By MICHAEL GUERIN
Lyell Creek will have around 60 new owners tomorrow even though plans to syndicate a 10 per cent share of the champion trotter attracted less interest than hoped for.
Applications for a one-thousandth share in The Freak at $2750 a time have been accepted for the last month.
While syndication manager Steve Hollander would not confirm how many cheques had been received the Herald understands at least 60 shares have been sold.
The original plan was to attract 90 shareholders who along with 10 shares given to syndicate support staff would race 10 per cent of Lyell Creek.
That would value Lyell Creek at $2.5 million, making him New Zealand's most valuable standardbred racehorse.
Hollander says why the syndicate will fall short of the 90 paying members wanted, he was happy with the response.
"When we first came up with the idea I wasn't sure whether to have 50 shares or 100 and we decided to go with 100, which we won't get.
"But we will still get a lot - I can't tell you how many just yet - and this will still be the biggest syndication deal anybody has tried to put together.
"It has been hard work but I know it will be great for harness racing."
If the syndicate is made up of 70 overall members, including the 10 support staff, then it will race 7 per cent of Lyell Creek - 80 members would likewise race 8 per cent.
"So the syndicate will still work the same, just with slightly smaller numbers."
The syndicate has to be finalised by Friday so it is part of the ownership of Lyell Creek before the $A100,000 Dullard Cup at Moonee Valley on Saturday night.
The slightly reduced syndicate numbers will however affect the payout to Lyell Creek's main owner Graham Bruton. Had all 90 shares been sold Bruton stood to pocket nearly $250,000, if only 60 shares are sold his payout will fall to $164,000.
Still, that is not a bad return for a tiny percentage of a horse he paid just $20,000 for two years ago. Earlier this season Bruton sold a 25 per cent share in Lyell Creek to driver Anthony Butt for a figure understood to be between $125,000 and $150,000.
There are suggestions a similar, smaller syndication would be floated in Australia.
Racing: Smaller syndicate for champ
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