You can't look at this as a "business." Most of the people who buy horses don't go into it to make money. They already HAVE money. People who need to MAKE money do NOT wake up and say, "man, I want to buy some horses and make money." People get into buying horses because they love horses and/or they are LOADED. They know as a general rule it's a losing proposition...

I think Horse racing needs some kind of SERIES for older horses that parellels the Triple Crown, with some kind of bonus attached. Breeders Cup is only one day and the prominent stakes for older horses are also isolated events. The NTRA or somebody needs to come up with some way to perhaps LINK these stakes for older horses in a meaningful and come up with some program that will give owners a real incentive to race (at least) as 4yos.

Even this idea is a proverbial longshot, as the bonus would not exceed the $$ to be made breeding, but it's a start and it may generate some fan interest/pressure as well...