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Tuesday, December 14, 2010

A Way to Introduce the Sport to New Owners?

Lindy Farms may have come across a low cost way to introduce potential owners to home ownership.  Lindy Farms offered Bourbon Slush, a New York sired trotter to the general public in a limited partnership. 

Bourbon Slush was recently purchased at Harrisburg for $11,000.  Lindy Farms offered 100 shares of the horse for a price of $500 per share meaning when the horse sold out, $50,000 was raised.  However, the $500 per share includes all training bills through the time of ownership and the vet bills as two year old.  To make sure as many people as possible can get involved, each owner was limited to three shares.

The horse will be nominated only to the NYSS and the Hambletonian in an effort to keep the cost down.  The horse will be raced as a two year old through November at which time a decision will be made whether to sell the horse in the Harrisburg sale or continue on to the three year old campaign.  If sold after the two year old campaign, each share will get their share of the purse earnings and the selling price of the two year old.

If the decision is to go on with the three year old campaign, owners will not layout out any additional funds; purse earnings from the two year old campaign will be used to pay the training fees for the three year old campaign.  If the two year old earnings are not sufficient, Lindy Farms will  pay the remainder of the expenses but will be reimbursed from future purse winnings and the sale of the horse after the three year old campaign. At the end of the three year old campaign, share owners will get their share of any remaining purse earnings and sale proceeds.  Bottom line, is a person gets to experience horse ownership for no more than $500. 

Now for $500 a share, don't expect to have a say as to where the horse will race next or any other decisions, but a person will have the opportunity to experience horse ownership for a very small amount.  Bourbon Slush has sold out and there is consideration regarding offering another horse for partnership.

This is a great idea and each major training outfit should offer at least one horse in a similar plan to expand the reach of potential owners.  Of course, the next step is to get these limited liability owners to make a larger investment into horse ownership, but it is a start. 

Lindy Farms is to be commended.

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