Will The Racing League Make Racehorse Ownership Accessible To All?
tarting in March 2021, the inaugural season of The Racing League aims to make owning a racehorse accessible for all Australians, with ownership stakes being offered for as little as $200.
The Racing League CEO, Steve Brown, explained how the new competition will work, with the $200 entry fee allowing Australians the opportunity to own shares in six thoroughbreds, in a competition that will see four state-based teams race against each other in an 18-month season.
“It’s the new game in town, it’s not fantasy, it’s real and the only sport where you can own the participants,” Brown said.
“Industry leaders are on record as saying micro-ownership is the future of the sport and they are right.
“There’s something quintessentially Australian about the racing industry and it should be available to everyone, and now it is through The Racing League,” he said.
The Racing League general manager of commercial, Terry Kennedy, said the competitions is a bold new era for an industry historically known as the ‘Sport of Kings’.
“This is not fantasy, it’s real,” Kennedy said.
“The Racing League is positioned to revolutionise the industry, smashing down the barriers to racehorse ownership and allowing all Australians the opportunity to own a share.
“In not one, but six premium level thoroughbreds, with thousands already on a ride of the lifetime in the world’s first horse racing league which was officially launched around Australia.
“State pride and rivalry of opposing teams are set to unleash the powers of tribalism with sporting legends heading up the unique teams of the state-based league.
“The Racing League’s inaugural season will see the Queensland Rogues taking on the New South Wales Tycoon, the Vic Husslers, and the Black Hearts from Western Australia,” he said.
Despite the claims from those involved, the response on social media from ‘everyday Australians’ has suggested the competition format and fees to purchase an ownership stake resemble that of a pyramid scheme.
The response has shown the unlikely potential for a return on investment for those who do purchase a stake as well, with one person revealing that with a “1/10,000 share in six horses, my group of horses need to win $13,000,000 in prizemoney for me to break even”.
On top of the $200 entry fee, those wanting a stake in ownership must also commit to $60 in year two, $60 in year three, as well as $20 per month for the three-year commitment, totalling a $1,040 total cost for the 1/10,000 share.
For someone with a single share in ownership of a group, the $13,000,000 in prizemoney to break even is the equivalent of winning 268 races at Saturday Metro level in Sydney at $4.84 in prizemoney return.
Despite this, many have also suggested the return on investment isn’t the goal of investing in the competition, with Humble Productions (the company appointed to collaborate on brand and generate creative campaigns for the launch of the league) creative director, Duncan Shields, saying the competition will add an extra layer of excitement to horseracing for everyday Australians.
“Owning a racehorse is something that is so far out of reach for the average Joanne on the street that most people would never have even considered it,” Shields said.
“It’s been an absolute please to help the TRL launch this exciting new product that not only makes racehorse ownership easy but adds a level of entertainment and interest that no other horse racing product can claim.
“They’ve made racing more appealing and more exciting than ever before,” he said.