01/26/2012 5:40PM

Thoroughbred Retirement Foundation in talks to relocate up to 600 horses

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The Thoroughbred Retirement Foundation is currently in negotiations to relocate as much as half of its current herd to a ranch in Colorado owned by the Thoroughbred breeder Tom McKenna, the retirement foundation said on Thursday.

The organization has signed a non-binding letter of intent with McKenna to take possession of as many as 600 horses, the foundation said, and is planning to continue negotiations and conduct an on-site inspection of the 45,000-acre property, which is located near Walsenburg, Colo.

In a release, the retirement foundation said that the relocation would "help the TRF fulfill its mission and significantly reduce costs." The foundation's herd currently numbers approximately 1,050 horses.

The retirement foundation, which has struggled financially over the past several years, is one of the largest post-retirement care organizations for Thoroughbreds. It is funded by proceeds from endowments and contributions.

Over the past several weeks, several organizations and individuals have made donations to the foundation totaling $350,000, the organization said.