The Difference Between The Most Common Forms Of Racehorse Ownership

TonyTHE DIFFERENCE BETWEEN THE MOST COMMON FORMS OF RACEHORSE OWNERSHIP

Article by Tony Fleiter BEc., LLB
Principal of Macquarie Legal Practice

Owning and racing thoroughbred racehorses can be highly enjoyable and rewarding, particularly if you are lucky enough to own a horse that progresses to winning races, and if your horse is a fashionably bred colt and just happens to win a Group 1 race, then a stud deal is likely to be available.

But it is also highly speculative, as owners are required to incur racehorses include that the horse may die, or value is diminished as a consequence of the materialisation of an inherent risk, including accident, illness, infertility or sub-fertility, injury, or natural cause, or simply not progress to competing in or winning any races or Prize money.

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The Regulatory Regime governing the syndication of thoroughbred horses for racing purposes

logoThe syndication of thoroughbred horses for racing purposes is subject to regulation under the Corporations Act and the Australian Rules of Racing

 

 


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INTRODUCTION


During 30 years of legal practice in the thoroughbred industry I have heard the following words, or similar, many times from aggrieved buyers of racehorses, or shares in racehorses, seeking advice as to their legal rights to rescind the bargain and seek restitution:

  •  “There is nothing in writing!”
  •  “I contacted the seller after seeing an advertisement!”
  •  “I visited the stable and looked at the horse!”
  •  “He said he bought the horse at the sales on “spec” because he really liked it as a type and it had a good pedigree!”
  •  “He said the horse had vetted 100% sound!”
  •  “He said he would aim the horse at the rich 2YO races!”
  •  “He said he would look after everything and that I would receive a monthly invoice for my share of expenses!”
  •  “We simply agreed it was a deal, shook hands and I gave him a cheque!”
  •  “He seemed like a nice guy and I trusted him!”
  •  “The monthly expenses are a lot more than he said they would be!”
  •  “The horse is a dud!”
  •  “The bastard has conned me and ripped me off!”
  •  “He has done the wrong thing!”
  •  “Can I get out of it without it costing me any more money?”
  •  “Can I get my money back?”

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The Regulatory Regime governing the syndication of thoroughbred Stallions for commercial breeding purposes

The syndication of thoroughbred Stallions for commercial breeding purposes is subject to regulation under the Corporations Act

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EXECUTIVE SUMMARY

 This paper is about the syndication of thoroughbred stallions and the regulatory regime designed to promote and protect market integrity.

This paper is intended to provide an in-depth analysis of the statutory provisions, regulations and rules that form the basis of the regulatory regime governing the syndication of thoroughbred stallions for commercial breeding purposes and the subsequent operation of those syndicates.

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