Horse Racing: Parrish Says Stud Won't Close

Andrew Parrish, the chairman of the National Stud, has strongly denied suggestions that the stud is facing a financial crisis, saying that he hopes to secure its independence from the Levy Board and guarantee the stud's long-term future before the end of the year.

"There are no major financial issues and no liquidity problems," Parrish said. "Our amicable divorce from the Levy Board is a complicated process, but I am confident that by the end of the year, all outstanding issues will have been resolved."

The National Stud received a loan of £500,000 from the Levy Board earlier this year to cover what Parrish described at the time as "temporary financial pressure", and it has also cataloged a number of mares to be sold at Tattersalls' July Sale next month. However, Parrish insists that this is not a sign of a cashflow crisis at the stud, which is based on 500 acres of land on the outskirts of Newmarket, a site acquired from the Jockey Club in the mid 1960s on a 999-year lease.

"It is irresponsible for anyone to suggest that we are being in any way forced to sell mares," Parrish said. "The Darley operation [run by Sheikh Mohammed] will sell three times as many mares as we will at the same sale, and so will [Khalid Abdulla's] Juddmonte Stud. Shadwell [owned by Sheikh Hamdan Al Maktoum] will sell twice as many, but no one is suggesting that they are being forced to do it."

Many racegoers will catch a glimpse of the National Stud when they arrive at Newmarket's July course for its most important meeting of the year in two weeks' time. Fewer, though, will have a clear idea of what it does, or how it might differ from any of the other stud farms scattered around Flat racing's HQ.

Founded in 1916, when it was based in Ireland, the National Stud has seen many famous names pass through its gates. The great Ribot, unbeaten in 16 races between 1954 and 1956, was foaled at one of its former sites in Sussex, while Mill Reef stood at its current Newmarket base until his death in 1986.

As well as standing a number of stallions, though, including Val Royal, the sire of Cockney Rebel, this year's 2,000 Guineas winner, the stud also provides valuable educational resources for young people looking to enter the breeding industry. The stud is also open for tours by the public during the summer months.

It is this dual role - neither wholly a commercial stud operation, nor entirely an educational and promotional facility - which Parrish hopes to address before he stands down. As a result, the educational side of the stud's program is now funded by a charitable trust, as the directors try to remove the need for Levy Board grants.

"We have expanded the education and training program, and our grants from the Levy Board do not cover the costs, though this is all still offered without charge to the industry," Parrish says. "If you are a charity but still getting money from the Levy Board, then it is very difficult to draw in the sort of funds required.

"It is a very complicated and expensive process, and discussions are still at a delicate stage, but if it reaches a positive conclusion then we will be independent of the Levy Board and the government, with a guaranteed future for both the stud and the charity."

Ron Cox's tip of the day


Veenwouden 6.30 Newmarket

With the stalls on the far side, low numbers may have an edge in this 15-runner handicap which could help Veenwouden in stall 1. James Fanshawe's filly has had a quiet career to date, recording just a single victory from six runs, but is well treated and can improve. She glided through into fifth place over 7f at Newbury last time giving the impression tonight's mile trip would be in her favor.