A toshiyori (年寄) is a sumo elder of the Japan Sumo Association. Also known as oyakata, former wrestlers who reached a sufficiently high rank are the only people eligible. The benefits are considerable, as only toshiyori are allowed to run and coach in sumo stables, known as heya, and they are also the only former wrestlers given retirement pay.
To become an elder, a retiring wrestler must be a Japanese citizen and must have fought at least one tournament in the san'yaku ranks, or else twenty tournaments in the top makuuchi division or thirty as a sekitori (makuuchi or jūryō division). (The rules were modified in November 2013 to allow membership after only 28 sekitori tournaments in certain circumstances.) However, membership can only be obtained by purchasing toshiyori-kabu, or elder stock, in the Japan Sumo Association. There are only 105 shares available for purchase, and the increasing lifespan of elders has meant that they take longer to become vacant. As a result, their decreasing availability has caused their price to greatly increase, with stock now reportedly selling for up to 500 million yen. Often the only way wrestlers, even very successful ones, can afford a share is if they have a large and wealthy group of supporters and financial backers.
An exception to the purchase requirement is made for the most successful former yokozuna, sometimes referred to as dai-yokozuna, who may be offered a one-time membership of the Association, or ichidai-toshiyori status. Three former wrestlers, Taihō, Kitanoumi and Takanohana obtained this status. A fourth, Chiyonofuji, was offered this status but preferred a normal share. These four all achieved more than twenty tournament championships in their active career.