How many people are there in a syndicate?

The number of shares per syndicate can vary and is generally between 15 and 40. More often than not, one co-owner has just the one share in the one syndicate, even if he is entitled to buy several.

How are the syndicates made up?

Each year ARQANA Racing Club introduces the new syndicates it intends to launch and fills them, depending on individual preferences for such or such a syndicate.

Can I create my own syndicate from a group of friends, colleagues or other?

Yes, it is entirely possible to do this and to create an ‘exclusive’ and perfectly tailor-made syndicate.

What is the lifespan of a syndicate?

One of the specific characteristics of the syndicates launched under the ARQANA Racing Club banner is their limited lifespan. The general principle is that all the horses which make up the numbers in each syndicate should be sold at the end of their third year. As these will have been bought as yearlings, this means that the duration of one syndicate is approximately two and a half years.

Why limit the duration of a syndicate
in this way?

We consider it important for shareholders to set this project within a certain length of time and as such set a deadline, at least in principle, when each can hope to recoup some or all (or more!) of their initial stake. Most of the time, it is in their ‘Classic’ year as three year olds that horses express their full athletic potential. At the

Why limit the duration of a syndicate
in this way?

We consider it important for shareholders to set this project within a certain length of time and as such set a deadline, at least in principle, when each can hope to recoup some or all (or more!) of their initial stake. Most of the time, it is in their ‘Classic’ year as three year olds that horses express their full athletic potential. At the end of their three year old year, those who still have significant potential can be worth very good money. The more moderate horses on the other hand are not worth keeping in training for an extra year. In certain cases ARQANA Racing Club and the trainer may deem it worthwhile keeping a horse in training for an extra year, if this is a horse which shows good potential for a four year old career without having had the opportunity to show his true colours as a three year old. 

It has many facets. It consists first of all in bringing together a group of people to make up a syndicate around a very clearly defined project (number of horses, financial conditions). ARQANA Racing Club also fulfils the role of Racing Manager (selecting trainers, administrative management for the syndicate, and overseeing the racing careers of the syndicate horses) and ensures the role of host so that each shareholder is kept perfectly informed of all the syndicate events and so that each one has the opportunity to discover every facet of the racing world. Finally ARQANA Racing Club also manages the dissolution of each syndicate when it comes to an end.

What is the role of ARQANA Racing Club?

ARQANA Racing Club is an activity which is part of ARQANA SAS. Each syndicate launched under this banner will officially be managed by Eric Hoyeau, CEO.

Who is in charge of ARQANA Racing Club?
Does ARQANA have a share in the different syndicates?

No. ARQANA, through ARQANA Racing Club, limits its role to that of Racing Manager and facilitator for discovering the world of racing.

All the horses are sold, which brings about the dissolution of the syndicate. ARQANA Racing Club then goes ahead with sharing out the net proceeds from the dissolution of the partnership between the different shareholders.

What happens when a syndicate comes to an end?

The syndicate offered by ARQANA Racing Club focus only on thoroughbred horses destined for a career on the flat.

Are these flat horses, jumpers or trotters?

The horses

A yearling is a horse which is in his second year. Thoroughbreds are for the most part born between February and the end of May. On 1 January of the following year, they are all considered yearlings. When they go through a sale in August, they are actually between 15 and 18 months.

What is a yearling?

Yearling sales represent the best source of high class racehorses for owners who do not breed their own thoroughbreds. ARQANA Racing Club’s ambition is to introduce people to ownership at the highest level and its purchasing policy therefore focuses on yearlings.

Why buy a yearling?

There are two levels of selection. In the first instance, between March and June, ARQANA goes to all the studs in order to inspect every yearling which has been entered. It is its role as sales agency to select in this way from a huge population of colts and fillies, those which are most likely to meet buyers’ expectations. Out of around 2000 horses entered each year, just under half of these will go through the ARQANA sales ring in one of the sales dedicated to yearlings. Once at the sales, it is the bloodstock agent, selected by the trainer who is retained by ARQANA Racing Club, who will do his own selection work with a view to purchasing horses who will make up the syndicate.

How are the yearlings which will be bought selected?

The horses entered in the yearling sales organised by ARQANA all belong to breeders (with without their own studs) and are offered for sale by studs. ARQANA organises the sale but does not have any share in any of the horses entered in the catalogue. The directors of ARQANA themselves do not own any part of the horses presented for sale at one of the sales organised by ARQANA.

Who owns the horses which are sold at the sales in order to make up the syndicate?
What are these horses likely to cost?

This will depend on each syndicate. In order to know the average price envisaged for each syndicate, you can refer to the attached document named “This year’s syndicates”.

When will I see my horses for the first time?

If you can make it to the yearling sales, you will be able to see the horses bought on behalf of the syndicate right from the very beginning! If you can't make it to the sale, ARQANA Racing Club organises a « Yearling Parade ». You will be invited to meet all your horses. Each horse will be presented to you in great detail and this will also be an opportunity to meet the other syndicate members.

You are! The vast majority of yearlings are sold without names. You will get to, along with the other shareholders, name your own horses.  The “Christening” will take place during the yearling parade when all the horses have been bought.

Who is going to name the horses?

Yes. ARQANA Racing Club organises regular visits to the trainers who have your horses in their care.

Can we see the horses in training?

The sale of the horses at the end of their three year old career is an integral part of the concept of each syndicate. As such, the ARQANA Racing Club manager enters all the different horses in the syndicate at this time and selects the most appropriate sale for each horse.

In the case of an anticipated sale, for example further to a firm offer from a third party, the decision is entirely the shareholders’ decision. The ARQANA Racing Club manager has a purely advisory role. He gives the shareholders concerned his advice on how good the offer is, depending on his own valuation of the horse and as a consequence on whether he thinks the offer should be accepted or not.

Who decides to sell the horses?
Who sets the sale price for each horse?

The market does! Whether it is a private sale or a public sale (auction), the price is the market price. This does not exclude the possibility in the case of an auction sale of setting a price bracket, which if it were not reached, would lead the shareholders to decide to keep the horse in training themselves.

The most precocious horses run in the summer of their two year old year. Precocity is an important criteria when a yearling is selected, in a bid to reduce waiting time for owners down to a minimum.

How long will I have to wait for my first runner?
When will I be informed when I have a runner?

You will be regularly informed by ARQANA Racing Club of anything going on with your syndicate horses:  how the horses worked, in which races they are entered… And of course when they will run. This communication is largely done through newsletters but you can also access your personal space on the private website

Yes, you are entirely considered by France Galop as an owner. As such, you will have an Owners’ pass to the races.  You will also be able to enjoy the Owners’ Lounge and a seat in the Owners’ Stand.

As a member of the ARQANA Racing Club syndicate, am I considered a fully fledged owner?
Can I invite friends to the races?

Yes. With just a little bit of notice, you will be able to get extra passes for your friends when you decide to go to the races. You just need to ask the ARQANA Racing Club team.

The races

What is the prizemoney for the winner?

This can vary greatly, as depending on the level of the race it can be anything between €7,000 and over €2 million for the winner of the  Prix de l’Arc de Triomphe!

Races known as ‘Claiming races’ (following which all horses are for sale) are worth anything between €7,000 and €12,500 to the winner. Conditions races are worth between €7,000 and €28,5000 to the winner. Handicaps on the other hand are worth anything from €8,000 to €28,000 for the winning horse. Listed Races are usually worth €26,000 to the winner. Finally, any winner of a Group 3 race goes home with a minimum of €40,000. This amount goes up to €74,000 for a Group 2 and €142,000 for a Group 1.

No. Certain horses (those considered to be born and bred in France) qualify for owners’ premiums. This premium represents an added 64% for horses aged 2, 3 and 4 and an added 43% for horses aged five or more. As such, the winner of a race worth €17,000 to the winner will take home €27,880 if he is aged 2, 3 or 4.

Does this winning prizemoney represent the maximum winnings?

No. Certain horses (those considered to be born and bred in France) qualify for owners’ premiums. This premium represents an added 64% for horses aged 2, 3 and 4 and an added 43% for horses aged five or more. As such, the winner of a race worth €17,000 to the winner will take home €27,880 if he is aged 2, 3 or 4. For this reason, ARQANA Racing Club favours horses qualified for these owners’ premiums in its purchasing policy.

Does this winning prizemoney represent the maximum winnings?

No, any prize money credited to the owner is the object of a number of deductions, which are made in order to remunerate the trainer (in addition to the invoiced training fees), his staff and the jockey. In the end, the owner receives 74% of the total prizemoney. The co-owners in an ARQANA Racing Club syndicate are subjected to exactly the same rules as any owner who is a member of France Galop.

Does all the prizemoney go to the owner?

You will be personally invited well ahead of any event. You will also be able to manage all your invitations from your personal space on the website.

How will I be informed of the different events organised by ARQANA Racing Club?
How will I be informed of any news concerning my horses?

Each shareholder is regularly kept up-to-date with any news concerning his horses. Most of this communication will take place by email. Shareholders will also be able to go to their personal space on the website in order to find the latest information on their horses (trainers reports, entries, reports from the last race, a recap of winnings, sales entries, etc.)


A more personal form of communication is chosen for an important event such as, for example, the sale of a horse in the middle of his career.

This can vary, depending on the number of shares, the number of horses and the average budget for the purchase of horses in each syndicate. Depending on the syndicate, this cost is generally between €10,000 and €30,000. In order to know the price of the shares for the syndicates currently open for subscription please refer to the attached document “This year’s syndicates”.

What is the cost of one share in a syndicate?

The cost of each share is calculated so that you will not be asked for money again before the project has ended. It therefore covers the purchase price of the horses, costs relating to the purchase and the training fees (including farriery, veterinary and transport costs, etc) until the horse is sold on at the end of his three year old year.  It also includes a contribution to the costs involved in the various events organised on the France Galop racecourses.

What does the cost of one share cover in a syndicate?
How do owners receive their winnings?

Though the price of a share covers all the costs over the whole of the duration of the syndicate, prizemoney on the other hand is distributed straight after the race. As soon as the syndicate’s account has been accredited by France Galop, ARQANA Racing Club immediately redistributes the net winnings between all the co-owners, according to the number of shares they have in the syndicate. The same goes when a horse is sold on at the end of his career.

ARQANA Racing Club has entrusted the accounts for its syndicates to the accountancy department at ARQANA as well as to an independent accountancy firm for its annual review. A financial review is sent out to each shareholder twice a year. 

It is also accessible from your personal space on the website

Who is in charge of the accounts for a syndicate?

ARQANA is only paid in its role as a sales agency: in line with its general terms and conditions, a 6% buyers’ commission is charged on the sale price for each transaction. A 6% commission is also invoiced to the vendor when a horse is sold by ARQANA and expenses of 2% are invoiced when a horse is ‘bought back’* in the ring. When a horse goes through the ring, the vendor also needs to pay ARQANA entry fees, which vary from €430 (before tax) to €860 (before tax) depending on the sale.


*”Bought back”: means that a horse stays in the ownership of his vendor due to the lack of a high enough bid.

How much is ARQANA paid?
How is the trainer paid?

The trainer sends out a monthly invoice for each horse in his care. The training fees are contractually agreed in advance with ARQANA Racing Club. This amount is integrated into the price of each share. The trainer also receives a percentage (14%) of the race prizemoney. This is transferred directly by France Galop when it is deducted from the owners’ prizemoney.

The trainers retained by ARQANA Racing Club do not receive any commission on the purchase of the yearlings made on behalf of the syndicates running in his name. On the other hand, a reward system is put in place when the horse is sold on, in order to recompense the trainer for its added value, something for which he is largely responsible. When a horse is sold on for a sum twice that of his purchase price, the trainer will receive a commission of 5% of the sale price.

What is the legal format of each syndicate?

ARQANA Racing Club is a trademark owned by the company ARQANA SAS. Each syndicate, on the other hand, is created in the form of a joint venture company. It is therefore legally independent from ARQANA.

The joint venture company is not a legal entity. Anything owned by it (in this case racehorses) belongs to the shareholders who are responsible for them between them. It is a structure which has a duration fixed by the partners. ARQANA uses this formula because of its flexibility and because it is very well adapted to joint ownership of several racehorses, an experience which should be enjoyed as a hobby which is both legally and financially well supported, rather than as an investment in a commercial enterprise.

What are the fundamental principles of a joint venture company?

The management of any joint venture company corresponding to a syndicate is ensured by Eric Hoyeau, the CEO.

Who manages the joint venture company?

Each shareholder in a syndicate put together in the form of the joint venture company is given a small legal Bible made up of the following documents when he joins:


I) The joint-venture company statutes which define the major rules of how the structure operates;

II) A contract with the retained trainer(s) (it mostly explains the responsibilities of the trainer and the terms of his remuneration).

All these documents are established by Watrigant & Associés legal practice, who advise ARQANA.

Which documents give a legal framework to a syndicate under the ARQANA Racing Club banner?


Can a legal personality owner sharing a syndicate?
Can one own several shares in the same syndicate?


Can one sell one's share during the syndicate's lifetime?

No, the duration of the syndicate is limited and relatively short and the statues therefore do not make a provision for the sale of shares during the project.

Created in the form of a joint venture company, each syndicate will be subject to VAT which is a definite advantage inasmuch as VAT went to 20% in January 2014.

The syndicates created as joint venture companies can decide whether to go for the IS. If they do not opt for the IS, it is each individual shareholder’s responsibility to declare his share of economic results as BNC (non commercial profits). It is possible to carry any loss forward and deduct it from a positive result of the same nature for a period of six years.

What are the tax implications of a share in an ARQANA Racing Club syndicate?

Each year, the accountancy firm in charge of the financial management of the syndicate will let each shareholder know the elements he needs to declare.

How will I know what I eventually need to declare and how?