I am looking to form a horse racing partnership. I know there are partnerships out there but there are not a lot near the area where I live and you have little say in the partnerships. I am from Tennessee and looking to base the horse in Kentucky. I am looking for people like me that that want to get into racing but don’t have the funds to go it alone, and don’t want a percent of a horse that they have little contact with because of the distance, or say in the direction of the horse. The purchasing of the horse, choice of bloodstock agent, trainer, sale or retirement of the horse, and all else involved to be voted on based off of present ownership. I am willing to handle all the paperwork, communicating with trainer, etc. I have looked to get into horse racing for a long time but I don’t have the buying power alone to get a horse with a decent chance of competing. If interested and would like more information, please email me at toddhorseracing@gmail.com
Do you have contacts in the racing world including and most especially a bloodstock agent who knows what he’s doing? I have first-hand experience in the kind of partnership you want to form and you need a lawyer who knows the business, a bloodstock agent, and a managing partner who knows the business and can be on hand at the track and who knows the licensing and laws inside out. If not, you are going to get in enormous financial and legal trouble, if you don’t just get fleeced. There is a lot of expensive legal work you MUST have done. If you don’t have any direct, personal, experienced connections I would strongly advise looking into existing partnerships. Lack of direct personal experience also means, frankly, you aren’t in a position to be making a lot of decisions about the horse’s direction because odds are you don’t know what you’re doing.
And please understand that even with 20+ owners, it’s not cheap except in comparison to outright ownership outside a partnership.
I always dot my i’s and cross my t’s before I jump into anything. I have talked to multiple trainers, bloodstock agents, veterinarians, breeders, been to several sales, and multiple other people in the horse business. This is not something I would blindly jump into. I have nothing against the established partnerships, I just want to be a little closer to the partnerships main location and be involved in the process. I would definitely use a bloodstock agent and go with the trainers advise on most of the decisions on the direction of the horse. I have wanted to get in to the horse racing game for most of my. Over the past decade, I have studied, visited, emailed, and talked to several people in the business. I know its expensive, I know the odds are against success, but it is something I want to do. Only live once.
FWIW, if/when you get this partnership going, I’d caution how you market it as it would be your first venture into a risky part of the racing industry.
What I read out of what you’ve said is you want others to help fund your lifelong dream. 
Your marketing would need to present why I’d want to invest in your partnership and what sets your partnership apart and not some other partnership that more experience.
The people I know that do partnerships have a lot of fun with it. The other partners usually expect to have a connection to the horse–photos, Facebook, going to watch workouts together, going to the races together, etc. Because of that social element, it seems that most select their partners from people that they already know. I think it’s important to be comfortable with the fact that you are indeed sharing your racing/ownership experience with others.
The next obstacle is that there’s a huge trust element–with many layers of trust required. First of all, the person giving the partnership the money needs to feel comfortable that the money is being spent wisely and that no one is taking advantage. For example, I know one partnership where a controlling partner of a jointly owned horse agreed to a higher board and training rate for the partnership owned horse to get a discount rate on his personally owned horse, and I think also sometimes may have had the partnership pay for things (chiro, supplements) that actually were for his own horse. These are relatively minor infractions $$ wise but in my book completely unacceptable.
The next layer of trust is that when you are talking about racing, you are talking about sending the horse off to farms and trainers where you have to trust that that farm or that trainer is doing their job well. Some farms and trainers do better than others. Some farms and trainers don’t deliver as good of service/communication to “smaller” owners. You need to have a list of good farms and trainers that can work with your partnership where your partners aren’t going to worry about mistakes/things being overlooked or lack of communication. It sound to me like you have set up some networks and that is great. Just be prepared–sometimes farms and trainers don’t live up to expectations. Always have a plan B.
However things work out, one of the most important aspects of a partnership agreement where a horse is concerned is the part about how the partnership will end. For example, what happens if the horse breaks down? What happens when it is time for the horse to retire? What if the horse never makes it to the track? You need to figure out not only what happens to the horse, but what happens to the ownership interests. It’s important to choose partners that understand that owning a racehorse can be thrilling but it also can be heartbreaking. It’s good for people to enter into the partnership with an agreed upon “disaster plan” should the horse require expensive surgery/rehab or require early retirement. Also, you need an alternative plan where one or more of the partners wants to sell out early or fails to pay their share of expenses.
There are many companies out there that put together and manage partnerships for people who want to do what you describe. IME, those partnerships are a LOT of $$$ for a tiny piece of a horse that you never touch. I have periodically looked at several for clients and they are not a good value, IMO. If you are rich, know nothing about horses, and you want to have a few racing-themed social engagements to network with other rich people, they might be just what you want. If you want to be involved, have some decision making power and feel like you own a racehorse they are not for you. It’s not cheap to own and train a racehorse (understatement of the year), but I know what it costs and the people managing those partnerships are generally paying themselves pretty well (and getting some kickbacks). If you know some basics about horses and racing, and you feel that you could find good farms and trainers to work with, and you feel that you have some decent organizational skills and are able to conduct yourself honestly, I think much more rewarding to do your own thing.
Another option re: partnership is to find someone who already has a nice horse but who is looking for a partner to develop it and race it with. Of course, you need to make sure that person isn’t “barn blind” about the quality/talent of their horse, and also make sure that they are a good candidate to partner with, aside from owning a nice horse.
Now that I re-read your post, I realize that I have given you a lot of unasked for advice But hopefully my comments will help you find the right partners to share your racing experience with.
Just to add, the partnerships I’m aware of do have legal contracts but they are relatively simple. It is possible to do this without a giant legal team. You don’t have to have a bloodstock agent, that’s nonsense (unless you know nothing about the business and have no one else to help you). You do need a network of some trusted “insiders” who can advise you along the way. Is it possible that you will make mistakes? Yes it is. It’s a tough business and people aren’t always what they seem. A gorgeous farm with a fancy website and high rates might have a guy who arrived from Mexico last week and knows nothing about horses handling your horse irresponsibly with very little oversight. A big name trainer with a great reputation might push your horse off on an assistant trainer who happens to be not that great (or downright foolish/careless). Who the “best” farms and trainers are is not always clear. I think this is the toughest conundrum for new owners. A lot of people/places look great on the outside, but are not actually that great IRL.
