Jockey Club: Bloodstock deals should be transparent
Officials at the Jockey Club in England are planning a summit meeting in a bid to increase transparency in bloodstock deals.
Although the Jockey Club have no regulatory powers over the bloodstock market, they are planning to invite the Federation of Bloodstock Agents, the Racehorse Owners’ Association, National Trainers’ Federation, Thoroughbred Breeders’ Association, as well as representatives of the major sales companies, to discuss the matter.
The Jockey Club introduced a code of conduct last year to provide guidance for trainers in their dealings with owners but executive director Christopher Foster said: “In this day and age, all deals should be transparent.
“Football has had to tackle the question of transfer deals and the role agents play, now the bloodstock industry needs to take a close look at its agency arrangements.
“In March last year, we took steps to address this issue in the areas we regulate by introducing a Code of Conduct designed to increase transparency in dealings between trainers and owners.
“The code made particular reference to the dissatisfaction which can arise from undisclosed commissions or other financial benefits in connection with the purchase or sale of horses.
“Since it’s introduction, the attention of all owners coming in to racing has been drawn to the Code of Conduct.
“Owners are entitled to ask for full disclosure of the financial details of a purchase or sale.
“The Jockey Club has no regulatory jurisdiction over the bloodstock industry but we are calling a meeting of the relevant organisations to discuss how to increase transparency in sales transactions.”
