Yorkshire Times
Affording The Sport Of Kings
Group Editor of the Yorkshire Times Andrew Palmer chats with Harry Herbert about the thrill of owning a racehorse and how it doesn’t have to break the bank.
Read the full article here or see the article transcript below.
Affording The Sport Of Kings
“And they’re off” the excitement in the commentator’s voice, the distinctive thud of the hooves on the turf, the mosaic of jockeys’ colours and the united draw of the breath as racing fans wait in anticipation for their horse to cross the finishing line.
That excitement is all too real and captured superbly whether with fictional Eliza Doolittle’s exclamation in Pygmalion or our collective joy in the famous television clips of the late Queen’s elation when her horses won.
There is so much to enjoy about a day out at the races and for many the dream of owning a racehorse is a too distant one. However, catching up with Harry Herbert managing director at leading syndication company, Highclere Thoroughbred Racing, that dream is no longer a pie in the sky fantasy.
“Nearly a million acres of the countryside are taken up by the thoroughbred racing and breeding industry. It’s such an integral part of Britain’s heritage and it’s the thrill of ownership coupled with the excitement of a race meeting that lies behind why I set up Highclere. I was clear I wanted to make racing more affordable because it's a highly expensive sport and there wasn't any real multiple ownership when I started Highclere 31 years ago.”
According to Harry, a horse in training would probably cost between £35 - £40K to train a year. The Highclere syndicate allows racing enthusiasts the opportunity to race at the highest level whilst spending a fraction of what it would normally cost.
“All expenses are covered for a year in the share price and with only 5% of the training bill, it becomes a really exciting and affordable opportunity to get involved with a well bred horse, bought by an expert, and trained by one of the country’s leading trainers. The horse will be well looked after at every point of his or her career.
“There is so much fun in ownership -I like to describe it as being in the F1 Pit Lane. We offer owners the chance to see their horse trained, get to know the trainer as well joining in the many fun social aspects.”
Harry explains it is a massive emotional thrill when an owner’s horse crosses the winning post. “Andrew, it is one of the most difficult things to get across to someone, if I could bottle it, I would make a fortune."
The way he describes the pleasure of the thoroughbred, how owners get immersed in the journey from seeing their yearling for the first time, ridden six weeks later, witnessing it go at speed in the spring of its two year old career before racing for the first time in late spring early summer, sounds a wonderful experience.
When I ask about the highs and lows, Harry acknowledges there can be bumps in the road: “We are talking about living creatures that are just like us. They are athletes that pull muscles, various things can go wrong. It is never a flat line. The high is the real time experience whether you are with friends gathered at a racecourse or around the television. That is pure excitement.”
It is the ethos behind what Harry is enabling with Highclere. A horse could run at Royal Ascot or one of the top Festival meetings such as at York in May or August. Here his eyes light up as he recounts how Cachet won a classic last year - the 1000 Guineas Stakes at Newmarket.
“These are the ultimate moments and exactly why people do it,” explaining that Highclere’s mantra is to “prove that for much less money our shareowners can play at the top table.”
“We are a luxury business providing a highly personal service to our share owners and there is the fun of lots of social events, not just race day but lunches, private boxes and meeting liked minded people which is all part and parcel of being involved.”
Thinking about how the company works it struck me, where else in sport can someone get involved with ownership, without spending hundreds of millions of pounds, as in football. As Harry chats there is a lovely compelling narrative beginning to form; with horseracing a shareowner is there competing with royalty and the famous in the paddock at Royal Ascot for instance. Harry follows up by commenting that internationally the prize money and prestige is huge.
“That is what we strive to give our shareowners.
“Yes, there may be a Dobbin or Pegasus, but thankfully we have had enough Pegasuses to prove it is not a pipe dream!”
I was due to meet up with Harry at the first ever Yearling Parade at York last October, but sadly it was cancelled. So, I asked Harry what would have been in store for me?
“Yearling parades are the first time our shareowners and prospective owners get to see their horses. For me, my team and particularly Jake and John Warren, my nephew and brother- in-law and sister Carolyn Warren, directors of Highclere Stud, this is the moment, where in beautiful surroundings, our shareowners arrive for a delicious breakfast before gathering to see the running order, the race card, of what we bought, before going out to a covered grandstand that overlooks one of the beautiful yards at Highclere Stud. Each yearling is paraded one by one, I am miked up to do the commentary, and Jake also has a roving microphone.
“When you buy a horse, there is always a story. It is highly competitive and our horses average around £100,000 each. That may sound like a lot of money and it is in regular life, but in the world of buying well bred horses it is a little bit of a pop gun when competing against the Middle Eastern rulers!
“I interview Jake on what he loved about each horse, why he bought it and ask him to explain intimately about the movement and conformation of each thoroughbred.”
Following the main parade guests get to see the yearlings in their stables and this is followed by lunch curated by Harry’s wife, Clodagh McKenna, the celebrity chef, TV presenter and best-selling author.
“There is great banter. I see it as the process of beginning to rapidly refill the optimism tanks about the forthcoming season.
“It’s compelling and hopefully we get across the passion that we feel for having bought the horse.”
Well, if our chat is anything to go by that passion comes across in spades.
Jake, I am told, looks at hundreds and hundreds of horses at the sales drawing up a shortlist. But that’s not the end of the story, they then go to the vets who examine them, which means the list can shrink. On sales day, the team are competing on the open market, trying to buy horses that will continue to keep Highclere’s name in lights and provide share owners with hopefully, great days in the future.
The newly bought yearlings arrive at Highclere Stud and the parades start soon thereafter in mid October. “It is exciting for us and the trainers as it is also the first time they get to see the horses we have allocated to them."
On average, each horse will have twenty shareowners buying into a 5% stake so that is 20 people getting depressed or ecstatic and that can take managing, I suggest.
Depressed? “If things go wrong with the moving part of the horse, then it is tough making those calls. But that is what we do. We treat each one of our shareowners as if they own the horse outright.
It is a very personal level of service where we act as racing manager to each and every one of our shareowners.”
Harry is expanding into the north with its plethora of racecourses and copious fans. Harry loves attending the York meetings for the welcome, the way it is manged, prize money and the terrific atmosphere.
“York is one of the most wonderful places to race and I say that as a director at Newbury. I love Newbury, Ascot, and Goodwood but York is right up there.”
I ask about Highclere’s USP as there are a number of syndications around these days and he offers sage advice.
“When looking at a syndication company, be incredibly careful. Research thoroughly the company you are choosing. Does it have a proven track record and faultless integrity? That’s what we pride ourselves on. There are good syndicate companies out there but with everything there are some with less good credentials.
“We have a 30 year track record. When I started out, the word ‘syndicate’ was perceived as dirty, but that has all changed now. We are completely transparent with each member of our syndicates.”
As we finish, I wonder what his biggest highlight has been. Not surprisingly it’s when Highclere won its first classic race, Petrushka winning the Irish Oaks in 2000. She was, apparently, the first ever syndicate owned classic winner.
“A phenomenal achievement. We have managed to race two European champions before that with Lake Coniston and Tamarisk both champion sprinters.
“Winning a classic race though is the ultimate dream. Motivator won the Derby for the Royal Ascot Racing Club, that Highclere manage, and Harbinger, he was one of the greatest racehorses we have seen in recent years, and world champion in 2010. He was a remarkable racehorse, winning the King George VI and Queen Elizabeth Stakes by 11 lengths, knocking half a second off the track record. Sir Michael Stoute described him as the equal or better of Shergar that day."
I have got Harry excited he enthusiastically says last year proved a classic race can be won with a 60,000 guinea purchase, Cachet, bought by Jake Warren. She won the 1000 Guineas, missing by a head the incredible double of the French Guineas. Trained by George Boughey, Cachet stays in training and races this year.
It leads him to say he was recently reminiscing with William Haggas about those days when he had a pretty motley crew of animals parading round his trotting ring.
“We aspired to win the Gimcrack Stakes at York, we didn’t talk about the Derby or classic races. As a Yorkshireman he wanted to win the Gimcrack at York and we did it.
“Great moments and historical races like that are incredibly special. We have won the Gimcrack and the Dante, three times. All great races. We want to win more of those top races in the north and get more northern owners to get involved, buying shares with our northern trainers.”
I could not finish without asking for a tip and Harry tells me there is a lot to look forward to. Cachet carries on, starting her 4 year old campaign and there are an exciting group of three year olds coming along.
“Proverb with George Boughey, won a listed race in a very fast time in France at the end of the season, he looks like a group winning horse for the future.
“We are going to try to win the £150,000 Lincoln handicap at Doncaster with a horse called Atrium at the end of March. It is the first big handicap of the year; he is training very well and is just the sort to run a big race.
“A lovely unraced horse, which has not seen a racecourse yet, is a 3 year old called Indemnity with Roger Varian and we have a couple of two year olds to watch out for.
"Aviemore trained by Charlie Johnston is a son of Kodiac out of a Pivotal mare and could have a big career ahead of him. There are still a few shares available in Aviemore as well as Mannerism, trained by Karl Burke if you are interested Andrew!”
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