Club members provide the capital for the partnership horse and retain the equity in that horse (effectively own the horse.) Little Lotte (IRE) cost a mere £5,000 + VAT and the horse is syndicated into 1/10th (10%) shares, so the Club members pay £600 each. And share of any sale (or claim) proceeds would be divided equally between contributors.
The partnership owners only pay a fraction of the training and racing expenses costs at £50 per month, £500 x12 =£6,000 annually. Typically total costs add up to around £15,000 per annum. The balance of upkeep is subsidised by the Club, and in exchange the partnership horse will run in the name and colours of G1 Racing Limited. The monthly contribution is capped with no calls for funds from syndicate members in the event that costs overrun the anticipated budget.
A certificate of ownership will be provided along with a framed photograph of the horse (with the owner, if possible.)
Information about the progress of the horse, schooling, fitness, racing plans etc. will be communicated directly by phone calls and text to partnership owners first.
A pair of owners’ badges will be provided to partnership horse owners whenever and wherever the horse runs.
Trophies from the racetrack will be allocated to partnership owners on a rotation basis, starting with whoever is present at the racetrack when the horse wins. To-date over 50% of the Club’s partnership horse owners have received a trophy (silver photo frame or other momentos including vases and the like.)
A gallops / yard photo will be emailed periodically.
A copy of the partnership agreement will be provided
The above benefits will be provided by a dedicated Club partnership horse liaison and communications officer, currently Dave Hadley.
Separate accounts are kept for Partnership horses. Prize money will be distributed in proportion to upkeep contribution, where prize money exceeds keep plus costs.
To pay out, a partnership horse would need to win in excess of the £15,000 anticipated annual cost of upkeep (training, livery, transport, entry fees, jockey fees, blacksmith, vet etc.) – to make a net return on monthly contributions, which would then be divided according to upkeep contribution.
However, the horse only needs to earn £9,000 (i.e. £15,000 less £6,000 *) to begin a return of the monthly upkeep payments by syndicate members – a £1 return (divisible between the syndicate members) for each £1 won above £9,000.