The RSA is aware that the odds comparison website easyodds.com has announced it’s intention to create a ranking system for syndicates.
The motives behind this proposal are admirable and the RSA fully supports initiatives that will encourage people to get involved in shared ownership and the stated objectives of increasing diversity in racing are fully supported.
A condition of joining the RSA is that member syndicates comply with the syndicate code of conduct and the RSA believes that all commercial syndicates and racing clubs should be transparent with their members both in their communications and in respect of their administration fees and finances.
There does however seem to be a perception in some quarters that there are large numbers of syndicators who are not acting in the best interests of their members. The RSA has been in regular communication with the BHA and has requested details of the level of complaints received in respect of commercial syndicates and this evidence simply does not support such a view. There have of course been some well publicised instances where commercial syndicators have not acted appropriately, but there is no reason to assume that such behaviour is widespread.
The fact that all syndicates are not alike is not disputed by the RSA. Some of our members purchase expensive horses targeting major races, whilst others purchase cheap horses targeting many memorable days out at local tracks. Some syndicates sell their horses in larger shareholdings to a smaller numbers of shareholders, whilst others offer much smaller shares to larger groups of members. There should be a syndicate or racing club to appeal to everyone whatever their budget and ambitions.
The RSA does not believe that it is appropriate or helpful however to rank syndicates based upon a single view of what defines a “good” syndicate. One size does not fit all and what would be a 5* option for one potential member will be totally unsuitable for another.
The RSA would like to call upon the BHA and Great British Racing (GBR) to provide an effective platform for the public to find out about the syndicates and racing clubs that they could choose to participate in, including details of their offering and transparency regarding shareholding and administration fees. GBR are the ideal organisation to provide such a platform and already operates the ‘In The Paddock’ website, which could provide such a platform with some updating and promotion. The BHA should ensure that everyone on the website complies with the BHA Code of Conduct, proving an outstanding website for potential syndicate members to fully research the syndicates that meet their own individual needs.
The Racehorse Syndicates Association Committee