We are delighted that Dan Abraham, Chairman of the Racehorse Syndicates Association, has agreed to do an interview with us.
Dan has been involved in syndicates for many years, including running Foxtrot Racing since 2009 and in 2015 he was elected as the Chairman of the RSA.
At Stockton Hall, a large % of our horses are owned by syndicates and we are now members of the RSA, enjoying the many benefits that memberships gives us.
So, over to Dan for the interview ;
Q. Firstly, how did you get into racing originally and what was your first experience of racehorse ownership ?
A. My father was always keen to take me to sports events as a child. I particularly enjoyed football and horseracing. I used to coach football for a living and I joined the Betfair Club ROA which was run for 18 to 32 year olds as an affordable first step into ownership. The Club had five horses and developed my interest in ownership.
Q. Can you tell us a little about Foxtrot Racing and was this your first experience of running a syndicate ?
A. Foxtrot Racing used to be run by Tom Gittins. I took over from Tom in 2009 and changed the model to focus on National Hunt racing. I also wanted to support smaller trainers who were 'on the up' and source better value horses. Coming from outside of racing I was shocked at the amount of money people spent on horses with very little evidence that they would be succesful. Having been a syndicate member myself I also recognised how important financial transparency and good communication is to members. These still represent the key aspects of Foxtrot Racing now.
Q. What do you see as the main advantages of being in a syndicate ?
A. It's interesting that syndication used to be seen as the stepping stone to sole ownership. That idea has now been turned upside down and more and more sole owners are turning to shared-ownership. Many see it as a better experience and better value for money. There are a lot of reasons while syndication is so popular. Lower costs, easy to join, being involved in several horses rather than putting all your money into one and the social aspect are all factors. However, increasingly we've seen professionally syndicates offering additional benefits that sole owners don't get access to. For example at Foxtrot Racing we'll run Forums with our trainers, vets and racing personalities. We'll put on golf days, an Annual Party and recently had a trip to Newmarket. Members get discounts on RacingTV subscriptions, days out the sales and stud and stable visits. It's an expereince far beyond just their horse and for any racing enthusiast it is fantastic value for money.
Q. How did you first come to get involved in the RSA and when did you become chair ?
A. Foxtrot Racing was a founding member of the Racehorse Syndicates Association. I was voted in as Chairman in 2015. I recall Mark Pitman, who was running syndicates at the time, and myself were both up for election as Chairman. I'm sure Mark would have done an excellent job, but I was very honoured to be voted in by other professionals in the industry. The Association had rather lost it's way and membership was around 12. We've now got around 85 members representing 700 horses and 8,000 syndicate members.
Q. What do you think are the key roles of the association ?
A. The RSA promotes the interests of Racehorse Syndicates and Clubs in Great Britain. So to give some practical examples; the BHA would come to RSA for advice if it was looking to change regulation regarding shared ownership. Great British Racing would come to RSA is it was seeking advice about promoting shared ownership. We might also represent our members where they feel there is room for improvement. For example I've recently been involved in discussions with RCA, Jockey Club and ARC regarding the issues of owners' badges on raceday and we've been looking at promoting the idea of some new concepts such as a syndicate race which was recently highlighted by the Racing Post.
Q. What are the key challenges for the association over the next few years and how will you adress these ?
A. The economic impact of owners on the sport is huge. Every £1 spent by owners generates £7 elsewhere across the industry. Syndicates are the growth area of the sport, so their contribution and importance to the future of racing cannot be over-exaggerated.
Racing needs to adapt to a chance in the ownership landscape.
The Association needs to help the BHA to put in place sensible regulation for shared-ownership. The current Code of Conduct doesn't go far enough. The BHA needs to find the balance between giving customers confidence and protecting syndicators without creating too much burocracy.
Another huge challenge is how to provide a quality raceday experience. Changing the size of buildings/owners' rooms and the parade ring is not easy. It's going to be a huge challenge for the racecourses to adapt the ownership experince. There is much work still to do, but we've already made some good strides in this area and especially the 'at home' experience. The RSA played a crucial part in negotiating for owners and trainers to be able to film on course. People forget that it wasn't long ago that a syndicate member was in trouble for taking a video his phone in the parade ring at Cheltenham. Now it's very common to see jockeys and trainers talking into mobile phones and no one would think twice now about filming their horse coming into the winners enclosure.
Q. What would you most like to see the association achieve going forward ?
A. We've got lots of ideas and plans. On the membership side, I'd like to Association increase the number of trainers who are members. I'm delighted that Oliver Greenall is a member. At the moment only five trainers are members and sometimes trainers can overlook the fact that they are syndicators. Most importantly, I'd like to see the Association help the industry to spread the word about the fantastic and affordable ownership experience which is now available through shared ownership. We have a fantastic sport which provides an opportunity for anyone to get involved as an owner, meet our sportsmen and women and of course the horses. Lets get the message out there and get more people involved in racehorse ownership.
