Buying a share in a racehorse is best viewed as the cost of an experience - the involvement, the access, the yard visits, the race days, the journey, the dreams. There are no guarantees of any financial return.

That said, with Boombox we have given ourselves a real chance of a return. She is a proven, well-bred mare with the potential to add value through her racing career and to have residual value as a broodmare at the end of it.

There are two ways you may receive money back:

1. Prize money. If Boombox wins any prize money during the Syndicate Period, you receive your pro-rata share. OLBG Racing makes no deductions from prize money no entry fees, declaration fees, jockey fees, travel costs, staffing charges, or management percentage. All those costs are already covered in your Costs Per Share. Many other syndicate operators take a slice of the prize money; we don't.

2. Sale proceeds at the end of the Syndicate. At the end of the syndicate term Boombox will be sold (subject to earlier or later sale as per the terms and conditions). Members will receive their percentage share of net sale proceeds pro-rata to Shares held. The deductions then would be the costs of sale such as auction house commission, consigning costs (where applicable), and OLBG's 5% sale commission (this is normal, many other syndicates charge the same or more).

Prize money is distributed to Members at the end of each National Hunt season - by the end of May, alongside the season-end statement showing all income earned during the year.

A note on the figures: when prize money is listed in racing publications, it's typically the gross prize fund. Before it reaches the owner there are deductions for shares paid to the trainer, the jockey and stable staff. The owner's share - what reaches the Syndicate - is typically around 7880% of the published figure. 

Whatever the Syndicate receives as owner's share is distributed in full to Members pro-rata to Shares held, with no OLBG deduction. Some syndicates will take a slice, we don't.

Many syndicates will also deduct entry fees, declaration fees, sometimes jockey fees and other race day costs such as travel and stable staff costs. Again, OLBG doesn't - that is all allowed for within your cost per share. 

We will arrange regular organised visits to see Boombox.

A morning on the gallops at Harry Derham Racing is a lovely experience. We typically start at 9.15 and follow third lot. There are some lovely places to stay near by the night before if you want to make it a real break. 

As partners with Ed Bailey Bloodstock too, we can offer something that many can't - a visit to Boombox whilst she is on her summer holidays! This will allow for very enjoyable insights into life at a bloodstock farm. From foals and yearlings to yard stars having a break, we would thoroughly recommend the visit. 

We will give plenty of notice for organised visits and should you not be able to make any of them, we will do what we can to make sure you have the chance to visit Boombox at least once per season. 

Your full commitment is the Costs Per Share: The Initial Payment on joining, plus 24 monthly payments payable from June 2026 to May 2028. 

You have a 14-day cooling-off period after joining - full refund, no questions, if you change your mind.

After that, if your circumstances change, you can cancel your Membership at any time with 30 days' written notice. On cancellation, your Share reverts to OLBG, your monthly payments stop, and the amounts already paid including your initial payment are forfeited. We've built this in so no one is locked in, but it isn't a refund route. 

When Boombox wins or places, races often include non-cash prizes alongside the prize money - champagne, food hampers, trophies. Here's how we handle them:

• Perishable prizes (champagne, food hampers) - balloted among Members present at the racecourse that day.
• Non-perishable prizes (trophies, mementos) - entered into an end-of-season draw open to all Members, with one ballot entry per 1% Share held.
• Perpetual trophies (ones we have to give back) - held either at the yard or with OLBG Racing until we need to return them. 

The number of owners badges allocated to the owners of each runner in a race varies by racecourse and by race day and even by race. Racecourses are limited by their facilities for hosting owners in their restaurants and by safety regulations for how many they can allow in the parade ring area.

Sometimes the allocation can be as low as 6 badges, sometimes as high as 20 badges (sometimes without food or parade ring access), but typically ihe usual allocation is around 10 badges.

So unless you own 16.66% or more of a horse, you shouldn't be given a guarantee of a badge. At OLBG Racing we prefer not to make guarantees, apart from that we will try our absolute best to make race days as enjoyable as possible for all our owners.

The reality is that not all members will be able to or want to attend the racecourse every time Boombox runs. When we do have strong demand, the fairest way we believe to allocate badges is using this process

1) We will notify everyone of any race entries and invite you to apply for a badge

2) We will request our allocation from the racecourse

3) If applications exceed the allocation, we will run a ballot - one entry per 1% owned

4) We will use our contacts within the industry as yard sponsors, sponsors of jockeys, great relationships developed with racecourses through sponsorships and partnerships and sometimes just by asking nicely to secure more badges where possible. This may also include buying additional badges.

5) We will then allocate these additional badges by the fairest way possible at our discretion

This way everyone gets a fair chance in any ballot and we can compensate for any bad luck in past ballots through allocation of additional badges at future race days.

When there is a choice between fewer owners badges with a meal and more badges without a meal but with parade ring access, we will weigh up the amount of applications for badges and make a decision based on what is best for the syndicate members as a whole.

Where there is strong demand for racecourse attendance we will also seek to arrange discounted admission tickets for those who miss out on owners badges. Our race day host will always do their best pre race day and on the race day itself to help you to enjoy your day. This could include helping you to book a table in a restaurant or ensuring that you hear from your jockey or trainer representative even if you miss out on parade ring access.  

A provision for veterinary care is included in your Monthly Payments. Members are never asked for additional payments, whatever happens - any shortfall will be covered by OLBG.

For a temporary injury (a few weeks or months out): she rests and rehabilitates either at Harry's yard or at Ed Bailey's farm. The Syndicate continues, your monthly payments continue, and she rejoins the training schedule when she is ready to do so. 

For a career-ending injury: Harry and the vet team would discuss with us whether retirement is in her best interests. If yes, we close the Syndicate at an appropriate point - your monthly payments cease at the close date. As a well bred mare she will likely have value for breeding, especially if she performs well before her retirement, in which case we will arrange a sale or OLBG will buy her from the syndicate at Fair Market Value (details of how we reach fair market value will be in the full terms and conditions). If sale or breeding isn't in the best interest of the horse then OLBG will fund her ongoing welfare and rehoming. 

She is not insured by the Syndicate for All Risks of Mortality. Members who want mortality cover over their Share can arrange this independently at their own cost. In the event of death, the syndicate would be closed and payments cease at the close date. 

Members can't sell or transfer their Share to a third party. The Syndicate is a closed Membership for the agreed two-year term.

However, you can cancel your Membership at any time (after the 14-day cooling-off period) by giving 30 days' written notice. On cancellation, your Share reverts to OLBG and monthly payments stop - but the amounts you've already paid are not refunded. This includes no refund of your initial purchase price payment. This is an exit route built in so circumstances changing doesn't trap you, not a refund mechanism.

In the event of a Member's death during the Syndicate Period, membership terminates on notification, the estate may make a written claim before the Syndicate closes. OLBG will then purchase the share with proceeds going to the estate. Full details of this process will be in the full terms and conditions. 

Raceday owners badges are limited but guests are of course welcome to attend the races through buying a general admission badge. They won't have access to the same areas an owner's badge gives you. 

On yard visits there are likely to be plenty of spaces for you to bring a guest - we will confirm this on an event by event basis.

The Syndicate is managed jointly by Richard Moffat (registered Sole Owner with the BHA; individual licence to Manage Syndicates and Racing Clubs) and Invendium Limited T/A OLBG (registered Owner Company), with Antony Portno (Director of Invendium Limited) separately holding an individual BHA licence to Manage Syndicates and Racing Clubs.

Richard Moffat bought his first share in a racehorse over 22 years ago. He has managed the OLBG Racing Club since 2024 and been involved in the management of a one horse club and a micro share syndicate. Richard is the CEO of Invendium Ltd T/as OLBG, a member of the Racehorse Owners Association and the Racehorse Syndicates Association. Richard became one of the first people to be issued by the BHA with a Licence to Manage Syndicates & Racing Clubs when the new licensing came into force from January 1st 2025.  

Operational support - Molly White (ex-Highclere; currently runs syndicates for Philip Hobbs/Johnson White); James Banting (full-time Invendium employee, works on OLBG Racing Club and OLBG member services); supporting in-house OLBG group teams covering accounting, banking, social media, PR, design and development.

You do not pay VAT on these contributions and therefore have no VAT to claim back. VAT is all taken care of within the syndicate.

All costs for accounting and processing VAT are included as part of your monthly payments 

Ultimately the syndicator will make any final decisions, except where voting is allowed for in the terms and conditions.

Race plans, jockey bookings, welfare decisions etc. will all be made in consultation with the trainer, vets and any other professionals whose opinion we seek.

All communication with the trainer, the authorities, race day officials, jockeys is via the syndicator only 

At the end of the 2026/27 National Hunt season, the Syndicator will provide Members with a written review including:

• Trainer review;

• Bloodstock agent review and current Fair Market Value indication;

• Syndicator review;

• a statement of all income the Horse has earned and a breakdown of what is payable per % owned;

• the process for receiving each Member's share of income.

Sourcing a racehorse is something OLBG, Ed Bailey and Harry Derham take extremely seriously.

The process starts long before the sale itself. Together, we discuss the type of horse we are looking for and the profile that we believe offers the best opportunity for our syndicate owners.

OLBG carries out extensive research and data analysis, studying sales catalogues, form, pedigrees and performance trends to help identify suitable targets.

Eds work often starts even earlier. He regularly visits horses at their home yards, watches them in schooling races, follows their point-to-point form and often sees them at multiple sales throughout their development. By the time a horse appears on our shortlist, Ed will frequently have known and monitored it for many months.

As a sale approaches, a shortlist is created. Ed will inspect the horses again to assess how they have developed since he last saw them. Harry will also inspect potential purchases personally. Harry knows the type of horse that suits his training methods and the type of horse he believes can thrive within his system.

Potential purchases are then vetted. This is an extremely important part of the process. We are not looking to take unnecessary risks with horses bought for our syndicates. Not every horse passes. Over the years, we have removed horses from our shortlist following vetting, only to see them purchased by other buyers. They may have been comfortable with the risk, or they may not have arranged a vetting at all. We prefer to be cautious.

Vetting is also a significant cost. For every horse we purchase, it is common for several others to have been vetted and ruled out before we find the right one. And then we dont always get to buy everyone we like who passes a vetting. 

Once we have identified the horses we like and that have passed vetting, we establish our budgets and enter the bidding process. Even then, success is not guaranteed. Sometimes another buyer values a horse more highly than we do and we have to walk away. We believe discipline is important and do not want to overpay simply to secure a purchase.

When a horse is successfully bought, OLBG assumes responsibility for the horse immediately. From that point onwards, the purchase price, associated costs and ongoing commitments are funded before the syndicate is fully sold.

This means OLBG carries both the upfront costs and the capital risk associated with the purchase. The sourcing fee included within the syndicate reflects not only the work involved in identifying, assessing and securing the horse, the significant vetting costs on horses not purchased, but also the financial commitment and risk undertaken before ownership shares are sold.

Our objective throughout the process is simple: to source the best horse we can within budget, at a fair price, while giving syndicate owners confidence that every reasonable step has been taken before a purchase is made.