Horse ownership is easier and more affordable than you think!
STEPS TO BECOMING A RACEHORSE OWNER
The best investment you can make before becoming involved in racehorse ownership is your time. Investigate thoroughly. Read trade/publication websites, contact various organizations, talk to horse owners, spend time at racetracks, attend horse sales, and arrange for a tour of a training centre.
Selecting A Trainer
This is the most important step. Many trainers specialize, so you will need to determine which trainers train the type of horse you are looking for (yearling, racehorse, claimer, etc.). Look at statistics, do research, talk to veteran owners in the business. The trainer-owner relationship is the most important factor in determining whether you have a great experience. Take your time, do your homework, interview a few people and then make your decision. Be sure you and your trainer have a written contract.
Woodbine, Mohawk Park’s 2017 New Owner Seminar
Questions To Ask Your Trainer
- What is your training philosophy?
- What types of horses have you had the most success with?
- What is your daily training rate and what does that include?
- What expenses are over and above the daily training rate?
- How often can I expect you to communicate with me?
- What days/times can I visit my horse?
- Can I contact some of your current owners?
Determine Your Budget
Calculate how much money you want to spend on purchasing a horse, as well as factoring in how much the care and training will be each month. You will likely want to calculate an annual budget as a starting point. This may impact whether or not you are a sole owner or fractional owner.
Decide If You Want To Be A Sole Owner Or A Partner
As a sole owner, you will deal directly with your trainer on decisions regarding your horse, and will assume all financial risk.
As a part owner you will share all costs, but depending on your level of involvement, you might not be the ‘point person’ in making decisions.
What Kind Of Horse Do You Want?
Do you want to purchase a yearling at a sale, a racehorse that’s racing, or claim a horse? Determining your goals and budget may help in figuring this out.
Get Your Memberships And Licences
You will need to get your Provincial Racing Commission license and become a Standardbred Canada member in order to race horses in Canada.
Get The Right Horse
Be patient and take the expert advice of your trainer.
Now You’re Off To The Races
Have fun and enjoy!