Owning your very own racehorse sounds like a cool idea to many, and maybe a dream for some. But isn’t racehorse ownership only reserved for the wealthy and elite of society?
Maybe owning a racehorse that’s currently already a champion might be out of reach for most people, but there are ways to own a racehorse that doesn’t cost an arm and a leg and drain all your financial resources.
For starters, you could buy a racehorse that’s still in training and not yet ready for racing, or purchase a younger horse from good breeding stock that hasn’t even commenced the pre-race training stage.
So what are the options for owning a racehorse if you’re not a millionaire, and what are some of the ownership benefits?
Let’s begin by checking out what opportunities are available to attain your slice of the horse racing dream.
The Different Options of Racehorse Ownership
When it comes to buying a racehorse, there’s no law that says you have to go it entirely alone. You can share the expenses and the responsibilities if you enter into a partnership.
Let’s look at the various options:
Outright/Sole Ownership – The biggest advantage to owning a racehorse entirely on your own is all the spoils are yours 100%. If your horse becomes a champion that wins many races, you’ll be pocketing cash left, right and centre. The downside is that you don’t really have anyone with a vested interest to share the victories, plus you incur all expenses regarding the training and upkeep of your horse.
Racehorse Partnership – This is one of the most common ways to buy a racehorse, by purchasing a percentage or a share in the horse. This is an option that makes racehorse ownership more affordable for everyone. You also have others to share the expenses and responsibilities.
Racehorse Syndicate – Also another extremely common option for ownership. Syndicates can comprise as many as 20 people, and this is often the way families/friends purchase shares in a racehorse. Basically your syndicate purchases a share in a horse, whether that be 10% or whatever. You never know, you and your friends just might end up with shares in one of the future Melbourne Cup horses.
Leasing a Racehorse – This is an interesting option, because it saves you having to buy a horse. Essentially you are renting the racehorse, where you agree to pay for costs and training fees, and in return you get to keep a percentage of any prize money won. The horse’s owner also receives an agreed percentage of any horse racing purses.
