BHA Toughens Regulations Around Syndicates

The British Horseracing Authority has announced a revamped set of regulations around the running of racehorse syndicates and racing clubs, designed to ensure maximum public confidence. 

While the authority believes the majority of shared ownership entities are well run, it identified a need to revisit the code of conduct, which was drawn up in 2017, as one of nine key goals announced last August in the Racing Recovery Plan. 

In particular the saga in Ireland surrounding the unraveling of the Supreme Syndicate and the subsequent battle for control of the Willie Mullins-trained chaser Kemboy, shares in whom were oversold adding up to more than 100%, showed the need for greater transparency between managers and members. 

One of the key measures being introduced in Britain will be the requirement of syndicate managers to share the details of all owners and their percentage share of a horse and to inform each person of their individual stake.

The changes, which are scheduled for early 2022 to allow the BHA to complete the necessary IT work, will allow syndicate members holding more than 2% in a horse to access the BHA's Racing Administration site.

The 2017 code of conduct listed areas that need to be covered by a legal contract for any syndicate which advertises or charges a management fee, and the updated code will broaden that scope to include purchase price of the horse and dispute resolution. 

BHA chief operating officer, Richard Wayman, said: "It is vital for the future of our sport that we are able to attract and retain racehorse owners. Syndicates and racing clubs clearly have a pivotal role to play in those efforts.

"The consultation responses confirmed that the sport has many extremely well-run syndicates and racing clubs which give their members exemplary levels of service. It is crucial that the public can continue to have confidence in syndicates and racing clubs, which these measures have been designed to support.

"My thanks go to all of those who took part in the consultation and took the time to offer the feedback which has been central in devising this important package of measures."

The updated code was welcomed by Dan Abraham, chairman of the Racehorse Syndicates Association, who said: "The appeal of syndicates and clubs is stronger than ever and the RSA welcomes the BHA's approach to provide increased protection for members as well as syndicators and club managers."

The Racehorse Owners Association also welcomed the new standards, with chief executive Charlie Liverton saying: "Shared ownership in horseracing is thriving across many racing jurisdictions and ensuring that those joining a syndicate or racing club have confidence in our sport is crucial."

The ROA has committed to rolling out an accreditation scheme for syndicates and racing clubs as part of the Industry Ownership Strategy for which it has responsibility. Such a scheme remains one of a number of ambitions yet to be realized, although it is described in a recent ROA report as a priority for 2021.