nags2riches Racing Club, the fun division of
Solitude Thoroughbreds
Ready to get in the game? At Solitude we love horses, hospitality, and having fun! What better way for us to share all of these things, than invite you in to share in what is not a sport to us; but a lifestyle. By broadening our collective reach and mitigating our individual costs, we hope that we can introduce you to the lifestyle of running for the roses!
nags2riches was created to allow anyone with a love of horseracing to "Get in the Game"! Solitude Thoroughbreds will retain 20% of each horse sold so you know, we are still in it to win it- with our own stake in each horse. From there, expert racing management will be afforded to you and your horse. We will keep you posted about your horse through monthly communication in the members-only group ap. Events at the track and at the farm will keep the connection strong; making your horse(s) and their careers a big part of your life!
WHY nags2riches IS THE RIGHT PARTNERSHIP:
If you are someone who always had the dream of owning a Thoroughbred racehorse and have room on your wall for a few coveted winner's circle photos, there are some important things to consider in order to maximize your experience and avoid some of the pitfalls that can leave a new owner's confidence crippled.
PAVING THE WAY: As the Executive Director of the Minnesota Racehorse Engagement Project from 2019-2022, Joe Scurto was able to direct over 300 first-time owners into Thoroughbred racehorse ownership. The secret to making this happen was providing a menu of options/opportunities that would appeal to a vast audience. He also took down a plethora of barriers to entry and answered hundreds of questions in the process including, "how much does a horse cost". Let us start there.
INVESTMENT: One of the best things that has happened in Thoroughbred racehorse ownership in the past decade is that ownership is not just for blue-blooded capitalists or celebrity chefs anymore. If you have a love for horses or horse racing and an extra $125 in your pocket, you can own a share in a “nags2riches” Thoroughbred racehorse. Establishing an investment level that you are comfortable with is vital, and we have created an investment platform to fit everyone’s budget. The key to financial success in this business is longevity and a lot of luck. Being able to financially survive long enough until the "big horse" comes along--or be just fine even if he never does--should be the objective for any new owner coming into the game. We have partnerships that can offer you .25% for just $125.00 and a small monthly fee of $25/month. The highest level of the current partnership offering does not exceed $2500 for 5% ownership of a single horse, all four different horses or anything in between. Some other partnerships out there capitalize only once on an initial MICRO SHARE investment and have no additional bills or cash calls. We realize you have several choices for racehorse partnerships, and although there is a certain attractiveness to the one-time investment for a micro share which are priced and marketed with the intent to sell several thousand shares, those offerings include a cap on potential losses. The downside is that they also preclude a real opportunity of making that purchase a true investment opportunity.
NOTHING VENTURED, NOTHING GAINED: “You can’t expect to achieve anything if you never take any risks”. We have all heard the saying….and the same is true in horse racing. A true “ownership experience” is one of getting checks and writing checks each month. The great thing is that these many unique ownership opportunities all exist. Take some time to ponder what would be comfortable for you, carrying the knowledge that you can always get involved in other partnerships down the road if you find your first choice was not what you expected. The important thing is to invest enough to make it exciting, but never more than you can afford to lose.
ENTERTAINMENT VALUE: Owning a Thoroughbred racehorse is a bucket-list item for most racing fans. When you take the first step and communicate to family and friends that you are thinking about buying a racehorse, be prepared to get hit with, "what a waste of money", "what do you know about horses?" To those comments, I would simply retort, "how much did that family vacation to Disney cost you?" Most people are comfortable spending thousands of dollars for vacations, season tickets to sporting events, golf memberships, or even a boat. Here’s something to consider, the average cost of taking a family of four out to dinner or to the movies is higher than the entry level of owning a racehorse! The entertainment value of owning a Thoroughbred racehorse is far greater than a three-day trek to stand in long lines and buy overpriced souvenirs. Consider the value of a summer visiting the stable area with your family friends or important clients, or a trip to our beautiful breeding and training farm in Alvord Texas, watching morning workouts, feeding your horse carrots, inviting people to the racetrack, being in the paddock and cheering on your horse as it takes the lead and goes on to win? Most people don't even know this is available to them. Sharing these moments and memories has tremendous value and so do the people you will meet. Horse racing is a social game and ownership takes it to a new level. The many social gatherings at Solitude farms are a must do! Partnerships offer you “partners” --people who are like-minded, love the game, and understand there is something special in these equestrian athletes. You will also meet the trainers, jockeys, and the people that care for and race your horse. These are some of the most interesting people on the planet and as an owner/partner, you will now be part of this wonderful family. Shared stories, shared pictures, shared victory toasts are what you are really investing in. The fact that you can actually make money on top of that makes ownership very appealing. The entertainment value is your true return on investment, and it can be tax deductible.
TAX BENEFITS: Owning a Thoroughbred racehorse can offer you several tax advantages, if executed properly. When looking at a partnership in which to become involved, you need to ask how they handle the tax issue with their partners. Some micro-share opportunities are not actual ownership, but entertainment clubs where there are no tax advantages or consequences. A nags2riches ownership is true ownership and will be treated as such. nags2riches will issue a 1099 for each owner leaving you to report your expenses separately. You will need to consult with your accountant to determine if your chosen level of partnership will be a tax benefit. If operated like a true business (Hobby Loss Challenge), your involvement will open doors to depreciation deductions, travel deductions, related research costs, etc. that will all help offset other income you report. There are professional equine tax and accounting individuals and groups that you can find through simple Google searches.
The multitude of factors to consider prior to embarking on thoroughbred racehorse ownership can often feel like handicapping the Breeders' Cup card. It can seem overwhelming. Yet, it is not as complicated as you might guess, and you will learn along the way. We hope that you will find our partnership to be not only affordable and exciting, but also educational. Please do not hesitate to contact us to help you make the best decision on the partnership that may be right for you.
Thank You for taking the time to read this! I hope to see you in the winner’s circle!
Note: Portions of the preceding information was provided by Joe Scurto & published in the Thoroughbred Daily News.