Cape Racing’s syndication programme is a game-changer, adding an additional layer of incentives to a racing renaissance that has already been boosted by increased prize money and appearance fees.
Normandy’s Oscar Foulkes writes that when you add these incentives to the two sales companies’ juvenile win bonuses, the financial picture of racehorse ownership changes dramatically.
Of course, entertainment is the only payoff one can confidently offer to racehorse owners, but it’s nice to know that there is an outside chance of banking some cash as well.
Hospices De Beaune stretching at the RTR gallops (Pic – Romi Bettison)
Lucinda Woodruff is one of a handful of trainers to register as an official Cape Turf Club Syndicator. As she puts it, “When Cape Racing initially presented the syndication scheme to us, the opportunity for growth it offered to smaller yards such as mine was a no-brainer.”
Having had the experience of running syndicates since 2018 without any of the incentives, it was also a no-brainer for me to register Normandy Racing as an official syndicator.
When Normandy Stud’s first colt through the ring at last week’s RTR sale was not sold, she approached me about buying him for her intended syndicate.
We agreed on a price, and the deal was done.
Having also bought a filly for the Woodruff Racing syndicate, she subsequently asked if she could have this colt in a Normandy syndicate, rather than hers, and so an unexpected collaboration was formed.
Both our syndicates’ racing colours are pink, which means she hasn’t strayed far off the script. For my part, the colt looks like a really good prospect, so it’s great to remain connected. I’m thoroughly enjoying working with her in putting together the group of people who will share in the journey of his racing career.
The case for Hospices de Beaune is an easy one to make. For starters, his work in the lead-up to the sale was very good, and then he put up a cracking pre-sale gallop.
He looks like he’ll be an early type, which is not a surprise for an Erupt. His highly promising full-sister, Public Benefit, made her debut in January, although her physical type is more indicative of a 1600 to 2000m horse.
The financial case for him is that he qualifies for both lots of juvenile win bonuses, totaling R175 000. Because he’s trained by Lucinda, his appearance fee is R3000 per race, and the syndicate’s win stakes bonus (of R20 000) extends to three wins per season.
This means that he could earn R195 000 for his juvenile win, without taking regular stakes into account.
Lucinda is selling shares in Hospices de Beaune at R12750 per 5%, although you can choose the share you want (the cost will be a pro rata adjustment for larger or smaller shares).
The smallest share is 1%, at a cost of R2550. Monthly expenses will be on a pay-as-you-go basis (in other words, not included in the upfront cost).
The final word belongs to Lucinda, “I’m delighted to be starting the syndicate journey in partnership with Normandy Stud, and to draw on Oscar’s syndicate management experience. To start with a quality horse, such as Hospices de Beaune, makes it even brighter.”
(Hospices de Beaune was built in the 15th century to service the poor and most disadvantaged. This charitable institution is still in existence. One of its sources of funding is the annual Hospices de Beaune auction of Burgundy wines. The colt’s dam, Good Cause, is by Philanthropist, hence the charitable theme in his name.)
