Racing a horse in Australia has now become more affordable after the Australian Securities and Investments Commission (ASIC) increased the maximum number of members a horse racing syndicate may contain from 20-50 people.

ASIC’s announcement of its new legislative instrument has been backed by Racing Australia CEO Peter McGauran.

Along with the increase in permitted syndicate members, there will be a rise in the investment limit for a horse racing syndicate from $250,000 to $500,000. There will also be additional content requirements for a Product Disclosure Statement for a syndicate.

“Racing Australia endorses ASIC’s reforms as encouraging greater participation in horse ownership with enhanced transparency”, McGauran said.

“Racing Australia strongly supports raising the investment limit to $500,000 and increasing the maximum number of members of a syndicate to 50.

“The increase to 50 members in a syndicate will make racing a horse a more affordable option with purchasers able to acquire a smaller percentage share in a horse.”

“The cost to purchase and race a horse has increased since the inception of the original Class Order in 2002.”

“The increase to 50 members will encourage greater participation by small owners.”

“Approved syndicators will also benefit from the new $500,000 cap as they will have greater purchasing choices and opportunities at the major yearling sales.”

“This will also allow participants to purchase a more affordable share in a well-bred horse.”

“Racing Australia recognises ASIC’s detailed and careful consideration of the issues and its commitment to enacting reforms which safeguard the interests of owners whilst providing opportunities for the industry to grow.”