The French auction house Arqana is expanding this year into the racing syndication business.
Because France offers some of the richest purses in Europe and is an underserved market regarding syndications, Arqana executives said they see an opportunity and will launch the Arqana Racing Club to fill the need.
"Becoming an owner remains quite a complicated and remote dream for a novice," the company stated in a news release. "While other great racing countries such as Great Britain, the United States, Australia and Japan have witnessed the large-scale development of syndicate ownership, France has always been behind on this trend.
"Convinced that the concept of a well-structured and well-organized and hosted syndicate constitutes a formidable recruitment tool for new owners and that it also offers a privileged setting for introducing them to and educating them about racing, Arqana has decided to go down this route themselves and to actively participate in the development of syndicate ownership."
In its first year, the Arqana Racing Club will offer three syndicates, each made up of 30 to 40 shares costing €18,000 to €26,000 ($23,500 to $34,000). This amount includes all expenses relating to the purchase and the training of each horse until the end of its 3-year-old season, at which time the horses will be sold and any proceeds distributed to the shareholders. Each of the three syndicates will include at least six horses, and all of these will be bought at the yearling sales.
Horses from each syndicate will, as a rule, be spread out between three or four trainers. For the launch, the trainers—based in Paris and in the provinces—have been selected for their experience, their success in selecting young horses, and also for their availability and interest in cultivating new owners for the sport.
"Arqana Racing Club will treat these newcomers in a specific way, introducing them in the most pleasurable way to the backstage of this fascinating world, with the long-term objective of converting them to individual ownership," said Eric Hoyeau, Arqana's chairman.
"To ensure that this first step into the world of racing is positive, Arqana Racing Club will spare its members all the administration by taking on all the management of each syndicate. Arqana's know-how and professional reputation will reassure potential clients of the credibility and professionalism of this project."
More information can be found at the Arqana Racing Club website.