In it together

Syndicates offer the chance to experience the highs and lows of racehorse ownership for a fraction of the cost but the benefits go far beyond the financial

- Madeleine Silver

WHEN THE Sir Michael Stoutetrained Telescope romped to victory in the Hardwicke Stakes at Royal Ascot just over a decade ago, Mike Richards and his wife Joanna were there to revel in the son of Galileo’s champagne-fuelled glory on racing’s most glamorous stage. But unlike the sport’s handful of dominant owners blasé about the protocol of the winner’s enclosure, the Richards were part of the 12-person Wavertree syndicate, run by Highclere Thoroughbred Racing (HTR), riding high on their first Royal Ascot triumph. “It’s quite hard to explain to friends just what a thrill it is when you have a big winner – that sort of release of adrenaline is astonishing,” says Mike Richards.

“This is not a financial investment: you have to assume you’re going to lose money. Some of our friends say, well, ‘Why do you do it?’ But it’s the same as taking a day’s shooting or going skiing; you get a huge amount of pleasure out of it.” As a young man Richards had one or two horses running in his own colours, financed by his racing-mad father. However, it wasn’t until 16 years ago, when he was in his fifties and on the hunt for a new hobby, that he decided to reignite the passion – albeit this time without his father’s purse strings. “I love the sport but I also saw how much of my father’s money went on it,” recounts Richards, who after being invited to an event at Highclere saw there was a different way of doing things, this time by sharing the cost, with the added advantage of being financially able to own several horses at one time.