IRISH EYES STABLE, LLC
Pinhooking, as it relates to thoroughbred racehorses, means purchasing a weanling or a yearling for the specific purpose of a later resale. Our intention is to purchase weanlings and yearlings privately or at the Ocala and Kentucky sales between August and January.
The horses will be maintained and conditioned at Verbarctic Farm in Ocala, FL and then resold the following year. The weanlings will be sold as yearlings in the fall and the yearlings will be sold as two year olds in the spring and summer. The cost to maintain the weanling or yearlings at our farm is $25.00 a day based on 100 percent ownership, plus feet trimming and any veterinary work. Irish Eyes Stable will maintain ownership percentages in the weanlings and yearlings.
The costs associated with the management of the horses will be 5% bloodstock commission based on the selling price of the horse as a yearling or two year old. What is the minimum and maximum amount one can invest? The minimum investment is based on the purchase price of the horse plus anticipated expenses. In previous years we bought weanlings and yearlings in the $4,000 to $50,000 range. Expenses to prepare each horse for sale total $10,500, which will be included in the initial investment of the partnership.
If the expenses should exceed the projected amounts they will be deducted from the final sale proceeds. The minimum investment is between $1,000 and $10,000 for an interest in the horses. However, with pinhooking partnerships you may purchase any proportional interest. What can a partner expect from his or her investments? Where thoroughbred race horses are concerned, there are no guarantees buying weanlings and yearlings. Pinhooking partnerships can be a gamble that can result in positive profits or substantial losses, or anything in between. Irish Eyes tries to purchase horses that we feel are undervalued, yet athletic looking, in order to enhance any potential profit.
Our team will examine the weanling and yearlings and then decide from our short list which ones we feel have the most upside potential; we will then decide a value. When we purchase these young horses one needs to understand that animals can get injured or sick just like humans, however major injuries and sickness are not common at the farm.
Irish Eyes Stable will insure the horse for the initial purchase price in the event of death. Insurance is included as part of the partnership expenses. Irish Eyes will invest in each of our offerings and in many cases we like to have ownership in the 20 percent range.
How can you keep track of the progress of the horses? When we have an active pinhooking partnership, we regularly update our website to provide current information regarding our young horses.
Horses with half or full siblings who are doing well on the track will increase the value of the weanlings and yearlings. You will regularly receive photos via e-mail as well. Partners are always welcome to visit the farm to check on their horse's progress, as well as accompany us to the sales throughout the year.
Our partners are given the opportunity to participate as much or as little as they choose. The benefits of Pinhooking with Irish Eyes Stable L.L.C are:
1. Affordable ownership and diversification for risk sharing.
2. Ongoing and direct access to our farm in Ocala, Florida.
3. Monthly financial reporting and annual K-1 preparation at no cost to investors.
4. Irish Eyes Stable L.L.C participates in all partnerships formed.