The Thoroughbred Horseracing Partnership That?s Right for You
Once upon a time only people who owned great wealth could ever hope to own a racehorse. But now, horse racing partnerships have made it possible for people who are far less wealthy to own a racehorse as well.
Sole ownership of the horse is one person who owns a horse outright. Horser acing partnerships bring many people together to own the same horse under the direction of a racing stable, a controlling partner, or a manager. There are several ways to start a racehorse partnership, such as friends who joined together to own a racehorse. Another way to begin a partnership is for several people to purchase the racehorse as an investment. These types of partnerships generally result in people who are not affiliated with the other partners and may have nothing in common outside the sport.
Horseracing partnerships and syndicates are generally set up as limited liability corporations, but there are other business entities that are possible for a partnership. Like the horses themselves, each partnership is different and each spreads the cost of the horse among the partners, making it possible for the partners to own a racehorse. How much they pay depends on how much of a share they have in the horse. There are a number of costs required of racehorse owners such as veterinary bills, farrier fees, transportation costs, insurance premiums, feed and care, training fees, jockey fees, and more.
The way the horse racing partnership is structured means that the initial cost of the shares is paid upfront and afterward a monthly or quarterly fee is paid. This amount is usually paid in advance for the expenses that reflect your percentage share and the racehorse. Any other costs that are required but were not budgeted for will result in more bills to pay.
Along with the many expenses affiliated with being part of a horse racing partnership there are also many rewards such as satisfying the dream of owning a racehorse, becoming a member of an elite industry, as well as various other benefits that come with specific racing partnerships.
If you’ve dreamed about owning your own racehorse but never believed you could afford to do it, a horse racing partnership is the way you can make it possible. When you are a part of a horse racing partnership, your experience at the track is more than just the thrill of watching the race. When you are a partner you have a chance to make it to the winner?s circle and to share in the purse winnings.