How Syndication works

There are several options available when considering racing a thoroughbred.

Sole ownership

Going it alone means you reap all the rewards and have control over key decisions. You will get the total prize money, less trainer and jockey shares, as well as being able to make an acceptance speech and display the trophy on you mantelpiece. Ownership does however mean you carry all of the costs alone.

Joint ownership and Partnerships

Up to ten people can jointly race a horse. The joint owner whose name is listed first on the ownership or lease documents will be the official manager of the joint owners or partners under the Rules of Racing.

Each joint-owner or partner's name appears in the racebook as a registered owner and each is entitled to race day ownership privileges which give access to members' enclosure and mounting yard.

Joint ownership has a tremendous dual benefit. On one hand, you will share in the excitement with a group of friends and at the same time you split the costs.

Syndicates

Up to twenty people can jointly race a horse if they register as a syndicate under the Rules of Racing (a company can also be registered as a syndicate). Only the syndicate manager's name appears in the racebook along with the syndicate name.

Owning vs Leasing

Ownership is when you, your partners or syndicate purchase a horse. From the time you purchase you are responsible for the horse's welfare, training, upkeep and all costs. In turn, you are entitled to all the prizemoney less the mandatory trainer and jockey payments.

Leasing does not involve an upfront purchase price; instead you agree to "rent" a horse from an owner for a set period of up to three years. Throughout the term of the lease you are considered to be the owner and required to pay all costs associated with racing the horse. You will pay the lessor an agreed rent (usually around 25-30%) that may include a percentage of stakes money less trainer and jockey payments. If you lease a horse both parties need to sign a lease agreement that can incorporate special provisions such as giving the lessee an option to purchase the horse for an agreed amount.