A 5 person syndicate is setup much like a 10 person syndicate, using the same ‘Register a 10 Person Syndicate’ form that gets sent to Racing Victoria for approval and syndicate creation.
You simply fill in the details for the 5 syndicate members on the pages provided on the form.
Any syndicate of less than 10 people is still required to use the ‘Register a 10 Person Syndicate’ form, it’s just a matter of filling out the details of each syndicate member on the required pages, whether, they be for 2 to 9 people.
The Manager of the syndicate is the first person named on the form and there is space provided for two preferred syndicate names that you wish to use.
Assuming you have submitted ‘Up, Up and Away’ for your syndicate name with the Manager’s name “Mrs Rose Petal:, and it gets approved, it would appear in the racebook on race day as ‘Up, Up and Away (Mrs R. Petal’, if submitted correctly.
A one-off fee of $275 is the only initial cost to set up a horse racing syndicate for 5 people, however there is an annual renewal fee of $55 to maintain your syndicate.
Each member of the 5 person syndicate is then responsible for 2% of the ongoing monthly costs for a 10% share.
We race a number of horses with Australian Thoroughbred Bloodstock and the following figures can be used as guide to the ongoing monthly costs for a 10% share of a racehorse.
Approximate ongoing costs for 10% Share;
On average it costs around $250 per month to maintain a 10% share with ATB horses but prizemoney earnings along the way can reduce those costs significantly, especially with the right horse.
A 5 person syndicate would share the monthly cost five ways, which equates to around $50 per month per person.
To run a syndicate of five people we highly recommend creating a syndicate account where each of the five members can pay $50 monthly into the syndicate account to allow for any upcoming bills.
All monthly bills, including training & agistment bills (and any others), can be paid directly from your syndicate account and any prizemoney distribution from Racing Victoria can also be paid into the same account.
That way it is easy to maintain and you will never have to worry about your horse bills, as long as everyone is keeping up each month.
Owning a racehorse is very affordable these days 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!