Sugar Cane Stables: Promissory Kid delivers another solid work

Monday, August 10, 2009

Promissory Kid delivers another solid work

Promissory Kid worked 3 Furlongs at Evangeline Downs today in 38:00. This was another consistent work and should position him to take the next step with a maiden race in his immediate future. With a couple more works, he should make is debut in late August or at the very least by the end of the Evangeline meet on Sept. 9th.

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Our Plan:

Provide a strategic, unique, long-term approach to Horse Racing Ownership. Unlike syndicates that involve the purchase of racing stock, markups, management fees, or pre-racing development costs. Investors will only be responsible for expenses associated with the actual track training of Sugar Cane Stables. Racing stock will be leased to Sugar Cane Stables for $1.00 all leases are for 90 days and must be renewed quarterly at the quarterly shareholder meetings. By not buying the racing prospect the overall risk is greatly diminished to our investors. Our commitment to investors is simply provide racing prospects without the upfront cost of horse ownership. Potential Estimated Monthly Maintenance and Training Costs

Potential Estimated Monthly Maintenance and Training Costs:

The approximate monthly costs for a 2-3 year-old horse in training break down as follows:

Trainer – $50 a day (called the “day rate”), approximately $1500 a month. This covers salaries for stable employees, worker’s comp, the trainer’s fee, and other professional costs. Trainers’ day rates vary.
Vet – $300 a month
Blacksmith – $200 a month
Stable Supplies – $100 a month
Vanning – $200 a month
Medication – $400 a month
Schooling, stable bonuses, and other miscellaneous costs – $80 a month

Additional Thoroughbred Expenses:

If the horse wins a purse in a race, the owner generally pays additional expenses out of those purse earnings. These expenses include:

Jockey Fees – these fees range according to the finish and usually are 10% of the purse for first; 5% of the purse for second and third; $90 for an unplaced mount.
Trainer’s Commission – 10% of all money earned by the horse (in addition to the daily rate).
Backstretch Pension –1% of the purse earned
Jockey Injury Fund –.7% of the purse earned
Backstretch Insurance and Jockey Club fee -- $15 per race
Barn Commission – a gratuity to the help at the barn, usually 2% of the purse.
Additional Fees – such as nomination expenses and entry fees.