So you want to own a racehorse?
Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
It’s the start of the flat-racing season, and over a breakfast at Mount St Restaurant the Hon Harry Herbert is regaling the room with stories of horse racing. A towering, gregarious man, he has the sport in his blood: he is the son of Lord “Porchie” Porchester, later the 7th Earl of Carnarvon, Queen Elizabeth II’s legendary race manager, and something of a flagbearer for the sport. His own interests lie in Highclere Thoroughbred Racing (HTR), a business he established in 1992 that arranges shared ownership in quality race horses.
The anecdotes come thick and fast: from the time Herbert’s wife, chef Clodagh McKenna, dropped her dessert in shock at the sight of two horses in the act (he had suggested they go to watch a 10pm covering after a dinner party); to his adoration for the late Queen, who was still diligently checking in on the progress of her horses in her final days. “She was such an enthusiast and expert. When my father was alive they would talk about horses every day – and other topics, like my love life. They’d say: ‘Isn’t Harry’s latest girlfriend awful.’” The table erupts into laughter.
Given Herbert’s ribald charm, it’s no surprise he has persuaded so many people to invest in HTR’s syndicates: among them former football manager Sir Alex Ferguson, and actors Elizabeth Hurley and Hugh Bonneville. Bonneville’s connection is especially tidy: the actor played Robert Crawley in Downton Abbey – Herbert’s eldest brother is the 8th Earl of Carnarvon, whose seat, Highclere Castle in Hampshire, forms the backdrop against which Downton was filmed.
Owners sign up for a share of a race horse (as part of a small syndicate group, typically limited to 20) and a seat at racing’s top table, without the costs usually associated with the sport, where training alone can rack up expenses of £35,000 to £40,000 a year. A share in one of its horses starts at £5,000 and ranges up to £40,000, which covers all costs for the first year and includes a management fee: the team organises race-day and ownership experiences as part of the three-year contract, and all horses are sold by the end of their four-year-old season.
Currently there are around 500 share owners and, notwithstanding names like Ferguson’s, they come from many walks of life. “There’s billionaires to Mrs Tiggy-Winkles and, once, a train driver who had saved up over several years because his ambition was to have a race horse,” Herbert says. “We have higher fees than some, but anyone can come and look at our books – and they do.”
Owners have an opportunity to see their bloodstock for the first time in mid-October at the Yearling Parade at Highclere Stud. Once run by Herbert’s sister Carolyn and her husband John Warren, the late Queen’s (and now the King’s) racing and bloodstock adviser, the stud is now overseen by their son Jake, who took the reins in 2021. He works closely with Herbert when purchasing yearlings for the syndicate at auction. “An important element,” says Warren, “as it gives owners a menu.” They have a rolling stock of horses. “We’re a support system, but also step in at the end of the cycle when good horses can command huge sums for breeding,” he says. “I bought one filly, Cachet, for £60,000 on behalf of Highclere, and sold her through the Highclere stud draft for £2.2mn. That was just in a two-year window.” No syndicate, however, guarantees a financial return (this being part of the governing body’s regulations) and Herbert advises that people “sign up for the fun”, not to make money. “Horses can catch pigeons in the morning but when it comes to race day nothing happens,” he continues. “You have to know exactly how much you can put in – or lose.”
In the UK, professional racing took off in the 12th century, when horses for sale were put through their paces by professional riders in competitions to demonstrate their speed. The first known purse (a princely £40) was offered for a race over a three-mile course – the jockeys riding them, knights. Audiences have swelled since then: the profession is now a multimillion-pound industry, and more than five million people visit British racecourses every year.
Interest in ownership has grown with the sport’s popularity. According to the British Horseracing Authority, there are now around 14,000 registered racehorse owners in Great Britain, from royalty to small syndicates and partnerships. It provides advice on how to get involved on its website, as does the Racehorse Owners Association. “The thrill of ownership is unbeatable. But remember, it’s crucial to understand the responsibility that comes with it,” says the ROA’s interim CEO Louise Norman. She advises exploring all avenues of ownership, from joining a club to forming a partnership or investing with a syndicate. The benefits of the latter? “They’re exclusive clubs where the thrills are shared, the costs are managed, and the victories are sweeter with friends by your side,” she says, adding: “Set realistic expectations, and have training agreements in place, as well as syndicate and partnership agreements. We have experts here who can help.”
HTR’s syndicates are already taking part in the action. Believing, a Group One placed filly, is running in the King Charles III Stakes at Ascot this month. It’s a special place for Herbert too. He acts as racing manager for Royal Ascot Racing Club (RARC) – a members’ club that offers VIP access at 26 race days and an interest in five thoroughbred race horses. “Any time you win in Group One it is unbelievably exciting,” he says. It can also be lucrative. Prize money at Royal Ascot will be worth £10mn for the first time this year, with a record £17.5mn on offer at the track across 2024.
I get a taste of the Ascot experience with a meagre £5 wager at one of its family race days. My horse romps past the finish line to rapturous roars. I punch the air with my modest 10/1 winnings. How sweet must that moment be when you own the actual horse? “Even Sir Alex gets the same buzz,” says Herbert. “At one race in Hong Kong, you’d have thought he’d won the Champions League again.”
For a fortunate few the excitement is all part of a busy social calendar that revolves around the race track. I meet them in the RARC clubrooms. The scene is buzzing: people order champagne, peruse pasties and canapés (lunch and afternoon tea are served by the caterers, Rhubarb) or gather around overhead TV screens. Everything is included in the upfront annual membership fee, from car parking to VIP access and food and drink. It’s impressive, but no one will divulge how much it costs. “It’s a lot of pennies so you have to make the most of every race day, darling,” says Liz Cooper-Mitchell, a vivacious member who is a share owner too. I ask her why she’s both a club member and part of a syndicate? “They are both so wonderfully sociable,” says Cooper‑Mitchell, who at one time invested in three horses. Now it’s only Beau Balko, trained by Paul Nicholls. “I’m very hopeful of a good jump season to come later in the year,” she says, with a smile.
Cooper-Mitchell grew up riding horses. Her most memorable day at the club? “That would definitely be in 2005 when we won the Derby at Epsom with Motivator. My goodness, what a party we had.”
Winning the Derby is also one of Herbert’s top memories: “My dad had never managed it, nor the [late]Queen, and there we were with this horse that John Warren had bought for 75,000 guineas, and he won in style, by five lengths. Motivator was later syndicated to stand at Her Majesty’s stud for £6mn, so that was a wonderful return for a club. It ended up being a few years of free membership.”
Two young faces at a nearby table represent the next generation: Ged and Zara Hall’s son has brought his girlfriend for the day. Zara’s mother was an original member, and Zara assumed her membership when she died eight years ago. “I fell in love with it and then my husband joined two years ago,” she says. “It’s very unique; you’ve got the social side but also lots of people who adore horses and are happy to share their knowledge.” She jokes about what used to be the cavalry charge for the best tables at the club, now quelled by a booking system. “The first race of the day.”
Once in situ, most members stay inside the club, moving out to the adjoining terrace to watch a race or when the weather’s fine. “I love the atmosphere of Champions Days and Royal Week. Then there are family days, and I’m a big fan of the fireworks in November.” But her fondest memories are of her mother. “On Royal Week she’d take one of the grandchildren up to the club in turns, so we’d be there throwing one of the children to her.”
Back inside, I meet Christine St George, an elegant vision in pearls who sits chatting to Jenny McCririck, the wife of the late racing pundit John. St George’s own late husband was flamboyant racehorse owner Charles St George. “We’ve raced here for years and have lots of happy memories, including winning two Gold Cups. Our jockey was usually [the late] Lester Piggott who is my son’s godfather, and vice versa. My sons sponsored his bronze statue at Ascot,” she smiles.
The club has kept her a part of the sport at a sprightly 80 years old. “When my husband died, Henry Cecil wouldn’t train his horses for anyone else. So when it ended, someone suggested I join the racing club. Owning horses and winning is a big thrill, obviously, but this is wonderful,” she beams. “It’s a fabulous social club.”
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