Racehorse syndicates work by pooling the resources of a group of people to purchase and own a racehorse. The members of the syndicate typically pay an initial purchase price to buy the horse, as well as ongoing expenses for training, veterinary care, and other costs associated with horse ownership.
Each member of the syndicate owns a share in the horse, which entitles them to a percentage of any winnings or other financial rewards that the horse earns during its racing career. The exact percentage of ownership that each member has can vary depending on the size of the syndicate and the terms of the agreement between the members.
As for racedays, owners in a racehorse syndicate typically receive badges or other forms of access that allow them to attend and watch the race from a special area reserved for owners. This can vary depending on the racecourse and the specific terms of the syndicate agreement, but many racecourses provide owners and syndicate owners with a VIP experience on raceday.
If the horse wins a race or earns prize money, the winnings are distributed among the members of the syndicate according to their ownership share. For example, if a syndicate member owns 10% of a horse and the horse wins a race with a prize of £25,000 after Weatherbys or HRI deductions, the member would be entitled to £2,500 in prize money.
It’s important to note that the exact terms of a racehorse syndicate can vary depending on the specific syndicate and the agreement between the members. Some syndicates may offer different levels of ownership or different benefits for their members, so it’s important to do your research and carefully consider the terms of any syndicate before joining!