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Owning a Racehorse horse.
A
new non-profit club called
North Light Racing
has just been launch and looking for new members.
What
type of ownership:
To start with I would recommend
Racing Clubs
Racing Clubs are not an independent form of co-ownership.
Therefore by joining or becoming a member of a Racing Club
you receive the benefits of that Club but are not entering
into racehorse ownership yourself.
- Will involve the ‘leasing
of an ownership interest’, but does not involve ownership
of any racehorses. The Club itself may own any number
of horses, which will run under the colours of the Racing
Club.
- Involves registering as
a member of a club by paying a joining fee and/or a membership
fee for a specific period. Re-registration will normally
be necessary after this period.
- There may be some ownership
benefits including a share of prize money.
I had a great night at Ayr
when a club thatI was part of horse, Vicious Warrior, won.
(I am the handsome one on the right).
Some fellow
partners celebrating at Ayr:
Sole Ownership
You will be the owner of the horse and no one else. As such,
any costs and profits will be yours alone. You will also
have a close involvement with any of the decisions regarding
the horse. You will be able to choose the name of your horse
and which colours will be worn in your name.
Co-ownership
Co-ownership of a racehorse involves the participation of
more than one owner. It is effectively any type of racehorse
ownership other than sole ownership. Entering into co-ownership
of a racehorse can lead to a number of different variations
in how you the owner are involved.
Types of Co-ownership
There are 4 types of co-ownership:
Company Ownership
- The horse is owned by
the company’s shareholders.
- The company must appoint
a Registered Agent to act on its behalf.
Joint ownership
- Can consist of between
2 and 12 individuals.
- The horse(s) can run in
either a joint ownership’s name or the name of a joint
owner.
Leasing
- Avoids a capital outlay
for a racehorse and involves ownership of the racehorse
for a designated period of time.
- You can lease a racehorse
for a single race or the whole racing career of a horse.
Racing Partnership
- Can consist of between
2 and 20 individuals of which at least 2 must become,
or already be, registered owners.
There are a number of ways
in which partnerships are set up and managed. You must decide
upon how much input you would like as a co-owner and then
choose the type of co-ownership to suit you. The 3 types
of partnership are as follows:
Trainer managed
This involves a trainer setting up and running a co-ownership.
The trainer will usually become a co-owner themselves. This
means all the admin of running the co-ownership is carried
out by the trainer thus providing ‘hassle free’ racehorse
ownership.
Social group
This involves a group of friends deciding to start up a
co-ownership and share the costs accordingly. One co-owner
or more will have to set up and run the co-ownership and
deal with the administration of the co-ownership.
Professionally run co-ownership
There are a number of professional co-ownership organisers
who work on a commercial basis and charge a management fee
to set up and run co-ownerships. This means all the admin
of running the co-ownership is carried out by the co-ownership
organiser thus providing ‘hassle free’ racehorse ownership.
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