To setup a 10 person syndicate to race horses in Victoria you are required to fill in a ‘Register a 10 Person Syndicate‘ form and send to Racing Victoria for approval and syndicate creation.
The first person named on the form is deemed the syndicate Manager and you have space on the form to provide two preferred syndicate names that you would like to use.
Let’s say you submitted the syndicate name “One and Only” and it gets approved, and the Manager is Mr John Smith, then it would usually go in the racebook as ‘One and Only (Mr. J. Smith)’, if submitted correctly.
The initial cost to set up a horse racing syndicate for 10 members is a one-off fee of $275 per syndicate. An annual renewal fee of $55 is payable to maintain your syndicate each year.
It is important to know that the syndicate does not own the horse, unless it purchases 100%, but most syndicates are generally in the 10% share range, and that makes the syndicate a part owner of the horse, owning a 10% share.
Each member of the 10 person syndicate is then responsible for 1% of the ongoing monthly costs for a 10% share.
Having raced a number of horses with Australian Thoroughbred Bloodstock over the years, we can safely use the following figures as a guideline.
Approximate ongoing costs for 10% Share for 10 person syndicate;
On average it costs around $250 per month for a 10% share with ATB horses, although that figure will likely be much less with any prizemoney earnings along the way.
A 10 person syndicate would share the monthly cost 10 ways, which equates to around $25 per month per person.
The most effective way to run your syndicate is to set up an account to be run by the Manager, and have each of the 10 members pay $25 per month into that account.
All monthly bills, including training & agistment bills (and any others), can be paid from your syndicate account and Racing Victoria can then pay any prizemoney directly into the same account.
Owning a racehorse is very affordable nowadays so grab your family & friends and get involved!
Give Darren Dance a call on 0417 616 666 and start racing your very own syndicate today!