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Frequently Asked Questions
Q) What does Diamond Racing Stable do?
A) We form standardbred racing partnerships comprised of investors willing to share ownership of a racehorse and fulfill their dreams of being involved in harness racing.
Q) Who manages Diamond Racing Stable?
A) The Managing Partner for DRS is Charlie Longo. Charlie is a graduate of Iona College with a BBA in Marketing. He attended the U.S. Trotting Association Driving School in 2012 and has owned over 70 horses. He serves on the Board of Director's for the Standardbred Owners Association of New York. Charlie also drives on the amateur racing circuit. Learn about the rest of the team in the "About" section.
Q) What privileges am I entitled to as an investor with DRS?
A) Investors are welcome to visit the barn in the mornings and watch your horse go about his daily routine. On race day, you can join us in the paddock and watch as your horse is prepared to race. When your horse is lucky enough to reach the wire first, share the joy and exhilaration of entering the winner's circle for the victory photo. Other benefits include free race programs, investor appreciation day and an invitation to our Hambletonian outing at the Meadowlands.
Q) How much does it cost to take care of a racehorse?
A) A racehorse training cost can vary significantly depending on many factors and can range from $2,500 -$3,500 per month. This would include the following average costs:
Training Fees - They are charged per diem. Training centers located in the NY-NJ area often charge as much as $55 -$80 per day due to higher overhead costs. Essentially, we are paying for basic feed such as hay and grain, straw for bedding, the services of a groom who is the person assigned to the day-to-day care of our horse, along with the trainer who oversees the operation of the stable.
Equipment Costs – On occasion, we may need to purchase equipment for our horse. This could include necessities such as a blanket, cooler, bandages, wraps, halter, bridle, knee and tendon boots and other miscellaneous items.
Farrier Charges - Horses generally need to have their shoes replaced every 4-6 weeks. This will average about $150.
Veterinary Fees - Horse are required to be vaccinated yearly and health test are to be administered by a vet. We would estimate annual cost to be about $2,500 barring any major illness/injury.
Transportation Costs - Most tracks no longer provide barns for horseman resulting in increased shipping expense. Shipping from farms and training centers may average $125-$200 per race depending on the destination. Tracks we compete at include Yonkers, Meadowlands, Monticello, Saratoga, Tioga, Plainridge, Freehold, Harrah's Philadelphia and Pocono Downs.
Paddock Fees - We hire a groom on race nights to prepare our horse to race. His responsibility is to ship the horse, equip him to race, bathe him after the race and return him to the barn and clean his stall. For these services, he is typically paid $75 per race.
Stall Rent - It will vary depending on the trainer and other factors.
As you can see, horse ownership can be an expensive proposition and is not for everyone. That's why fractional partnership groups are a great way to get involved as these costs can be shared by the entire group. You only invest what you are comfortable with.
Q) When will I receive my bills or profits?
A) The trainer will bill our stable at the end of each calendar month for the previous 30 day period. Monthly statements will be emailed to investors shortly thereafter. If our horse sustained a loss for the month, the investor would be billed for their percentage of that loss. If our horse realized a profit for the month, the investor may request his share of the profit's less expenses. All bills should be paid to the managing partner by the 15th of the month via check, PayPal or Venmo. Please note that there may be a delay in receiving vet invoices on work done at end of the month. These charges will appear on the following monthly statement.
Q) How will I know when my horse is racing and how do I receive information on my investment?
A) Our website is the primary vehicle for obtaining racing information. DRS will also communicate pertinent information on a regular basis via email including our entries and results. This may include feedback from the trainer or driver concerning the horse's performance.
Q) Does DRS insure their horses for mortality or major medical?
A) No, we do not. Purchasing life insurance is a decision we feel each partner should make individually. These policies can be expensive (usually 3% to 6% of the horse's value) and statistically speaking, the odds of a racehorse dying is low. We also believe purchasing medical insurance is not a sound financial decision for horses. This type of insurance is expensive (ranging from $700-$1,000) per year. Most injuries do not require surgery and this type of insurance (along with life insurance) can be costly.
Q) What risks are involved in owning a horse?
A) Any racehorse is a risky investment. They are living things, subject to illness, injury and death. We can take many precautions but there is no way to prevent the potential for danger that is inherent in racing. An investment in a racehorse is only recommended for those with relatively moderate net worth or for those who have experience in and /or a strong understanding of the business.
Please give serious consideration to becoming an investor with DRS. Remember, our mission is to introduce a new generation of fans and owners to the wonderful sport of harness racing. We have made ownership affordable so come join us and experience 100% of the thrills for a fraction of the cost. See you in THE WINNER'S CIRCLE!
Q) How is purse money distributed?
A) Standardbred races are paid out as follows: 50% to the winner, 25% for 2nd, 12% for 3rd, 8% for 4th and 5% for 5th.
Please call or email us with any questions.
Charlie Longo 914-557-6586