Fellowship Racing: Behind the scenes of the growing horse racing syndication and how to get involved

What is Fellowship Racing and why did it start?

By Tom Morton

Fellowship Racing is a data-driven boutique BHA-licensed racehorse syndicate company.

The syndicate integrates data analytics and insights from genetic discoveries with traditional methods with the aim of:

• Gaining a competitive edge when buying and racing horses
• Driving value for money for its owners
• Increasing the chance and frequency of horses winning and being placed.

You can find out more at the official Fellowship Racing website here.

Horses are typically split into 20 shares of 5% each.

The share owners own a share in their horse that entitles them to their share of prize money and sales proceeds when their horse is sold.

The objective is to give people an unforgettable experience of owning a racehorse.

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What is different about Fellowship Racing?

Fellowship Racing focuses solely on buying horses that have already raced that they believe can improve materially.

The plan is typically to race the horses for a season to allow them to show their improvement before selling them on again.

The buying process uses data analytics and insights from genetic discovery to build a buying thesis as to why Fellowship Racing thinks horses it buys are likely to improve.

The focus is on finding horses that will improve, rather than buying horses of a certain ability.

As these horses are typically the most likely to win multiple handicap races and horses that improve can be worth more when they are sold than they were bought for.

What are the current and past horses and what is the track record?

Although it is a small sample, the last 3 years have been successful.

Their results from over the last 3 years, as at the end of September 2026, are:

• 3 horses (Salamanca Lad, Calibos & Lady Of Clover):
• 100% winners to runners (all 3 horses have won at least once)
• 6 wins
• 33 runs
• Win strike rate of 18%
• First 3 place rate of 64%
• First 4 place rate of 79%
• 66% of rival horses beaten
• Average improvement in peak RPR (Racing Post Rating) of 18 (peak RPR running for Fellowship Racing minus peak RPR before buying)

Is this a financial investment?

No, you can’t consider owning a share in a racehorse as a financial investment.

The syndicates are run for the enjoyment of their members rather than for financial return. Total costs are typically more than prize money won and sales proceeds.

However, the syndicates are managed with the aim of maximising value for money for the owners by trying to give them the most enjoyment possible per pound spent.

This means trying to buy horses at prices that are deemed as good value, with the hope of winning multiple races, picking up prize money.

And on the way hoping to increase the value of the horse before it is sold, normally a year later.

The hope is that any prize money won and any increase in value can offset a portion of the total cost (purchase price, training fees and other horse care and racing related costs) of owning a racehorse.

Who is the syndicate manager?

The syndicate is managed by Tom Morton.

Tom is an investment analyst in London and wanted to run a syndicate differently, applying a similar analytical and value based approach he uses for investing.

Tom takes input and advice from others with specialist knowledge, including trainers, bloodstock agents, data experts and others working in the racehorse industry.

You can follow Tom on X here and Fellowship Racing here.

How are the horses chosen to buy at the sales?

First an initial long list is created by running the data analytics that highlight horses that are expected to improve.

This long list is shared with the trainer, who then inspects all the horses on the long list in person and adds their thoughts on the horses’ profiles as well as on their physical condition and conformation.

After the physical inspection, a final short list is created for horses to be targeted to buy.

If a horse on the short list falls within the target budget, Fellowship Racing will look to buy it.

 

How much does it cost, how are the syndicates structured and what’s included?

The horses are split into twenty shares of 5%.

The syndicates typically have a contracted period of about a year.

After the end of the year, a decision is taken as to whether the horse will be sold or not. Retaining a horse usually requires a unanimous vote in favour of doing so.

There are two cost components, an upfront cost and a monthly recurring cost.

The upfront cost covers the cost of buying the horse and any other sales related costs such as vets’ costs.

In the last 3 years, the horses have cost between £10k – £20k as a total purchase price. So a 5% share has come with an upfront cost of around £500 – £1,000.

Horses could be bought for more than that in the future if they meet the syndicate buying criteria and valuation.

Fixed Monthly Costs – Meaning No Hidden Outlays

The monthly recurring cost is a fixed all inclusive fee that covers all other costs such as training costs, vet and farrier costs as well as costs related to the horse going racing.

This year the monthly recurring fee has been £189 per 5% share.

Owners are added to an owners-only WhatsApp group where information, reports and updates on their horse are shared.

Owners are entitled to owners’ badges when their horse goes racing, which allow them into the owners’ & trainers’ areas of the racecourse.

Where there is typically a complimentary lunch, as well as into the parade ring before the race to talk to the jockey and trainer or trainer’s representative.

The number of owners’ badges available differs by racecourse and race day.

So although it’s not always guaranteed that every owner will be able to get a badge every time the horse races, in the last 3 years, any owner wanting to go to watch their horse has been able to get an owners’ badge to go.

If a situation arises where there are more owners wanting an owners’ badge than are available, a ballot would be held to determine who gets a badge on that occasion.

Owners are entitled to their share of prize money at the end of the season and sales proceeds when a horse is sold.

How can I get involved and where can I get more information?

Join the WhatsApp community for free to follow along:

Any updates and new horse purchases will be posted in the announcements group as well as insights into the way the syndicates are operated.

You can also find the Fellowship Racing social media accounts on Instagram (fellowship.racing) and X (@fellowship_synd).

Alternatively email syndicate manager Tom at [email protected] to join the waiting list for new shares or to ask any questions.

Future plans for Fellowship Racing?

Fellowship Racing sees plenty of opportunities to buy horses that it thinks can improve.

So if there is more interest from people wanting to buy a share, it will look to buy more horses to accommodate the demand and to take advantage of the opportunities it sees in the market.

Fellowship Racing does not want to grow just for the sake of growing.

It has to be in a meaningful way and it will only buy horses that meet its criteria.

Fellowship Racing believes that recent experience demonstrates an opportunity to grow and to be in a position where it could buy a few more horses each year to give more people the experience that its current owners have had over the last few years.