Frequently Asked Questions
How do I become an owner?
If you are interested in thoroughbred racing partnerships and racehorse ownership,but want more information on Parting Glass Racing (PGR) call us at 1-877- RACE-WIN (722-3946) or complete the online contact form. Tom Gallo, the Managing Member, will call you to discuss your interest in thoroughbred ownership and answer all of your questions about thoroughbred partnerships. After speaking with Tom, you will be mailed a packet of information and paperwork related to the LLC of interest.
How much of the horse will I own?
The percentage owned per unit varies by LLC, but can be as little as 3% and as much as 45%, depending on your budget.
How do I get my owner's license?
Parting Glass Racing's streamlined process facilitates the licensing of all PGR members as quickly as possible.
How often will I see my PGR horse?
You are welcome to visit your (and any other) PGR horse whenever you'd like, wherever they are training. PGR thoroughbred ownership members have a long history of visiting their horses and taking great pictures of their time together! Depending on the season and the stage of training, your horse might be stabled in Saratoga Springs, Belmont, Aqueduct, Kentucky, or Florida. PGR owners are asked to respect the thoroughbred trainers schedule and training regimen and time their visits accordingly. Whenever possible, Tom Gallo, trainers and exercise riders will talk with PGR owners and answer questions during their visit.
How often will I get bills for the care and maintenance of my Parting Glass Racing horse?
Parting Glass Racing maintenance expenses are invoiced annually at the beginning of the expense year. For example, 2017 annual maintenance expenses are billed in January 2017. Members are not billed for expenses during the year. Each PGR member receives a quarterly statement for their specific LLC that details the maintenance expenses incurred to date.
Who pays the bills for Parting Glass Racing horses?
Parting Glass Racing manages the bookkeeping for each of our thoroughbred racing partnerships. This includes invoice payments and detailed documentation of all expenses paid to trainers, vanning companies, veterinarians, blacksmiths, and other service providers. Each quarter, members are mailed a complete report that delineates each expense by provider and month of service which highlights for each member a financial 'snapshot' of your thoroughbred partnerships throughout the year.
When do I receive purse earnings? Owners' Awards?
Purse earnings and related owners awards are documented in the quarterly reports. Net earnings are distributed to members quarterly.
Who makes the training and racing decisions?
Tom Gallo, as the PGR managing member, makes the training and racing decisions for the PGR horses based on recommendations from the trainers, riders, veterinarians, and other specialists who are handling a specific horse. Member comments, suggestions, and insights are always invited and welcomed.
What is the typical length of a racing partnership?
We follow a two-year guideline, which gives the trainers enough time to get a feel for the horse's abilities. At the end of the second year, we evaluate the horse's performance and make a decision at that time whether to go forward or dissolve the partnership.
What happens when the horse is retired from racing?
When it is time for thoroughbred racehorse retirement to be considered, careful arrangements are made by Tom Gallo for where the horse will be retired, sold at public auction, or donated. Once the final invoices have been documented and the bookkeeping is complete, the LLC is dissolved and the LLC members are distributed any remaining monies, pro-rated in accordance with their ownership share.