John Timpson: Pastimes don't have to make a profit A Winning The Grand National is highly lucrative, but coming first in a weekday meeting at Wetherby doesn't win you enough money to show a profit. Owning racehorses isn't a business, it's a hobby, but at least it is cheaper than buying a football club. The sums are simple. Training fees, the vet, transport, the jockey's fee and other bits like tipping the stable lads adds up to about £24,000 a year. Some horses race much less than six times a year. Alex keeps in constant contact with her trainers who sometimes suggest it would be wise to avoid next week's race. You hear things like "going too soft," "doesn't like left handed courses," "race is too hot" or, worst of all, "he's got a bit of a leg," which means some expensive visits from the vet with several weeks to recover. If you can't make money, why own a racehorse? Like all sports there is more to it than meets the inexperienced eye. Despite the setbacks, we always arrive at the racecourse full of optimism (even if bookies are quoting 33/1). It's fun getting free access through the owners entrance, seeing our horse saddled up and meeting the jockey in the paddock for a final briefing - "We're up against four handy horses that will make the running, I'll settle midfield and see how it goes" - code for "he's far from the best horse in the race so don't blame me if he is soundly beaten." We get nervous at the start and feel a surge of adrenalin which lasts until our horse is tailed off. Excitement turns to disappointment, but the jockey's debrief, well away from the winners" enclosure, usually provides some encouragement - "he's still a bit green but there's plenty of promise. He's got the character to be a good chaser next season. So, despite finishing 50 lengths behind the winner we happily keep paying the trainer. Sometimes, we even win and Alex is photographed receiving a trophy (one was a plaque our shops sell for £15). The occasional win helps us ignore the negative cash flow and keep on racing. Pastimes don't have to make a profit. Investment in a project that makes Alex happy is money well spent.