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It is the first day of the Cheltenham Festival meeting. The cream of Europe's National Hunt horses meet to do battle on the hallowed turf. You have ownership in one of the runners. You watch your horse walk out of the paddock and on to the course. Ten minutes later it returns victorious and you and the horse are now part of racing history. We can all dream and if you have an interest in horse racing this particular dream is right at the top of the pile.
But can this enviable position become a reality without it having to be financed by a Lotto win?
Horse racing has grown in popularity over recent years thanks to increased media coverage and efforts by racecourses to provide a day out that can be enjoyed by all the family. Added popularity also stems from the fact that flat and jump racing now continues all year round thanks to national hunt courses being able to water the ground in the summer and the existence of three all-weather tracks for flat racing in the winter. Added to this there is tax-free betting and, now, Sunday racing.
As well as being a great day out, racing and racecourse hospitality continues to be a preferred venue for businesses wishing to entertain clients.
Courses for horses
All the smaller provincial courses have good private facilities and catering services aimed at the corporate hospitality market. For companies with a bit more to spend the premier courses – Ascot, Sandown, Epsom, York, Doncaster, Newmarket, Kempton, Cheltenham, Aintree and Goodwood – offer corporate hospitality facilities that are second to none and many of the big races are sponsored by multi-national companies. It will not come as a huge surprise that there are several corporately owned horses running every year in the UK.
Take the step
But back to the situation most of us find ourselves in. Many racegoers would love to take the extra step by getting involved in their own horse, trainer and stable, but the image of the sport and the money associated with it put most of them off even enquiring.
Sole ownership costs can be massive – some blue blooded yearlings destined for flat racing are bought for seven figure sums at the bloodstock sales. On average it costs £22,000 a year to run one horse – sole ownership is only for the well off. For those people lucky enough to be able to afford this luxury, it is the ultimate way to be involved in racing; but there are several ways that the average person can afford a direct involvement with racehorse ownership.
Co, joint or partnership arrangements are three types of syndicated ownership. The members in a co or joint ownership all have to be registered as owners with the Jockey Club, numbers are limited and they are jointly liable for all costs. With partnerships only two members have to be registered and the rest – up to 20 – are named on the partnership agreement. The registered owners ensure the partnership's costs are met and distribute any prize money.
Capita costs
Another way a number of individuals can share ownership is via a racing club. With a club ownership the number of members can exceed 20, keeping down the per capita cost of 'ownership'. With enough members, several horses can be owned by the club. The club 'members' can be paid a share of the prize money or they can choose to have that sum credited against future membership fees. The annual club membership fee will go towards horse purchase, training, vets, insurance, jockeys and administrative charges.
With any form of racing syndicate membership there is always a worry that you will be regarded by the trainer and the racing establishment as a 'second class citizen' but it is worth noting that any trainer or jockey worth their salt will treat syndicate or club members in the same way they treat anyone else because that person could one day be a sole owner.
The beauty of club ownership is it off ers members the option to sit back and enjoy no hassle 'ownership', or to get hands-on with stable visits and the like. Either way there are thrills and spills associated with ownership.
Whether it's a selling hurdle at Newton Abbot or a grade two novice chase at Sandown, when your horse wins for the first time it is the best feeling in the world.
For more information on racehorse ownership go to www.britishhorseracing.com.
Racing relations
ROADWAY would like to offer its readers the opportunity to form a managed racehorse partnership or a racing club. We have approached Grand National and Cheltenham Gold Cup winning trainer Kim Bailey to help us in this venture.
The proposal is to set up a syndicate or club to buy a National Hunt racehorse to run in the 2005/2006 season. We aim to spend £25,000 in the first year on the purchase of a decent novice hurdler with chasing prospects. If there is sufficient interest we will purchase a second horse to place with another trainer to run on the flat in 2006.
Kim's yard is near Daventry in Northamptonshire and Kim welcomes stable visits.
The all inclusive cost of keeping one horse in training and running it for 12 months is £22,000 and we need £3000 for registrations and insurances. Based on a racing partnership (20 people) this would equate to £2500 per member for the first year and £1250 for the second and subsequent years.
For a club ownership of a minimum of 25 members it would equate to a membership fee of £2000pa falling to £1000 in the second year.
If our introduction has got you thinking, think again. Owning a winner at Cheltenham could become a reality. If you are interested in our proposal please email your intent to roadway@rha.net specifying the amount you would be prepared to spend in year one and the type of ownership you would be interested in, having looked at the British Horseracing Board's website at www.britishhorseracing.com.
To make this a reality for 2005/6 ideally we need your answer by May 23.
