The trouble is the costs have not stood still and continue to increase. It's really difficult to sell horse racing to potential owners."
Belsham's late father Noel was a jockey and the first on his side of the family to make thoroughbreds his life. His mum late mother Gail was a Rayner, daughter of well-known Marton trainer Bubs Rayner and sister to Evan Rayner who continues to train today alongside daughter JJ Rayner.
"I guess it was a foregone conclusion I would get involved in the game," Belsham said.
Because of his size, a young Belsham secured a jockey apprenticeship with then Wanganui trainer, the late Kevin Thomson.
"I only chalked up about 70 winning rides and didn't finish my apprenticeship with Kevin. I left the game for a wee while and came back to finish my apprenticeship with (uncle)
Evan. Then weight got to me and I was sick of wasting to keep it down."
Ironically, Belsham's best winner came while apprenticed to Thomson on a Rayner galloper.
"I rode Raywood Lass to win the Group One George Adams Mile at Trentham. It's now known as the Thorndon Mile. I left the game for a while and went to work in the parts department of a Hawkes Bay car company before getting an offer to join Don Couchman's training operation in Hawera."
Belsham became foreman, but after two or three years was invited to train in partnership.
"We had some good horses and there was a season or so we couldn't seem to do a thing wrong."
Arguably, the best horse they trained was The Filbert, who went on to run third in hat became the Race of the Century - the 1986 running of the Group One Cox Plate at Moonee Valley in Melbourne behind Bonecrusher and Our Waverley Star.
In those days, however, Australian racing did not recognise training partnerships, so The Filbert raced only under Couchman's name.
"We had some other really good ones at the time including The Bishop who won the then Bayer Classic, the Wanganui and Wellington Guineas and finished third in the NZ Derby. Brown Edition was pretty handy too and won a Manawatu Cup."
Belsham also rated Red Hawk a good galloper. He won the Canterbury Gold Cup and the Benson and Hedges Gold Cup at Riccarton.
"I took him to Aussie, but I broke an ankle and he pulled a muscle in his back, so that ended that campaign."
Belsham embarked on a three year OE after leaving Couchman's stable and on his return set up shop training on his own account with the help of Bernie Gudsell who had married his mother after Noel Belsham's passing.
"Bernie set me up really and his sons Stephen and Paul also became loyal owners of horses I trained. One of my better ones was Go Faster who I trained for Paul. She won a nice fillies race down south. But probably my best is Start Wondering owned by Stephen.
He's just returned from Chris Waller's stable in Sydney and has joined Evan and JJ' stable along with most of Stephen's other gallopers."
Belsham trained his first winner in 1994, Assessarose for Ian "Fish" Hadfield who has also been a loyal supporter of the stable.
"Ethlen was another good galloper I trained. She was named after her owners Ethel and Len Mason."
Belsham is now on the hunt for a new career and will remain on the 10-acre block he and wife Bridget bought adjacent to the Manuka St stable in Castlecliff.
While retiring from the game has been an emotional experience, Belsham says he will not miss the early morning trackwork sessions, especially in winter.
