P.E.I. sharing program aims to make horse ownership more affordable

Nicholas Oakes wants more people on Prince Edward Island to experience the thrill of harness racing, and to do that he is offering them shares in horses that are living and training at his farm in Warren Grove.

He started a website called Atlantic Harness Racing in 2022, and lists horses that are available for shared ownership.

This year, five of the horses are being shared by 22 owners.

"The basic premise behind it is being able to introduce people to racehorse ownership," said Oakes, the fourth generation of his family involved in harness racing.

"We sell shares in them. The people that own as little as five per cent of them, they still get the same excitement, the same involvement that they would with total horse ownership.

"They get to watch them race, come to see them, feed them carrots. I know a couple of guys were here with their wives the other day to get pictures with them."

The executive director of the P.E.I. Harness Racing Industry Association, Julie Jamieson, said there are more than 100 people in fractional ownership groups, representing between 15 and 20 per cent of the total number of horse owners on the Island.

"Fractional ownership groups have brought new owners into the industry, with a smaller amount of risk than they would have if they owned the horse 100 per cent themselves," Jamieson said.

They get to experience the thrill of watching their horse race with a group of like-minded people. Julie Jamieson, P.E.I. Harness Racing Industry Association

"They get to experience the thrill of watching their horse race with a group of like-minded people that will hopefully continue to invest in the industry in the future."

Making it affordable

Oakes said the monthly payment by the owners covers the costs of caring for the horses, usually yearlings andtwo-and three-year-olds. That includesboard, training, bedding, feed, hay, shoeing, and trucking to races.

"Someone can pay their five per cent bill for a month, get to watch [the] horse race four times, come out here to see them, get pictures, videos, updates, and it's cheaper than when I take my fiance to the movies, no question about that."

A father's legacy: Making racehorse ownership in P.E.I. more affordable

1 month ago

Duration 2:18

Nicholas Oakes is offering as little as a five per cent share in racehorses he owns in an effort to get more people involved in harness racing. CBC's Nancy Russell spoke with Oakes about how his dad Kent, who died in a car accident earlier this year, inspired him to give back to and grow the industry.

Oakes said the shares program has attracted people from all walks of life.

"From blue-collar workers to a couple businessmenthere's a really nice guy that's an executive from New Brunswick it just seems to appeal to a whole bunch of people that you wouldn't normally expect to get involved in harness racing," he said.

Oakes said his father, Kent, who died in a car accident earlier this year, inspired him to give back to and help grow the industry.

"One of the biggest things he instilled in me was that, the business comes first, it's about everybody," he said.

"This business is good for Prince Edward Island. It pumps money into the economy, millions of dollars through rural P.E.I."

Oakes said the impact of the ownership groups is exponential.

They take their wife, they take their parents, they take their kids, take their friends, their neighbours to the races. And it just exposes them to the business. Nicholas Oakes, DunsanFarms

"For every person you sell a share to, they take their wife, they take their parents, they take their kids, take their friends, their neighbours to the races. And it just exposes them to the business," he said.

Oakes said the owners are eager to hear how their horse is racing, pointing to the case of one three-year-old colt.

"WheneverHowmac Powerball races, I have eight different people that are in on him. When he races good or when he races bad, I get a flurry of text messages," he said.

"I tryto get back to them as quick as I can because I want to keep them informed. I want them to know what's going on."

'Great feeling'

Andy Craswell is one of thoes people with shares in Howmac Powerball.His grandfather was involved in harness racing and used to bring him to the track, but he has never owned even a piece of a horse before this.

"Race nights, it's just a whole different experience than if you were here as a fan watching. You get to see your horse out on the track, warming up. It's just a phenomenal feeling," Craswell said.

"You might not make a whole lot of money, but it's just a great feeling. You feel like you're 100 per cent owner even though you only have a share or two in it."

Craswell said he has become "maybe lifelong friends" with some of the other owners.

"They're in it for the same reason: We all must love horsesAnd you never know, we could end up owning a sole horse ourselves one day."

Ivan Hughes and his brother and sister own shares in a horse called Handle on You, whose barn name is Shirley.

He had heard about a similar shared-ownership program in Ontario, so jumped at the chance to get involved on P.E.I.

"Now there's more reason to go to the track. And because, let's say, you have a little money inthe game, right, it makes it quite interesting," Hughes said.

"I think it's a good idea. If more people, more owners would do that, I'm sure more people would get in, which would allow people to buy more horses. More horses, more people involved."