Ever since Harry Lawton began syndicating racehorse prospects in Australia in 1971, syndication as a means of enabling low-cost involvement in racehorse ownership has become a well-entrenched part of the ownership mix.
The era of steadily increasing yearling prices witnessed over the past dozen years would have squeezed out many would-be owners if it wasn’t for the opportunities offered by syndication.
Syndication has also provided a valuable learning curve for many new owners before they stepped up their levels of investment and bought into
horses ‘wholsesale’.
It was rafferty’s rules for a long time, with syndication companies and lots of fly-by-night cowboys coming and going, but since 2003 the Australian Securities and Investments Commission (ASIC) has regulated licensing which has led to a more uniform set of standards and much more transparent disclosure.
Syndicated horses have won a slew of big races down the years, from Kensei’s Melbourne Cup in 1987 to Sebring’s Golden Slipper in 2008.
Saturday’s big programme at Randwick was yet another impressive advertisement for the syndication model and should strike hope into the hearts of all who hanker to be involved in ownership but don’t have a Darley or Patinack budget.
Star Thoroughbreds-syndicated Theseo (5g Danewin-Ozone Sand (USA), by L’Enjoleur) and Bank Robber (4g Dash For Cash-Saliah, by Salieri (USA)) ran the quinella in the G1 Epsom Handicap. Their sale purchase prices (their 'wholesale' prices) were $120,00 and $70,000 respectively. To date these relatively lightly raced geldings have won $1,322,680.
It’s a moot point whether horses carrying 51.5 kgs and 52 kgs in G1 races deserve too much kudos but the irrepressible Gai specialises in identifying potential milers and getting them into big races on light weights. Desert War won the Epsom with 50.5 kgs in 2004 and went on to be a first-rate weight-for-age commodity, and the outstanding Excellerator carried 53 kgs in 2002.
It’s been a very big year for the meticulous and consummately commercially-savvy Denise Martin who operates Star Thoroughbreds. One of Star’s best early colour-bearers, Kingsgate (Danzero-Vowed, by Without Fear (Fr)) was second in the Epsom in 2001 and 2002 so Saturday’s result was an emphatic get-square. The year 2008 has seen Star horses collect the Golden Slipper (Sebring)-Epsom (Theseo) double, providing a further vindication of Denise's determination to keep her business going. There was a prolonged period earlier in the decade when disappointing results made her question whether it was all worth it. For a while there, I thought she was in danger of hanging up her tack and becoming a marriage celebrant or real estate agent. A decision in about 2004 to lift her buying budget to a much higher level so she could keep pace with the rising prices of yearlings has been the key. It was a decision not without real risks as Denise was effectively doubling her debt burden and putting a lot of pressure on herself to market and move the new purchases. Of course she had an invaluable ally in Gai who selects the yearlings and trains exclusively for Star. Gai’s charisma and success is unrivalled in the sport and if you can keep saying no to Gai and get away with it you are George Cross material.
Theseo (pictured above, photo courtesy Lisa Grimm) was a Magic Millions purchase the last year I did the sales with Gai, 2005, from Emirates Park with whose horses Gai had enjoyed much success, though Emirates doesn’t seem to have anything like the racing profile these days. He was foal number five and quite a late foal, 29 October, but he was a stretchy, loose colt and had more quality than the average Danewin, a sire you can’t help but admire. As a gelded youngster Theseo was still very much on the leg and when he showed competitive ability as a two-year-old you just knew he would do good things as he grew into himself – but even when he turned four he didn’t look like he’d got there yet! But that’s just him, lanky with a well-oiled motor and totally genuine.
Theseo is a direct descendant of Grey Flight, the famous American daughter of Mahmoud bred in 1945. As a breeder, Emirates’ Nasser Lootah has had a bit of fun playing around with her genes. Ozone Sand, Theseo’s dam, is 2m x 3f to Buckpasser, one of turf history’s immortals (25 wins from 31 starts). Her sire, the modestly successful L’Enjoleur, is out of Fanfreluche so with his Northern Dancer-Danehill top line Theseo shares some of the same genetic ingredients as the likes of Flying Spur and Encosta de Lago (a great Emirates Park product).
The incomparable George Smith spotted Bank Robber for Denise at the Melbourne sale in 2006 which I didn’t attend, being instead at my son’s wedding. Bank Robber is also a fifth foal and though bred by a Tasmanian has an Emirates connection inasmuch as Nasser Lootah bred his sire, Dash For Cash.
At the start of the day at Randwick, syndicate groups banged heads in the Gimcrack Stakes, the first Sydney race of the season for two-year-old fillies, and a Listed event.
Star was there with the favourite, Horizons (2f Choisir-Ubiquity, by Hurricane Sky; $120,000 yearling) only to be knocked off by a $15,000 filly Our Joan Of Arc (2f Beautiful Crown (USA)-Bright Heroine, by Bluebird (USA)) carrying the logo of syndicators Darby Racing.
I can’t help myself, I have to say it – instead of burning at the stake this Joan Of Arc won the stake. I’ll never use that line again, I promise.
Mopping the brows of owners who have just had their odds-on fancy gallantly defeated is something Denise Martin is a past-master at. But I will excuse her a moment’s discomfort as she headed for the number two stall as Darby, the syndicator/part-owner of the winner, had its origins more or less in Star Thoroughbreds. (Take it as a compliment, Denise).
Scott and Renee Darby were shareholders in a 2003 Star Thoroughbred purchase Flaming (Beautiful Crown (USA)-Mahlin, by Mister C (USA)) who returned $390,975 on his $25,000 (wholesale) purchase price under Gai’s tutelage.
When you have exposure to the best you can learn a lot. In 2006, Scott Darby helped set up the Storm Thoroughbreds syndication outfit but about 18 months later there was a parting of the ways and he hung up his own shingle in late 2007. A photo of Scott with Flaming at the G3 Bill Ritchie Handicap presentation adorns the Darby Racing website.
Our Joan Of Arc, a 10th foal, was not the most prepossessing filly to parade for the Gimcrack, with lighter bone and a bit straight in front, all of which helps explain the giveaway price. But in this game handsome is as handsome does and that’s all there is to it. The winning post does not choose favourites. She is the third result of unions between Beautiful Crown and Bright Heroince, a non-winning but stakes-placed two-year-old who has a pure Australian speed/precocious pedigree with successive dams by Without Fear (Fr), Biscay and Wilkes (Fr). It’s the Fireside family established in New Zealand a century ago. It may have been her ‘short’ pedigree that attracted Darby’s attention as a fledgling syndication outfit needs early runners, and in view of that it’ll be interesting to see how much progress Our Joan Of Arc can make.
The Breeders’ Plate winner Real Saga (2c Tale Of The Cat (USA)-Windy Kate, by Air Express (Ire)) will undoubtedly make further progress. I declared him in my post of September 19, Babes On Show, so I trust my handful of readers (hi, Mum and Dad) copped the tip. He is a beautifully developed, strong colt which was retained by his breeder. As I pointed out in that post, he traces to the same female source as Samantha Miss and Bianca – what a day it would have been for the Volifox family if Bianca had held on the G1 Metropolitan, but who’s complaining?
From a future point of view, Onemorenomore (2c Red Ransom (USA)-Palia, by Last Tycoon (Ire)) caught the eye. He's a much different style of horse to Real Saga.
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