It’s one of the most magical, unforgettably iconic moments in the world of sport. The owner of the Grand National winner leading his magnificent, snorting, triumphant horse into the unsaddling enclosure.
There can be few people who have not watched this unforgettable scene beamed around the world on TV and thought how much they would love, just for a moment, to swop places with that joyful, ecstatic owner in his – or her – moment of glory.
Racing is a stratified world – and right at the top are the owners. But the business of becoming a racehorse owner needn’t necessarily remain the stuff of dreams, because it is has never been easier to enter this exclusive world of high excitement, dazzling colour, courageous jockeys and magnificent horses.
Nowadays, it is a classless culture, bringing together the incredibly wealthy, the well-heeled businessman and the middle-class enthusiast revelling in an absorbing hobby. Over the jumps or on the flat, there are options to suit individuals, corporates and groups, allowing them to involve themselves in breathtaking action and superb hospitality.
Now matter what their financial circumstances, from Middle Eastern oil barons to busy businessmen from Surrey, they have one thing in common – a passion for racing. As owners they can visit the horses, meet the trainers and jockeys and immerse themselves in the fascinating world of thoroughbred ownership. Then on race days, from Ascot to Aintree, owners are granted full access to the stable area, paddock privileges and, if they are lucky, the winners’ enclosure. It is a heady world where they can rub shoulders with royalty, celebrities and some of the biggest names in the world of business.
The Queen is, of course, an enthusiastic racegoer, as are the likes of Andrew Lloyd Webber, Sir Clement Freud, TV star Mel Smith and Pop Idol creator Simon Cowell.
Thoroughbreds originated in England when selective breeding between English and Arabian Horses were done for one purpose, to produce the fastest horse on the race track. These thoroughbreds have a wide girth for a large lung capacity and strong legs for hard running. The shoulder is long and sloped to allow a greater stride and the hind legs are long to gain greater ground quickly. Everything about the breed suggests speed.
There are four steps to becoming an owner – deciding what sort of ownership you want, the type of horse you wish to own, choosing a trainer and, finally, registering with the racing authorities.
Ownership – Sole ownership means that you pay all costs – and collect all profits (or losses). You will also have a close involvement with decisions regarding your horse, such as choosing the name and the colours that will be worn in your name.
If you do not want this amount of expense or responsibility, a good alternative is co-ownership, of which there are four types:
1. Company ownership, where the horse is owned by the company’s shareholders and a registered agent acts on their behalf.
2. Joint ownership consisting of between two and 12 people.
3. A racing partnership, consisting of up to 20 people, of which at least two must be registered owners.
4. Leasing, which avoids a capital outlay and involves ownership for only a set period of time.
Type of horse – First you must decide whether you’re interested in the Flat or over the Jumps – or perhaps both. The Flat racing season runs from March to November on turf and throughout the year on all-weather surfaces. Jump racing has its main season between October and April but also holds some Summer Jumping events. Most Flat horses are two-year-olds bought at the previous year’s autumn yearling sales. Jumpers are either bred specially, come from Flat racing or are bought from point-to-points.
One option, of course, is to buy a ready-made racehorse, although the price will be higher if it has a proven track record. Once the horse has been bought you will need to commission a trainer to give vital professional advice.
Choosing a trainer – You should consult the Trainers’ Directory (www.britishhorseracing.com), from which you can compile a shortlist and then contact each one personally to look around the facilities. Being able to trust your trainer is paramount. Key decisions regarding your horse are the trainer’s daily responsibility. It is also important that you feel confident the trainer is giving you a realistic fair assessment of your horse’s chances.
Registration – You must register with The Jockey Club and British Horseracing Board, which is done through Weatherbys (online here), who deal with the day-to-day running of horseracing.
Small racing partnerships have become increasingly popular in recent years, mainly because costs are kept at an economic level through being shared.
There are a number of leading stud farms, with breeding programmes involving top stallions and quality broodmares, aiming to produce potential champions for racing partnerships. Sometimes, as with the Rowan Farm Stud (www.rowanfarmstud.com) at Chalfont St Giles, Buckinghamshire, they try to restrict partnerships to only four or five members, with the aim of giving the owners a closer relationship with both horse and trainer than would be possible through a larger syndicate.
Their largest partnership consists of ten people, with all but one first-time owners. And they enjoyed memorable success when the legendary Frankie Dettori rode Rowan Lodge to his maiden victory on only his third outing in 2004.
Partnership owners can expect to pay between £16,000 and £40,000 for the horse of their choice and annual training costs total about £20,000 a year. Divided between up to ten people, this becomes a relatively small investment for such a big involvement in the sport of kings. Returns can be lucrative, too. One Rowan Farm colt sold for £70,000 and another went for $62,500 (£35,782) in America.
One of their horses raced in California and options to race in Germany and France this summer are being considered. Partner Rosalind Ridout who runs the business with husband John says: “We aim to enable people to enjoy the amazing excitement of racing as members of a partnership. We involve them in every aspect, right from seeing the horse at stables and in training, through to watching them in action at major racecourses. It’s a thrill like no other.”
Most owners dream of producing a winner who will pile up the prize money. And a big-money winner or potential champion becomes a very valuable property both on the track and as breeding stock. Dubai ruler Sheik Mohammed bin Rashid al Maktoum is the world’s biggest buyer of racehorses. Last September he paid a record £5.5m for a chestnut colt and bought 27 horses at auction for £24m. Two months later he paid a world record £5m for Ashado, a four-year-old filly with winnings of £1.9m.
It’s difficult to imagine how Maktoum feels when one of his expensive racehorses is beaten by an outsider owned by a small partnership – but it happens. There really isn’t any such thing as a “dead cert” In racing.
So, if you go about it in the right way, you could enjoy all the excitement and glory of owning a big-race winner without it costing a fortune.
