Guide
Racehorse syndicate vs racing club: what is the difference?
In a racehorse syndicate you own, or lease, a share of a horse. In a racing club you pay for a membership: the club owns or leases the horses and you have no ownership rights, though the club may share prize money. Both must be run by a manager licensed by the British Horseracing Authority.
| Syndicate | Racing club | |
|---|---|---|
| What you get | A share in a named horse, owned or leased | A membership of the club |
| Who owns the horse | The syndicate’s members, unless it is leased | The club owns or leases it |
| Prize money | Shared as the agreement sets out | Only if the club’s terms say so |
| If the horse is sold | The agreement says what happens. A leased share ends with the lease | Members have no ownership rights in the horse |
| On Horsebox today | 19 shares from 9 syndicates, from £34 a month | 5 clubs, from £80 a year |
What a racehorse syndicate is
The British Horseracing Authority describes syndicates as:
“a form of shared ownership where the Syndicate members own, or lease, an interest in racehorses”
A licensed manager runs the syndicate and sets the price and the terms.
What a racing club is
The Authority describes racing clubs as “a form of entertainment associated with racehorses”, where the members:
“acquire no ownership rights to, or lease an interest in, any racehorses but may acquire certain benefits such as the sharing of prize money”
Source: British Horseracing Authority, shared ownership regulation.
Do racing club members get prize money?
Only if the club’s terms say so. Some racing clubs share prize money with their members and some do not. Each club’s page and terms say which, so check before you join.
Owned share or leased share?
A syndicate can own its horse or lease it. With an owned share you hold part of the horse for the term. With a leased share you have the horse’s racing for a fixed period, and nothing once it ends.
Every horse’s page on Horsebox says which: “Equity (non-lease)” or “Lease (no equity)”. Today 14 of the 19 shares listed are owned and 5 are leased.
Who can run one
Everyone who manages a syndicate or racing club must hold a licence from the British Horseracing Authority, which publishes the list of licence holders. You do not register with the Authority yourself; the manager does.
The Authority's list of licensed managers
Which to choose
Choose a syndicate share if you want part of one named horse. Choose a racing club if you want a membership that covers the horses the club runs.
| Route | Prices on Horsebox today |
|---|---|
| Racing club membership5 clubs | £50 to £100 a month3 clubs £80 a year1 club £99, one payment1 club |
| Leased share5 horses | £34 to £190 a month4 horses £3,250, one payment1 horse |
| Owned share14 horses | £99 to £4,975 for the share, then £40 to £324 a month12 horses £1,450 to £2,450, one payment2 horses |
Read from 24 open listings today.
Questions
Do racing club members legally own the horse?
No. Members have no ownership rights. The club owns or leases its horses.
What happens at the end of the term?
The agreement must say how and when the syndicate ends. Read it before you pay.
Can I leave early?
If members can leave before the end, the agreement must say how.
Is the horse insured?
A syndicate's agreement must give the insurance details and say whether members benefit.
Do I need to register with the British Horseracing Authority?
No. The syndicate or club manager is the one who registers.