MEDIA RELEASE
There has been considerable interest in the “We’re Flying”Syndicate. The Adelaide Advertiser wrote a great article about the syndicate on page 81 of last Saturday’s Advertiser featuring our syndicate ambassador Josh Jenkins. As previously advised, we are also delighted that fellow Crows stars Tom Lynch and Richard Douglas will also be part of the syndicate, as will 5AA and Channel 9 media identity Tom Rehn.
Further information on the syndicate is as follows:
Shares in the Syndicate
We are offering 50 memberships in the syndicate at a cost of $1,200 per share annually.
The first yearly payment of $1,200 is required by 31 October 2016. Alternative payment options are available on application to the syndicate manager. Shareholders will receive disclosure of income and outgoings and shareholder account balance at the end of each racing season.
Leasing and Owning a Horse Explained
Some owners/breeders will lease a horse to other groups of owners for a specified period of time. The lessees meet all costs associated with racing the horse and keep an agreed percentage (normally 66%) of stake money won. No up-front costs are incurred by the lessees and as such, this arrangement often provides all the thrills of racing without a capital outlay. For an owned horse, there is a capital outlay required up front in order to purchase the horse.
Stakemoney & Distributions
For our leased horses two thirds of all stakemoney earned will be retained by the racing partnership and will be distributed at six monthly intervals (subject to the financial status of the group). All monies held at the expiration of the lease will be returned to shareholders. In relation to any horses we own, the syndicate retains all of the stakemoney.
Ongoing Costs
The ongoing costs associated with racing a harness horse include training, shoeing, transportation, agistment and veterinarian costs. These costs vary from month to month and the total cost of owning a racehorse will depend, in part, on the amount of time the horse is in full training as opposed to spelling during a season. As a guide however, the ongoing cost of owning/leasing and racing a harness horse is in the order of $15,000 per annum per horse. This cost is in the absence of any unforeseen circumstances including serious injury or interstate travel.
Horses
We are currently sourcing horses for the syndicate. Eventually we intend to have up to 4 horses in our syndicate including juvenile and ‘going’ horses (ie horses currently racing) – this will ensure that we should generally have a horse racing throughout the racing season. Although we intend to lease the horses, we may have to purchase at least one of the horses. At this stage we intend to have our first horse racing in early November 2016.
Our Trainers
We will be seeking expressions of interest from SA based trainers our horses. It may occur that we have a different trainers for each horse. Importantly the type, age and ability of the horse will be key factors in selecting the right Trainer.
Regular Updates
Shareholders will be kept informed of the progress of the syndicate and horses by the Syndicate Manager, HRSA CEO John Lewis. There will also be a number of social events to meet other members of the syndicate and see our horses race. The horses will race in the name of “We’re Flying” Syndicate and the driver will wear a specially designed “We’re Flying” silk.
Other Important Facts To Consider
- Not all horses win a race or earn prizemoney.
- If it becomes evident that our leased horses are unlikely to be successful on the racetrack then a decision will be taken to return the horse to its owner without further cost to the syndicate partners.
- Racehorses may sustain injuries from time.
Application form to Join the Syndicate
A copy of the formal agreement for the syndicate is attached.
Please return your application form by 30 September 2016.
Approved By Dean Baring www.harnessbred.com
Driving The Future Of Harness Racing
