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one he purchased after placing second at HITS $1M Grand Prix). “He’s a horse that when he’s comfortable, I will show him in Grand Prix. When he’s not, I don’t have an owner or sponsor to answer to, other than myself. If he’s not running on all eight cylinders, I’m not going to push the envelope. So I leave him in the stall and I wait for the next horse show.” He describes how he adapted to this jumper while at the
2019 Desert Circuit. “The first half of this circuit I spent in the 1.10 meter, then the meter 20, the meter 30, the meter 35. I did a meter 40, and he stopped. I went back and trained a little bit more, worked on what he stopped at, came back this week for the meter 30s and he was fourth. I went in the 1.40 meter, and he was fifth. He is a careful horse and he jumps a lot of clear rounds.”
Structure of the Deal Owning a jumper is often a team effort. With the proven horse so expensive, riders seek financial backing from a part- ner or a syndicate of investors. Some benefit from an exclu- sive sponsorship from a wealthy backer. Bert has experience with the different approaches. “I do a little bit myself, a little with the investor and sweat equity, and a little with a partner who’s telling me to develop the horse, saying, ‘Here’s your reins; run with it.’” Sweat equity is when the trainer puts in his own effort
to produce the horse for the owner. He invests his energy and expertise for a percentage ownership of the horse. For example, Bert mentions a particular jumper he trains. “I own a piece of that horse by putting in my own sweat equity. I don’t charge the owner training or ride fees, and I don’t take the prize money on the horse.” As the horse’s show record improves, his (or her) value
increases. The increased sale price benefits the owner and Bert for his work. “I’ve put my sweat equity in and in the end I get a bigger piece because I actually own a piece of that horse, without putting up any cash,” he explains. In another scenario, when he develops a horse for an owner, both agree on the finances. He’s taking part of the prize money and will benefit from the horse’s sale. “We have to make a deci- sion. I either get a bigger percentage of the prize money, or a bigger percentage of the commission. What- ever way we decide to do it, it’s individually done,” Burt explains.
Can a Jumper be Profitable? “If they are good enough, they should be able to pay their own way in expenses and prize money,” Derek says. “It’s investment in the quality of horse. Most of the time my business is getting them to the Grand Prix level and then selling them at that level for obviously more money than I have invested in them. But it’s very difficult and it takes a lot of time.” Cristar basically paid his way last year, Burt says. “That
doesn’t always happen, as we know. And he was happy. He paid his entire year of blacksmith, vet, transportation, entries—the whole shooting match.” Those that earn prize money aid a barn’s bottom line.
“Profit is possible, although it’s very difficult. I’m fortunate enough to have a few,” Richard says. Those few who are profitable end up supporting others
that a trainer competes. “It’s a bit like the racehorse indus- try,” Richard continues. “People talk about the racehorse they bought for $30,000 that they made $3 million on. They don’t talk about the 10 horses that they spent $300,000 on, and they made five cents.” Winning horses increase their resale value, of course. And
later, successful jumper stallions and mares can continue to earn their keep through their offspring. Owners do assume the risks of the horse not performing,
or becoming permanently unsound. “It can be a lot of risk for a little reward,” warns Richard. In the end, these extraordinary athletes can produce a
special kind of return on investment—fulfilling dreams that are worth the cost. Like any other sport, participants can dream big and, if the stars align, can make it happen. Some- times they can even make money doing it. It is an inherently risky proposition, however, even for a talented trainer with lots of experience.
Bert Mutch on Cristar, a 2006 Holsteiner (Cristo x Quinar), during the $5000 Johnson Horse Transportation Welcome in Febru- ary 2019 at the HITS Coachella Desert Circuit in Thermal, California.
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