Spendthrift offers syndication incentive for trainers

4 min read

Looking for a way to ease the process for trainers wishing to syndicate horses, Spendthrift Australia has linked with Trainer Connections to offer a complimentary ASIC-regulated Product Disclosure Statement with any purchase of the progeny of one of its stallions.

Spendthrift will stand six stallions at its Romsey farm this season and 20 of their yearlings are for sale at Sunday's Inglis Melbourne Gold Yearling Sale at Oaklands Junction.

Any trainer who buys one of those 20, or indeed any other foal of a Spendthrift stallion in 2019, is eligible to access a free Product Disclosure Statement prepared by Trainer Connections, who hold an Australian Financial Services Licence, having met the criteria of ASIC to hold such a licence.

“We are a company that strives to give back to our supporters where we can." - Spendthrift General Manager, Garry Cuddy

"Spendthrift is aware of the challenge to trainers when it comes to syndicating horses. It believes that this unique relationship with Trainer Connections is a way of giving back to those trainers who support Spendthrift stallions,” Garry Cuddy, General Manager of Spendthrift Australia, said.

Spendthrift's Josh Rix and Garry Cuddy

“We are a company that strives to give back to our supporters where we can and this opportunity is something that is a step in the right direction.”

The practical upshot for trainers is not only a saving of $3000 in preparing and applying for the PDS themselves, but it also allows them to advertise horses for syndication, without contravening regulatory restrictions placed on advertising by state racing controlling bodies.

"From our perspective, it’s important to support a local Victorian sale with such an initiative." - Garry Cuddy

Trainer Connections will also offer ongoing support in selling the syndicate shares and can play a role in managing the monthly financial affairs of the syndicate if required at no additional cost.

Cuddy said he had a professional relationship with Trainer Connections for seven years and they came up with a solution of utilising its services to solve an issue for potential buyers at a recent meeting.

He said it was perfect timing to announce the initiative ahead of the Melbourne Gold Sale, which was a significant one for trainers and for Spendthrift itself.

"We thought it was a good opportunity to announce this in a lead-up to a sale like that. From our perspective, it’s important to support a local Victorian sale with such an initiative," he said.

Spendthrift will be offering yearlings for sale by Hampton Court at the Inglis Melbourne Gold Sale

There are five yearlings by Hampton Court catalogued, four by Jimmy Creed (USA) and 11 by Warrior's Reward (USA).

Spendthrift Australia has made a name for itself as an innovator in terms of incentives for breeders, with the likes of the Breed Secure and Share The Upside and Cuddy said it made sense that it flowed through this to potential buyers of the progeny of its stallions.

"You can argue that (owner) Mr (B. Wayne) Hughes is one of the best innovators our industry has seen in the last 15 years." Cuddy said.

"In my opinion, he's head and shoulders above the rest of the industry with these innovative deals that he has put in place. We’ve been here in Australia for four years now and we've introduced the Share The Upside and Breed Secure, which are programs we think can benefit the breeder."

"We are now at the point where the breeders have supported us with their mares now and we have the opportunity to jump onto the other side of the fence and support the trainers, with this concept of a PDS with Trainer Connections."