Needless to say that everybody seems very excited about an undertaking of this kind.. The obvious advantage we have trying to do this is Chuck Simon.
In terms of Next Steps, we will be formulating a prospectus with detailed explanation of how a partnership like this would be organized, work and administered. In the most simple terms, approximately 60 shares of $500 will be available in each 'partnership' with a maximum of 2 shares available per person. As this is a partnership for fun, we do not expect to make money... Unless we're as lucky as the most fortunate players in the business, this investment will most likely be strictly "for entertainment purposes only.." Do not get involved if you hope for even a modest return on investment.
By limiting shares, we will keep individual ownership percentages under 5% each which mitigates the need for individuals to be licensed and minimizes the tax ramifications involved in horse ownership and partnership management.
Those interested in receiving a copy of the prospectus and partnership agreement should Email me at
stevebyk@derbytrail.com with their names and addresses. Once ready for distribution, I will send it out. As soon as payments are accumulated, Chuck will finalize the selection of a runner. Expenses of establishing the partnership will come out of the initial investment, another small percentage will be kept in reserve for emergencies, and the majority will be used for acquisition of our first horse.
As the vast majority of expenses will be shouldered by Chuck, all decisions regarding horse selection, race placement, riders, etc., will be his. We're along for the ride and to get together at Fairgrounds, Churchill, Turfway and Saratoga and have fun...
More as we finalize elements... Thrilled that so many are interested and excited by the idea...
Steve