Being part of a syndicate is a great way of getting involved in ownership with several people and a good starting point for newcomers to the industry.
Forming a syndicate can be a cheaper and easier way to own a share in a racehorse with your friends and family. Syndicates can be formed of up to 20 individuals registered under the Rules of Racing. A company, firm or stud can also be registered as a syndicate.
Under the Rules of Racing, a racehorse may be raced by either a natural person/s or a syndicate, or a combination of a syndicate/s and/or natural person/s.There are various types of syndicates that may be registered -
- A group of natural persons who wish to race a horse together. In this syndicate the number must be at least two and no more than twenty. Application for Ordinary Syndicate Registration form.
- A Company, which under the Australian Rules of Racing means a company incorporated or registered under any Act or Ordinance of any State or Territory of the Commonwealth of Australia whilst it remains so incorporated or registered. Application to Register a Company as a Syndicate Form.
- A Firm, which under the Australian Rules of Racing means any individual or any number of individuals not exceeding twenty (excluding companies) carrying on business in Australia under a firm or business name which name is and remains registered under any statute or ordinance of any State or Territory of the Commonwealth of Australia relating to "Business Names" or such-like. Application to Register a Stud or Firm as a Syndicate form.
- A Stud, which under the Australian Rules of Racing means a person, Firm or Company engaged in the breeding of horses for racing and which during the period of 12 calendar months immediately preceding any relevant point in time has returned to and had accepted five or more mares by the Australian Stud Book and/or the Australian Register of Non Stud Book Mares. Application to Register a Stud or Firm as a Syndicate form.
Tips for completing Syndicate forms:
- An ‘Ordinary’ syndicate must be given a name. Person’s full names are not acceptable syndicate names, e.g. John Smith and Bob Jones Syndicate. Names which may be deemed offensive are also not permitted.
- The syndicate manager must record their name and sign where specified. Up to three representatives may also be recorded, although it is not necessary to have representatives. Representatives may act on the manager’s behalf, including signing paperwork, when required. Correspondence details, including an address and telephone number/s, must also be recorded on this page where specified.
- Details of the first horse which the syndicate intends to race must be recorded. If the horse is unnamed, the name of the dam and the horse’s year of foaling must be recorded.
- For Company syndicates, the application must be accompanied by the company Certificate of Incorporation (or Constitution). All directors of the company must complete and sign the application form as members of the syndicate. The company name on the form should exactly match the name of the Certificate of Incorporation. If the applicant wishes to race under a different name (e.g. you may wish to drop the Pty Ltd from the syndicate name) this should be indicated on the form on the line marked ‘Under the Name:’
Alteration to Existing Syndicates:
- New members may join a syndicate, or existing members leave, through the completion of the Alteration to an Existing Syndicate form.
- On the form it should be indicated where relevant if the member is to be added or removed. Details should be completed in full for new members; name, date of birth and signature at a minimum for members leaving. The syndicate manager must also sign this page if a member is leaving.
- The first page of the form is for an updated list of the syndicate members after the changes have taken place. The manager must also sign this page. Payment must also be submitted with the form – the alteration fee is $15 (this fee covers all changes – it is not a ‘per person’ fee).
Change of Syndicate Manager:
A syndicate manager may resign as manager and remain a syndicate member, or they may resign and leave the syndicate entirely. Syndicate members representing a majority interest may also remove a manager. In all cases, a new manager will need to be appointed.
- A signed letter (or multiple letters) from syndicate members representing a majority interest, approving the appointment of a new manager. If the new manager is not an existing member of the syndicate, they will need to sign in via an Alteration to Existing Syndicate form. New contact details for the syndicate should also be provided if required.
- A signed letter from the existing manager, stating that they resign as manager of the syndicate or both as manager and a member of the syndicate. They may also sign out via the Alteration form.
Racing NSW – Syndicates
Level 7, 51 Druitt St
Sydney NSW 2000
Phone: (02) 9551 7529
Fax: (02) 9551 7587