30 jurisdictions and generate $11.8 billion. The difference is not the size of the population. It is the structure.

My dream is to see horse racing break out the way Formula 1 did. The market conditions are not what is stopping us. Demand for owning a racehorse has never been higher. Demand for watching a horse run has hit record highs. Demand for wagering products grows every year. The solution to racing's problems lies not in the economics alone, but in the architecture and identity of the product we supply.

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Making his debut for Hall of Fame trainer Bob Baffert, Hughes (Into Mischief–K P Dreamin, by Union Rags) justified his 3-5 favoritism to win by open lengths thus become a 'TDN Rising Star, presented by Hagyard' at Los Alamitos on Sunday afternoon.

Brushing slightly out of post 2, Hughes went to the front and was quickly joined by fellow firsters Midnight Ovation (Olympiad) and High Pronto (Hightail). With Midnight Ovation briefly backing out as the favorite and High Pronto continued to slug it out through a sharp :21.81 quarter, the leading duo straightened for home in unison as Midnight Ovation took the overland route. Drawing away from his nearest rival in midstretch, the $675,000 Keeneland September graduate was as good as gone, drawing increasingly clear late to score by six lengths. Mosigma (Mo Donegal) closed to be second while Midnight Ovation held on for third.

#2 HUGHES ($3.20) debuted impressively in R3 at @losalracing. @JRosarioJockey rode the juvenile Into Mischief (@SpendthriftFarm) colt for trainer Bob Baffert.@starlightracing @MadaketStables @StonestreetFarm pic.twitter.com/JbYu1aqBd4

— FanDuel Racing (@FanDuel_Racing) June 21, 2026

3rd-Los Alamitos, $50,500, Msw, 6-21, 2yo, 5f, :57.22, ft, 6 lengths.
HUGHES, c, 2, by Into Mischief
1st dam: K P Dreamin (MGISP, $143,600), by Union Rags
2nd dam: Litigating, by Point Given
3rd dam: Mediation (Ire), by Caerleon
Lifetime Record: 1-1-0-0, $30,000. O-Front Row Club, Starlight Racing, Madaket Stables LLC, Stonestreet Stables LLC, Bashor Racing LLC, Albaugh Family Stables, LLC, Masterson, Robert E., Golconda Stable, Waves Edge Capital LLC and Donovan, Catherine; B-Breffni Farm (KY); T-Bob Baffert. *$675,000 Ylg '25 KEESEP. Click for the Equibase.com chart & VIDEO, sponsored by FanDuelTV. Click for the free Equineline.com catalogue-style pedigree.

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