Dear horse racing Twitter, and the industry at large:
Do better. Stop shooting yourself in the foot. Stop creating division and strife where there is no reason for it; we have enough issues as a sport.
Over the weekend, yet another tweet made the rounds mocking a MyRacehorse owner. While there were prominent industry members that defended the legitimacy of ownership through micro shares, there were multitudes chiming in with condescending disdain for the “fake” ownership through MyRacehorse.
For years, the industry has discussed and lamented how to bring in new participants. No significant changes have occurred since the creation of syndicates, until MyRacehorse. When the model was first launched, I was skeptical. However, there is no denying that the model is working. MyRacehorse is bringing in thousands of new owners to the industry, and yet somehow many in and around the industry view that as a bad thing.
In the “Sport of Kings,” one of the greatest appeals is the ability for the underdog to win at the highest level. Yes, million-dollar horses win the Kentucky Derby, but so do California-breds that would have brought a small fraction of that price if offered at auction. When syndicates like Team Valor, West Point, or Starlight win the Derby, their co-owners are not met with challenges to the legitimacy of their ownership. Yet it seemed as soon as Authentic crossed the wire, Twitter was exploding with condescension for the ecstatic micro shareholders. So, what is the difference?
Was Animal Kingdom celebrated because he was trained by Graham Motion, and not Bob Baffert? Did the shareholders in Authentic just suffer as collateral damage from “Baffert in the winner's circle” fatigue? That can't be it, because there was no issue with the Starlight partners in Justify, also trained by Baffert. Likewise, Starlight bought in after Justify had broken his maiden, so it can't be that MyRacehorse bought in later.
As a $350,000 yearling, Authentic brought the same price as Always Dreaming. With syndicate owned Derby winners selling for much more and much less, he was neither “too expensive” nor “too cheap” to support.
The only true difference that can be noted in the industry's reception to successful syndicates seems to be share price. It is the height of ignorant elitism to think that writing a bigger check makes you more of an owner. Any individual willing to spend their money to own any piece of a horse is an owner. Working with syndicates, and advocating for ownership through them, I have said, “Nobody asks how much of the horse you own when you're in the winner's circle” many times. And that was true, until MyRacehorse.
Are people jealous they didn't come up with the model first? Or that they chose not to buy in and have missed out on ownership of some truly spectacular horses? Do they feel that owners with MyRacehorse didn't suffer through enough failure to have “earned” the levels of success achieved? I truly don't know the answer, but there isn't an explanation I have come up with that is anything other than petty and self-sabotaging.
The one argument I've seen that almost makes sense is that MyRacehorse is a “scam.” I say almost makes sense because they are the most transparent entity I have seen. The reason everyone can criticize share prices and number of owners is because that information is readily available. They can complain about fees, and claim to be defending those buying in, because those fees are explicitly stated on the website. MyRacehorse is utterly open about what your financial contribution goes to, from acquisition of the horse, to training costs, to overhead and management fees. And you know who I've not yet seen complain about those things? Actual MyRacehorse owners. I have seen them defend their ownership, I have seen them express gratitude for all the information provided ahead of commitment, I've seen them brag about the access to their horses they have, and I have seen them celebrate their horses on the track.
And the part the entire industry should be celebrating? I have seen them progress to individual ownership.
As MyRacehorse continues to blaze new trails in the industry, they appear to be striving to continue to bring in more owners, and to help those owners fulfill their horse ownership dreams, whether that is always at the micro share level or something more. I wish I could say it's baffling to me that the industry is so opposed to such a positive force of change, but it's really just par for the course. The industry faces a multitude of challenges to long term success, and is consistently divided on every aspect of them. While most issues have legitimate arguments on both sides, there is no reason to dismiss new participants for not spending enough money on the sport other than petty jealousy and elitism. As an industry, we need to do better.
*I do not work for nor do I own shares through MyRacehorse
–Erin O'Keefe, Farm Manager & Bloodstock Services, BTE Stables
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The post Letter To The Editor: ‘Petty Jealousy And Elitism’ The Motivations Behind MyRacehorse Bashing appeared first on Horse Racing News | Paulick Report.
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