photo credit: Mike McNally
This year more than any other has seen the increased popularity in syndications of Event horses. This is due in part to the competitiveness that accompanies the looming Olympics, and also the amplified awareness of syndication opportunities that are spearheaded by organizations like the Event Owner’s Task Force (EOTF). For example, this year’s US Team for London has two horses that are a product of the syndication system (Otis Barbotiere and Mr. Medicott).
I was really interested to know a first-hand account of how one goes about creating a syndicate, and luckily my good friend Doug Payne was only a phone call away. Even better, Doug has very recently decided that he will be syndicating Running Order, his mount from this year’s Rolex, and the star of so many helmet-cam videos that he competes with Jay-Z in the YouTube ratings. Recently Doug posted a video compilation of four years hard work bringing this horse from the ground up to his first four-star mount.
[Running Order’s Syndicate Page @ EOTF]
Advantages of a syndicate for the rider:
One cannot speak about this without acknowledging the obvious financial benefits of a syndicate, but Doug says that the part he finds most rewarding is getting to share your hopes, dreams and daily exhilarating tidbits with other people who are equally involved and intrigued by the horse and it’s accomplishments. He says that it is a great feeling knowing that you have a group of people with a similar interest who you can sit down and chat excitedly with when your horse achieves something really neat.
I think that beyond these reasons, syndication offers a sense of security for riders in the sense that you are less likely to lose the ride on an amazing horse. Should there be a loss of interest by the syndicate member, you can more easily sell the 1/10th share than you could a full owner. For a developing rider on the international scale like Doug, it is considerably important not to lose his best upper level mount just after proving he’s a true 4* contender!
Rewards for owners:
Although the vast majority of us can only dream of riding at the Olympics or the WEG, syndication offers a really financially feasible way of getting involved in the journey of a fabulous horse and rider combination that could potentially take you behind the scenes at such competitions. As an owner, you can participate in several horses’ futures in a really integral way, and watch them grow and flourish through the seasons. Syndicates offer a real sense of camaraderie amongst owners through shared interest. Competitions turn into a big party, like going to see your kid play ball with all your friends (except minus packing lunch for the kids and hauling them about in the minivan), and your ownership of a horse becomes more like a social club.
Doug mentioned to me that it is very important for owners to share the enjoyment of the journey. Although the Olympics or the WEG are the highest goals, you cannot get enough reward from only wanting that gold medal. The process of training a horse is a long and arduous one, full of ups and downs, and for an owner to really feel the thrill of Eventing, they get to experience both.
For example, Running Order presents a certain type of ownership opportunity that is quite different than that of a prospect. At 10 years old, he has already completed his first CCI****, and could reasonably be competitive for another 6-8 years, which includes two more Olympic Games.
Down to the nitty-gritty:
Seriously though, what does this kind of thing cost, you ask? Well, I asked Doug the same thing. He feels that the best way to do it is provide 10 possible shares, which makes it a more accessible opportunity for a greater population. Next, you have your horse appraised, and divide by 10. Each owner can buy 1/10 (or more!) of the horse with an initial buy-in quantity. After that, some riders do a quarterly upkeep cost, and some do an annual upkeep cost. This, I think it is important to mention, is the bare bones cost of feeding/shoeing/competing. The rider has some skin in the game through their “sweat equity”, so to speak, and the owners are not charged for daily training.
All syndicates will vary, but for a horse like Running Order shares can be purchased for less than 20k plus annual maintenance, and can be less than $400/mo! The ETOF website has more specific details for each horse, but it’s a very real possibility that you could be standing ring side at the World Equestrian Games in Normandy in 2 years time!
