What You Need to Know About Joining a Horseracing Partnership
As an avid fan of horseracing, you frequent the tracks and dream of owning your own racehorse. You imagine what it would be like to stand in the winners circle and take home the purse winnings. But, have you ever stopped to think about what really goes into buying a thoroughbred racehorse and what is required to maintain and take care of the horse? Before you seriously consider thoroughbred ownership, it would be wise to study the industry and all the related variables to make sure thoroughbred horseracing truly is the sport for you.
There are so many things that go on behind the scenes and so many variables to consider prior to purchasing a racehorse. Before you take that giant leap, ask yourself these basic questions.
* Are you financially stable enough to pay for the thoroughbred racehorse as well as paying the monthly fees to train and take care of the horse?
* Are you able to invest in a racehorse even though you may not get a return on the investment quickly or may not get one at all?
* Do know how much the racehorse will cost each month and what those expenses are for?
* How much time do you realistically have to devote to your thoroughbred ownership?
* Do you want to be an active participant in making the decisions?
* What racing types and levels do you want to compete in?
* Do you want to assume all of the risk and expense alone or would you rather become part of a horseracing partnership or syndicate?
* Are you familiar with horseracing partnerships or syndicates and what all they involve?
* Are you prepared to become a licensed thoroughbred owner and assume the liability and tax implications that go along with it?
Is the answer to any of these questions is making you nervous; you need to rethink how ready you are for thoroughbred ownership. You may want to discuss the issue with someone from the Thoroughbred Owners and Breeders Association. There are also a number of attorneys, advisors, accountants and thoroughbred owners who can help you with your decision by giving you professional advice.
Thoroughbred horseracing may be exciting, but there are certainly those as well as highs. Watching the race from the sidelines is one thing but it?s a very different experience to join in on the action as a racehorse owner.