Newton stresses need for structural changes in funding at Thoroughbred Breeders’ Association AGM

Thoroughbred Breeders’ Association chairman Philip Newton used his address at the 107th annual general meeting on Tuesday to point out the urgent need for transformational change to racing's finances.

There was frustration from the owner-breeder about self-interest and differing agendas within the industry, slowing down progression, as he spoke to members and trustees at Newbury racecourse.

“To rely upon the structure and funding model that has existed since 1962 and with media rights from 1986 is to plan to fail, and I am not being dramatic or overstating the potential crisis that we are facing," he said.

Newton also reiterated the importance of evidence-based strategies, and that incentive and intervention would remain the way forward if the industry is to ensure a sustainable future. 

Highlighting the positive impact that both the Elite Mares’ Scheme and the Great British Bonus Scheme were having, he added: "We believe that additional money needs to be set aside to reward breeders and owners that adopt policies and behaviours that deliver and influence positive change and participation for the whole health of the sport.”

The TBA, a member of the Thoroughbred Group, is leading on an all-industry working group that is exploring the opportunities that different audiences and different markets can provide for the racing product, and are due to commence phase two of this project shortly, with an expected report due at the end of the year.  

Newton also called for action to deliver a clear structure, strategy and funding solution relating to equine welfare.

"We have the foundations of a structure with RoR to deliver aftercare, we have the HWB to set the strategies and police delivery, we urgently need a funding proposal, and I am grateful to my deputy chair Kate Sigsworth who has taken this responsibility on and is close to a proposal that already has much industry stakeholder support," he said.

The meeting’s official matters of business included confirmation of the extension of Newton's term of office to 2027 to ensure he could carry out a full term as chair and the appointment of two new elected trustees in Joe Callan and Jan Hopper. It was also confirmed that Sigsworth had been re-elected for a second term and would continue as deputy chair. 

Newton thanked Colin Bryce, who stepped down after four years as a trustee. 

"Colin has been a rock and contributed to every respect and the trustee who when he speaks you listen," he said. "The board will be the less without him, but I know he is generous enough to be available when we are certain to need his wise head in the future." 

The 2023 Annual Report was formally launched and can be viewed here 

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