WHETHER as part of a syndicate or out on your own, owning a racehorse is something many racing fans may have considered, however, fully understanding the true costs of racehorse ownership is an important factor before any serious consideration can be made. Horse Racing Ireland (HRI) and Horse Sense have put together an overview of what’s involved in terms of keeping and racing a thoroughbred.

Types of ownership

One of the first decisions an owner has to make is how they wish to race. With five owner formats to consider, there is an option that should suit every individual, group and budget:

Sole owner

Run a horse(s) in your own name and colours

Partnership

2-4 sole owners join together to race a horse(s)

Syndicate

3 – 100 people race a horse(s) collectively under one name

Club

Unlimited number of people race a horse(s) collectively under one name

Company

Run a horse(s) under a company name

Where to buy?

Where to source your horse is obviously one of the first decisions a new owner has to make. There are a few options to match almost any budget and below is a brief outline of where to start your search:

Trainer/agent

The majority of owners source their horse with the help of their trainer. Many trainers have horses in their care for owners to purchase or lease. Alternatively, owners may employ a bloodstock agent to source a horse on their behalf.

Claiming Races

Claiming races offer the opportunity to purchase horses directly out of the race at the advertised set fee. All horses running in the race will be available for purchase after the race and the advertised price can never be exceeded. The horses will have proven form to base your decision on and offer owners a source of horses that are ready to run.

Leasing

Leasing allows an owner to enjoy the thrill of ownership without the initial expense of buying a racehorse. A lease is drawn up between the two parties, with the lessor (person who owns the horse) and lessee (the person who will race the horse) agreeing to the terms and conditions.

Public auction sales

In Ireland, Goffs, Tattersalls and Goresbridge auction houses provide opportunities throughout the year to purchase at any of their public sales. Anyone can attend these sales, even just as a spectator so it is well worth taking a day to see for yourself how each sale works. It is advised that you enlist the services of a trainer or bloodstock agent when purchasing at a sale to assist with pedigrees and the physical attributes to look for in a horse. He or she will work with your budget and help with the buying process.

Bloodstock agents can act as a racing advisor as well as the person who will assist an owner in purchasing a horse. There are any number of agents to choose from, shop around and speak to a few agents outlining what help you require. HRI have a list of list of bloodstock agents on their website.

Training Fees

Training fees vary from trainer to trainer. Daily rates range from €45 to €70 per day per horse. On average training fees in Ireland cost €1,700 a month and generally include basic additional costs.

It is wise to get a break down of costs from your trainer to include daily training fee and any additional costs such as farrier, veterinary, gallop fees, transport, race day expenses, etc.

At the time of registration with HRI a minimum lodgement of €500 (€1,000 for clubs and companies) is required to keep a working balance in the account. This initial lodgement covers your registration fees and leaves funds in your account to cover the cost of your first run.

HRI Account

Once registered as an owner with HRI you will have access to a personal HRI customer account to manage your daily racing activity such as entries and prize money distribution. The HRI customer account system is called RÁS. Owners can view all transactions processed through their account, search historical records or print off statements etc. For more information on the RÁS system contact Client Accounts on +353 (0)45 455444.

Race Entry Fees

Race entry costs vary depending on the value of the race however on average it costs approximately €350 to enter a race. If a horse is balloted from a race you will be returned your entry and declaration fee and obviously you will not be charged a jockey fee.



Prize money

The minimum total prize fund for any race in Ireland is €10,000. The prize fund increases depending on the type of race. Prize money is allocated to connections up to 6th place. On average 70% of owners win prize money in Ireland.

A detailed breakdown of prize money allocation and deductions charged can be found on the RÁS website.

Below is an example of the prize money allocation:

*Owner industry deductions include race entry fee and contributions to IHRB, Stable Staff and Jockey Emergency Fund. A full breakdown can be found on the owners RÁS account.

** Jockey deductions vary depending on agent, valet fees, VAT etc.

Horse Racing Ireland offers free and independent advice to those starting out into racehorse ownership for the first time. If you have any queries, would like to be introduced to a potential trainer, visit the sales or go racing, contact HRI at owners@hri.ie.