"How often have I said to you that when you have eliminated the impossible, whatever remains, however improbable, must be the truth?
No, you have NOT eliminated the impossible, nor the improbable. You haven't even acknowledged the elephant in the room. Nobody has, aside from Sysonby.
Here's a quick hop through Canter PA's website:
*"He's an owner/trainer homebred, so all the history comes with him. NO STARTS - he doesn't show the speed so owner says there's no point in racing him. "
*"His trainer is beyond in love with this horse, unfortunately she can not afford to keep him any longer and wants to find someone who will fuss over and adore him as much as she does."
*"An unraced model, she's not even tattooed. She's been with her current trainer for a year and has absolutely no issues at all; she's just not showing the speed to be competitive on the track. "
*"She was in training but really doesn't have the desire to be a racehorse, so rather than push her at something she does not want to do, the owner wants to find her a new career."
*"He is completely sound - he's a turf horse who is not competitive at Philadelphia Park and Penn National's turf is done for the year."
*"A very nice mover, we expect she’ll excel in ANY discipline! Unfortunately, she is not particularly speedy, so rather than put a lot of miles on this girl, her trainer decided it best to find her a more suitable career. "
*"Better One just isn't showing much promise and seems too quiet to run well .... Never raced, this girl has no issues other than a superficial bucked shin."
*"On top of that, this guy only has six starts, so next to no wear or tear; he’s just too slow to make racing a career. "
*"100% SOUND, her trainer has had this horse for two years and assures us she’s never had an issue; she’s just not competitive at Penn and he’d like to find her a more suitable career. "
So....slow, economic hardship, slow, mentally unsuited, slow, slow and mentally unsuited, slow, slow. I chose these from horses five and under, where the reason for retirement was given. Many times it was not.
If it is cost prohibitive to keep a horse in training, the horse who is not paying its bills (slow) will find a new career MUCH more quickly than the one who is winning enough money to offset the cost....either before the first start, or after only a few starts.
If it is cost prohibitive to buy or breed a racehorse, the horse who is not paying its bills will find a new career MUCH more quickly than the one who is winning enough money to stop the bleeding. I've met a million dollar yearling bred like royalty (and I mean ROYALTY, he was a Danehill for heaven's sake) who didn't even race because he was so slow, and was packing a 12-year-old around a pony club course.
Sysonby's point about Hollendorfer is bang-on...the trainer who has a direct economic incentive to run his horses more often runs his horses as often as is reasonable (e.g. when they are fit and healthy and have a really good chance of winning). If a trainer makes more money by keeping the horses in the barn, aka a strong financial incentive to NOT run, then horses won't run. Those horses will find new careers more quickly than horses who race and pay their bills.
So.....track back over the last five years. Cost of entry became very, very high (stud fees, sale prices, pinhooking) so the break-even point got a lot higher. Folks are cutting back on luxuries, of which keeping a race horse is one. Extraneous costs--fuel, anybody? hay a couple of years back?--got higher, pushing that break-even point even higher. And horses who had no possibility of ever getting there, ever, dropped out of the game earlier because they would only make the overhead cost worse.
Chase the mythical genetic soundness fairy or the medication fairy or the track condition fairy all you want...the answer is, and always has been, money.