Turf club
Syndicate racing is the new sex at the country's premier turf clubs as a new league of hopeful and enterprising investors pool in resources to buy, train and race champions. A report.
Ocean And Beyond seems an apt name for a horse raced by owners who want to push the envelope on the turf. The horse-owned by a syndicate made up of realtors-under the tutelage of ace trainer SK Sunderji and ridden by top jockey C Rajendra made waves when it won the season's two big-league races: the Bangalore Summer Derby and the Nanoli Stud-funded Pune Derby. It wasn't just the success of the horse that got people talking; but also the owners. For these are not typical turf tycoons like Vijay Mallya and Cyrus Poonawallah, but young entrepreneurs who have pooled in resources to buy and race a champion.
Ameeta Mehra, managing director of Usha Stud Farm in Gurgaon, explains: "Horseracing has come a long way since it was introduced in India by the British and adopted by the royals. Now, we see young professionals, with just eight to ten horses, winning big races like the Indian Derby. Of course, one must also genuinely love the sport and horses if one wants to see success in this field."
Horse racing is by and large an elite affair, requiring deep pockets to invest in mounts, pay exorbitant trainers fees, hire jockeys and, needless to add, bet on the horses. You need large tracts of land and disposable income to rear even a couple of horses. "The proportion is three acres to every one horse," explains Shujaat Hussain, who owns a family-run horse breeding facility in a small village called Kitcha in Uttarakhand. "Ideally, a good stud farm that produces champion stallions should be spread across at least a hundred acres." The perfect stud farm needs a favourable breeding climate; easy availability of feed; access to veterinarian services and lots of grassland.
Tegbir Brar, horse enthusiast and third-generation breeder from Punjab, says: "Horseracing was restricted to royals and rich landlords because, initially, they were the only ones who owned large pieces of land. With growing aspirations and higher disposable incomes, many others are entering the fray. The reason is simple. When you have money, it's easy for you to buy a fancy car or house. But so can hundreds of other people. Owning a horse or two and rearing them to be champions remains a rare feat."
The growing popularity of horseowning syndicates has bred a new aristocracy on the course. For the uninitiated, syndicate ownership refers to a group of people coming together to invest in a racehorse; the owners could be as diverse as corporate executives, entrepreneurs, families, ordinary punters and industrialists. The allwomen syndicate associated with Bangalore Turf Club, for instance, includes Nandini Basappa, a former basketball player; Vedika Khosla, wife of designer Manoviraj Khosla; Indira Mirza, a former model; and Dr Viloo Patel, a biotech entrepreneur, among others. "The total monthly expenditure on maintaining a yearling is between Rs 15,000 and Rs 20,000," says Brar. Clubbing together with a group of likeminded people to generate the money just makes sense.
A thoroughbred can have as many as ten holders (including companies, depending on the rules of the turf club the group associates with) who share the costs, gains, and losses of purchasing, rearing and participating in races. Shiven Surendranath, racing aficionado and Mumbai's posterboy of horsing syndicates, says: "Enthusiasts today race their foals or bet on horses not for vanity or indulgence, but out of pure passion."
Owners like Surendranath are vital to the sport's economic health, as they make risky investments and are a source of much needed funds for turf clubs and stud farms across the country. Some of India's biggest farms, and ones that have produced champion stallions, are Usha Stud Farm and Sohna Stud Farm (Gurgaon, Haryana), Poonawalla Stud Farm and Nanoli Stud Farm (Pune), and Kunigal Stud Farm (Bangalore). People looking to network as they buy tend to head to the annual auction of thoroughbred horses in February in Pune. "Although the better horses are bought through private sales in stud farms, the annual auction is a good way to buy relatively less expensive and competitive animals," says Surendranath, declining to reveal what he means by less expensive.
The industry believes that if syndicates are to continue making horseracing more accessible to young Indians, it is imperative that they be taken more seriously. Cyrus Madan, chairman, Royal Calcutta Turf Club (RCTC) explains, "Every investment needs a great deal of research and understanding and horseracing is no different."
Knowledge about breeding, training and running a farm helps the owner(s) get a better picture of the business. "There are over 10,000 horses racing in India. The odds are not exactly in the owner's favour," he adds.
Owning a successful racehorse means high returns on an investment through winnings and stud rights measured by breeding and bloodstock value; but there aren't too many of them. Indeed, winners are few and far between. Investors who spend money on horses then, purely swayed by the glamour of the business are likely to be more often than not disappointed.
A thoroughbred in India costs between Rs 1 lakh and Rs 50 lakh; maybe even more, depending on the horse's lineage, training and performance, says Vivek Jain, chairman of Mumbai-based Royal Western Indian Turf Club Limited (RWITC). Buyers rely on organisations such as the Stud Book Authority of India to ensure the genealogical integrity of a racehorse. "Thoroughbred breeding is one of the most welldocumented businesses in the world, with the bloodline of every foal practically etched in stone in stud books," says Brar.
A lucky owner can expect a filly to fetch three times its initial value, while a colt's price may double; both subject to racing performance. Shiven Surendranath says if a horse bought for Rs 10 lakh does well in the major races like 2000 Guineas or 1000 Guineas, it can easily be sold for Rs 50 lakh to Rs 75 lakh. Mares can even fetch Rs 1 crore.
Thoroughbred breeding is a global industry with mares sent all over the world to be mated with top stallions. The import of broodmares by almost all of India's stud farms has increased ten-fold over the last five years, adding to the quantity and quality of Indian thoroughbreds. "Each year, over a hundred horses are imported into India for breeding.
Indian thoroughbreds, meanwhile, are exported to places like Singapore, Malaysia and Dubai, where they win big races against international competition," says RCTC's Madan. Two legendary horses that have made it big overseas are Saddle Up, which is owned by Vijay Mallya and Dato Terry Lee and has won races in Malaysia, Singapore and Hong Kong, and Mystical, owned by Dr MAM Ramaswamy, which won two races in the Dubai Racing Carnival. "Indian rules forbid the purchase and import of horses born abroad to restrict international competition and give more impetus to the Indian horse breeding industry. It is permitted to buy an Indian-born mare which becomes pregnant after being mated with a foreign horse," explains Surendranath.
So, does a thoroughbred with good lineage and a handsome pricetag guarantee victory always? "It's a matter of luck. Many times, a less expensive horse has turned things around," says Shujaat. "Nobody can guarantee a champion. You just breed the best with the best and hope for the best."
If good lineage is an important factor, equally crucial is the training to turn a foal into a champion. "Typically, every horse must be rigorously trained for eight to nine months before the racing season," says third-generation trainer Narendra Lagad, who is associated with RWITC. The training gets into a gallop a fortnight before a race; both trainer and jockey put the mount through an intensive programme called 'pace work' that includes strength and endurance routines like galloping, cantering, jumping gates, swimming and competing with other horses. Champion trainers like Lagad command fees of at least Rs 10 lakh a year, plus Rs 25,000 per horse they train. If the horse wins, they also get a percentage of the prize money.
The jockey is also eligible for a share of the winnings, while the race club and bookmaker(s) get a commission. The country's biggest and most prestigious horseracing events, the Indian Turf Invitation Cup Weekend Racing Carnival are held at the Bangalore Turf Club, the Hyderabad Race Club, the Royal Western India Turf Club in Mumbai, the Royal Calcutta Turf Club and the Madras Race Club. These also host smaller but prestigious races in which champions of smaller turf clubs participate; the prize money of some may be as much as Rs 1 crore.
Horseracing with all its thrills and metaphors-sharp suits and lace hats, champagne and cigars- has long been a glamour sport of the richie-rich. Not any more. The racing season has begun, and so has the action. The winners of the last season are hopeful of an encore while the newbies prepare to hold their horses looking for the new Secretariat.
(With inputs from Anamika Butalia and R. Pallavi)
McDowell Signature Indian Derby is one of the country's richest individual racing events
Horse racing is by and large an elite affair, requiring deep pockets to invest in mounts, pay exorbitant trainers fees, hire jockeys and, needless to add, bet on the horses. You need large tracts of land and disposable income to rear even a couple of horses. "The proportion is three acres to every one horse," explains Shujaat Hussain, who owns a family-run horse breeding facility in a small village called Kitcha in Uttarakhand. "Ideally, a good stud farm that produces champion stallions should be spread across at least a hundred acres." The perfect stud farm needs a favourable breeding climate; easy availability of feed; access to veterinarian services and lots of grassland.
| Nice to know 1.The first thoroughbred was created around 18th century when mares from England were bred with Arabian stallions. Later, these thoroughbreds were shipped to other parts of the world, including India. 2. Characteristics of thoroughbreds: they are tall, ranging from 15 to 17 hands high; they are usually in shades of brown, black, and grey, and in some cases palomino and roan. While spots are acceptable on the face and legs, they are not considered appropriate on the body. 3. For racing purposes, the date of age of the thoroughbred is set by the calendar rather than the actual birth date. When racing in the Northern Hemisphere, the thoroughbreds gain a year of age at the first of each year in January. If in the Southern Hemisphere, the horses age a year in August. 4. Return of the Mare is a book that's released prior to the racing season in all turf clubs in India and is a good source for locating thoroughbred mares. |
The growing popularity of horseowning syndicates has bred a new aristocracy on the course. For the uninitiated, syndicate ownership refers to a group of people coming together to invest in a racehorse; the owners could be as diverse as corporate executives, entrepreneurs, families, ordinary punters and industrialists. The allwomen syndicate associated with Bangalore Turf Club, for instance, includes Nandini Basappa, a former basketball player; Vedika Khosla, wife of designer Manoviraj Khosla; Indira Mirza, a former model; and Dr Viloo Patel, a biotech entrepreneur, among others. "The total monthly expenditure on maintaining a yearling is between Rs 15,000 and Rs 20,000," says Brar. Clubbing together with a group of likeminded people to generate the money just makes sense.
A thoroughbred can have as many as ten holders (including companies, depending on the rules of the turf club the group associates with) who share the costs, gains, and losses of purchasing, rearing and participating in races. Shiven Surendranath, racing aficionado and Mumbai's posterboy of horsing syndicates, says: "Enthusiasts today race their foals or bet on horses not for vanity or indulgence, but out of pure passion."
Owners like Surendranath are vital to the sport's economic health, as they make risky investments and are a source of much needed funds for turf clubs and stud farms across the country. Some of India's biggest farms, and ones that have produced champion stallions, are Usha Stud Farm and Sohna Stud Farm (Gurgaon, Haryana), Poonawalla Stud Farm and Nanoli Stud Farm (Pune), and Kunigal Stud Farm (Bangalore). People looking to network as they buy tend to head to the annual auction of thoroughbred horses in February in Pune. "Although the better horses are bought through private sales in stud farms, the annual auction is a good way to buy relatively less expensive and competitive animals," says Surendranath, declining to reveal what he means by less expensive.
Horses in training
| Races to watch out for this season Bangalore VIF Bangalore Derby Grade I, January 26 Governor's Trophy, February 26 Hyderabad The Vijay Textiles Golconda Derby Stakes Grade 1, January 30 Mumbai
Kolkata The Eveready Calcutta Derby Stakes Grade 1, January 9 |
Owning a successful racehorse means high returns on an investment through winnings and stud rights measured by breeding and bloodstock value; but there aren't too many of them. Indeed, winners are few and far between. Investors who spend money on horses then, purely swayed by the glamour of the business are likely to be more often than not disappointed.
A thoroughbred in India costs between Rs 1 lakh and Rs 50 lakh; maybe even more, depending on the horse's lineage, training and performance, says Vivek Jain, chairman of Mumbai-based Royal Western Indian Turf Club Limited (RWITC). Buyers rely on organisations such as the Stud Book Authority of India to ensure the genealogical integrity of a racehorse. "Thoroughbred breeding is one of the most welldocumented businesses in the world, with the bloodline of every foal practically etched in stone in stud books," says Brar.
Jockeys with their horses at the start gate
Thoroughbred breeding is a global industry with mares sent all over the world to be mated with top stallions. The import of broodmares by almost all of India's stud farms has increased ten-fold over the last five years, adding to the quantity and quality of Indian thoroughbreds. "Each year, over a hundred horses are imported into India for breeding.
Indian thoroughbreds, meanwhile, are exported to places like Singapore, Malaysia and Dubai, where they win big races against international competition," says RCTC's Madan. Two legendary horses that have made it big overseas are Saddle Up, which is owned by Vijay Mallya and Dato Terry Lee and has won races in Malaysia, Singapore and Hong Kong, and Mystical, owned by Dr MAM Ramaswamy, which won two races in the Dubai Racing Carnival. "Indian rules forbid the purchase and import of horses born abroad to restrict international competition and give more impetus to the Indian horse breeding industry. It is permitted to buy an Indian-born mare which becomes pregnant after being mated with a foreign horse," explains Surendranath.
 One can bet either on the totes or totalisators or in the bookmakers' ring. The type of bets are: Win, Place, Forecast Pool, Quinella Pool, Jackpot Pool. Some important bets on Totes Bet to Win: Pick a horse to finish 1st Bet to Place: Pick a horse to finish 1st, 2nd or 3rd (in races with eight runners) Accumulator Win: This is a multi-race bet in which the winnings are subsequently wagered on each succeeding nominated race Forecast/ Quinella Pool: Pick two horses to finish 1st and 2nd Jackpot: Select the winners of the five races designated by the club for the Jackpot Pool at the declaration stage. You can either buy a single-digit ticket (eg: 1-8-5-2-12) or a combination ticket (eg: 1/6-7/8-5-2-6/12). If you get the first four winners correct, you share in the consolation dividend of 30 per cent. If you get all five right, you share in the 70 per cent dividend amount Betting with a Bookmaker: Bet to Win : Pick a horse to finish 1st Bet to Place: Pick a horse to place till 3rd (Source: www.rwitc.com) |
So, does a thoroughbred with good lineage and a handsome pricetag guarantee victory always? "It's a matter of luck. Many times, a less expensive horse has turned things around," says Shujaat. "Nobody can guarantee a champion. You just breed the best with the best and hope for the best."
If good lineage is an important factor, equally crucial is the training to turn a foal into a champion. "Typically, every horse must be rigorously trained for eight to nine months before the racing season," says third-generation trainer Narendra Lagad, who is associated with RWITC. The training gets into a gallop a fortnight before a race; both trainer and jockey put the mount through an intensive programme called 'pace work' that includes strength and endurance routines like galloping, cantering, jumping gates, swimming and competing with other horses. Champion trainers like Lagad command fees of at least Rs 10 lakh a year, plus Rs 25,000 per horse they train. If the horse wins, they also get a percentage of the prize money.
The jockey is also eligible for a share of the winnings, while the race club and bookmaker(s) get a commission. The country's biggest and most prestigious horseracing events, the Indian Turf Invitation Cup Weekend Racing Carnival are held at the Bangalore Turf Club, the Hyderabad Race Club, the Royal Western India Turf Club in Mumbai, the Royal Calcutta Turf Club and the Madras Race Club. These also host smaller but prestigious races in which champions of smaller turf clubs participate; the prize money of some may be as much as Rs 1 crore.
Horseracing with all its thrills and metaphors-sharp suits and lace hats, champagne and cigars- has long been a glamour sport of the richie-rich. Not any more. The racing season has begun, and so has the action. The winners of the last season are hopeful of an encore while the newbies prepare to hold their horses looking for the new Secretariat.
(With inputs from Anamika Butalia and R. Pallavi)
