Frequently asked questions about owning a racehorse Q Where does Lee purchase his horses?
A Lee attends most of the major Summer and Autumn yearling sales in Australia and New Zealand, as well as searching for ‘bargains’ at some of the minor sales in country NSW. Q What does Lee look for when purchasing yearlings?
A Yearling colts are selected on type, conformation, pedigree and price. A similar approach is adopted when assessing fillies, however pedigree plays a more significant role. All Lee’s selections are thoroughly checked and undergo stringent veterinary examinations “Of course there’s no guarantee that a horse will not develop a problem at some stage during its career, however by giving them a solid check we hope to eliminate those yearlings which may more prone to problems later on,” Lee says. Lee and several regular clients also breed horses in which they like to have friends involved when time come for them to get to the racetrack. Q How much does it cost to become involved?
A If you can afford it, you can own a horse outright but for those who can’t there are two options available. 1 Shares Curtis Racing is often approached by regular and new friends to obtain ‘a piece of the action’ and join together with a group to race a horse. The upfront cost depends on the horse’s purchase price and what percentage you want to take in the horse. Most of Lee’s yearling purchases are in the $10,000 to $200,000 bracket. 10% interests cost between $1000 and $20,000. Usually GST applies to the sale of the yearlings. The ongoing training costs average about $3000 per month. So a 10% share would cost around $300 per month. Most times, additional costs like nominations for the select Magic Millions or Inglis races, insurance (normally about 4% of the purchase price) and initial veterinary checks are included in the upfront costs. These owners receive full ownership rights. 2 Syndications People who are interested in joining the Sport of Kings but feel they are not quite ready to take that big step in owning a horse outright or taking a large share, may wish to get a group of friends together and form a ‘syndicate’. This is where up to 20 people can form a RacingNSW registered syndicate to take up any part of a share in a racehorse. The syndicate appoints a manager who is responsible for collecting or distributing money to fellow syndicate members as well as reporting on the horse’s progress. Obviously in this situation, costs are significantly reduced. For instance, a person who is a member of a syndicate comprising 10 members who race a 10% share in a $50,000 yearling will outlay $500 upfront and around $30 per month. These syndicate owners receive restricted ownership rights. The registered syndicate name and the manager is shown in the racebook but not the other individual members. Q Will the horse be insured?
A Lee’s general rule is that horses valued at amounts above $100,000 are insured for mortality for a period of 12 months. It is important to note that insurance does not cover the horse sustaining an injury that may prevent it from racing – only death. Individual shareholders may choose to insure their own percentage beyond this.
QHow is my horse named?
A We live in a democracy and naming horses is an important business. Generally owners are linked via email and names are suggested and voted on by members. Obviously not everyone walks away 100% happy but this is the fairest system we know! QWhere will my horse reside?
A The yearlings usually go straight from the sales to the horsebreaker. The breaking-in is done at a thoroughbred spelling and agistment centre just outside of Sydney. Throughout the year the horse will brought to Lee Curtis Racing Stables at Rosehill for short periods (3-4 weeks) of education. When not at Rosehill the horse will be either agisting or going through the pre-training process. QWhen will my horse race?
A On August 1 – the official horses’ birthday - the yearlings will turn two years-old. After watching their progress since the sales, Lee will assess which youngsters are forward enough to be be aimed at the official 2YO trials in October and those which he believes will need more time to mature. QI’m interested. What’s the next step? A To see which horses are currently available, go back to the Home Page and click on Future Stars in the menu. You can view photos of the horses, study their pedigrees and read Lee’s reasons on why he purchased the horses. QI’m hooked! What now?
A You can either round-up your own group to either take a share in a horse or form a RacingNSW registered syndicate. If you are a down on numbers, contact us and we should be able to put in touch with others keen to get into the thrill of owning and racing a thoroughbred racehorse. Lee and his staff will be only too deliighted to help you with any further queries. |
