COLOPHON

Student Isabel Lengers

Student number: 000023128

Email: isabel.lengers@hvhl.nl

Phone: 06 46 224 553

Commissioner Mariska Froger

Email: info@eventinghq.nl

Phone: 06 43 46 70 05

Website: eventinghq.nl

Thesis Coach VHL Sharon Rechtershot

Email: Sharon.rechterschot@hvhl.nl

Phone: 06 39 33 94 21

Organization Eventing HQ

Van Hardenbroeklaan 17

3832 CK Leusden

Eventing HQ, founded by Mariska, is an interactive

platform and community that focuses on mentally
coaching Eventing riders. Mariska’s aim with Eventing
HQ is to support the Eventing sport with knowledge,
coaching, and training.
 ABSTRACT

This report describes the undeniable profitability of adopting syndicates and co-
ownership in the Dutch Eventing sector. It deals with the financial limitations of
the sport and the last solution, own-ship is presented as the solution to cheaply
access high-level participation. The fact that this method is so common abroad,
in countries such as the UK and the US, but its introduction to the Netherlands is
still rare, is clear. The feasibility study of this model was explored with the help of
a mixed-methods approach which includes literature review, survey, and
interview. These study methods are the best as they will assist in ascertaining
the actual measures that should be taken to enable game development in
Netherlands .

The literature review mentioned the lack of detail on co-ownership and

syndicates from the perspective of equestrian sports, however, some countries
which are much more used to those concepts. Besides that, it brought up the fact
that the Dutch Eventing team had poor performance. The survey, which consist
of 112 respondents mainly composed of national riders, horse owners and
eventing enthusiast revealed minimal first hand experience with co-ownership
and syndicates. Still, many respondents stated positively about this system of
work. This will definitely improve the sector of horse racing because it will impact
most people positively. This is supported by the fact that positive feedback was
collected from the people.

Interviews with three Eventing experts from two Dutch and one British were
making clear the cultural norms and traditions that define the equestrian world.
While the former group (British) traditionally puts love for the game and horses
first, the latter one (Dutch) prefers to focus on profit. This highlighted imbalanced
situation brought in challenge the process of market penetration of joint
ownership and syndicates in the Dutch Eventing industry. The fact that the Dutch
concentrates more on the profit makes it difficult to develop the game in
Netherlands. The British have positive tradition which enables the game to
develop.

The research reveals that the Swiss show business mindset, to a large extent,
motivates the Dutch equestrians as well as the worrying of having conflicting
interests among the owners, lessons the quickness of the effectiveness of the co-
ownership and syndication. Nevertheless, reports on triumphs in the UK and US
inspire a positive outlook on cooperative property legislation which stipulates
clear and thorough terms among co-owners.

Thus, the report suggests explaining Dutch Eventers about the assets of co-
owning and syndication programs with respect to the sport and animals. They
can contribute to the promotion of the sport with no compromises to animal
welfare. Besides, it is imperative that the models should be created, in line with
the Dutch equestrian culture, and the viable ways have to be searched, allowing
the amateur riders to get the benefits of the services while promoting the
integrity of the sport. The development of these game in Netherlands can be
impacted by the good culture and traditions amongst the citizens. These include
not prioritizing the the profit generation rather game development and following
by majority of the population. These good traditions are among the things which
have impacted the game development in countries like Britain .

Finally, comanagement and use of judgment could fail to achieve immediate

benefits of the Dutch Discipline due to cultural differences and concerns about
income, but education, and well aligned agreements can be a way for successful
introduction which would result in the enriching of the Dutch Discipline
landscape.

TABLE OF CONENT

Colophon....................................................................................................................................................... 1

Abstract........................................................................................................................................................ 2

1. Introduction............................................................................................................................................... 4
1.1 Problem definition.......................................................................................................................................5
1.2 Research objective.......................................................................................................................................6
1.3 Research question........................................................................................................................................6

2. Literature review................................................................................................................................... 7
2.1 Eventing Sport..............................................................................................................................................7
2.2 Facts & Numbers of the Eventing industry...................................................................................................8
2.3 Dutch Eventing History..............................................................................................................................11
2.4 The road to the olympics............................................................................................................................13
2.5 Horse Syndicates & Co-ownership..............................................................................................................14

3. Methodology....................................................................................................................................... 18
3.1 Desk research.............................................................................................................................................18
3.2 Survey........................................................................................................................................................18
3.3 Interviews..................................................................................................................................................20

4. Results................................................................................................................................................ 22
4.1 Survey........................................................................................................................................................22
4.2 Interviews..................................................................................................................................................33

5. Discussion........................................................................................................................................... 36

6. Conclusion........................................................................................................................................... 39

7. Recommendation................................................................................................................................ 41

8. References.......................................................................................................................................... 43

9. Annex.................................................................................................................................................. 46
9.1 Example co-ownership agreement......................................................................................................46
 9.2 Event Horse Owners Syndicate...................................................................................................................47
9.3 Guide for owners and riders on co-ownership (summary).........................................................................48
9.4 Survey........................................................................................................................................................50
9.5 Interviews..................................................................................................................................................59
9.6 Overview SPSS tests and graphs................................................................................................................65
9.7 Statistical tests...........................................................................................................................................66

1. INTRODUCTION

Equine sports are built on a system composed of several factors such as the
horses, riders and the supporting elements. Nevertheless, though the priority
goods aren't within everyone's reach. Most of the embitious equestrians are very
willing to compete at the highest international levels or even to have top-level
horses themselves. This objective is of particular importance for the further
maturity and dynamism of the chosen sport. In contrast, the high monetary
needs that come with competitive equestrianism are usually a hurdle that puts
the dreams of many participants out of reach. This matter affects profoundly the
Netherlands' Eventing riders, who commonly sell their horses of good talent to
maintain a career. As the chef d’equipe of the Netherlands Eventing Team,
Andrew Heffernan, puts it, this habit is one of the main obstacles the Dutch
Eventing face on their way to the top (Mulders, 2021).

Furthermore, the horses and the riders as well as the whole support group may
be thought of as the essence of equine sporting activity since they form many
partnerships and complex systems that are often used in modelling to help to
unravel the connections between different infrastructures as they seem to be of a
rather high complexity. These things, for example, the way of the preparation
and the skills of trainers, are decent specifics distinguishing competitive riding.
The characters are here too and in similar situations as in the story, but other
viewpoints are not true to real life. In the same vein, courage to purchase a
strong horse and enough feet to practice constantly until you finally grasp the
secrets of victory these are the elements of a man’s success. The charm of the
others for people who are striving to be members of the horse live-breeding or to
be among the victorious at the highest class of the sport is a way of getting into
the development making of that game. However, that, the financial conditions of
the events at the front of the world partly trample on the universe of the
problems including. Consequently, some aspects of the barriers that restrict
access of youth to the sport remains very high.

The most serious problem that unites the Dutch Eventing team is the lack of
finance. Moreover, the main class of horse breeders earns their money on the
sale of horses whose price drops proportionally to their achievements at the
competitions. Therefore, those get sold at the peak quality level of their abilities
and talent before they could show their results. This lies in recent results of
Dutch Eventing Team members who have become the center of attention. Along
with the women’s team having the same performance level with that of the 2014
championship by securing a bronze medal and finishing position 6 in the 2016
Olympics teams records have been distasteful and not up to par.
The horses that previously were belonging to the top Team NL riders of
disciplines Eventing during the last year, were sold. For example, after they sold
a 4* horse, Jarelly MBF, Sanne de Jong used it in the Nations Cup in February this
year (Instagram, 2024). While Merel Blom's amazing 4* level Eventing horse
LaMaria had a new owner in 2022 (Instagram, 2022). Furthermore, Janneke
Boonzaaijer, as well, another member of Team NL, another member who rode in
Tokyo Olympics, had her 2* Eventing horse sold meanwhile (Instagram, 2022).
But coming exact number of Eventing horses sold is not possible. At times, such
cases may reveal the concerning pattern that top-level horses tries to escape
from Dutch ownership and look for new homes abroad. In addition to this, Helen
Mathews, as stated in an interview by the Paardenkrant in January 2022, confirms
that owners of young horses are also switching to this practice (Smit, 2022).

This problem can be addressed through the introduction of N.O.P. basis. This
way, it will be able to attract the best horses. Purchasing horses which have high
probabilities of being ridden by the National Team at the World Championships
and Olympic Games is the core goal of N.O.P. The grants are provided to the
owners who buying them. Currently, N.O.P. consists of 14 horses, and one of the
eventing horses represents the international teams (KNHS, n.d.).

A different method of protecting top-level horses from being sold by operating a

partnership or through a horse syndicate is one common way. Along with
copartnership syndication of a horse ownership is using multiple persons having
shares in a horse, which typically vary between 10% and 20%. Team financing
means assigning the corresponding maintenance cost and the earnings tax to the
shareholders evenly. This way, everyone will contribute and participate in the
financial outcomes. In this case, the syndicate manager and rider usually play the
leading role, and he is responsible for the horse´s welfare as well as accounting
to the owners.

As horse call sites are thriving in countries of GB and USA, but they are not in the
Dutch. Where individual enthusiasts did some kind of informal agreement to pool
their efforts, putting on papers and properly registering agreements is not often
seen in the syndicate. Nevertheless, the innovative side of the Dutch equestrian
scene is not something you would call slow in development, thus the interest of
the co-ownership and syndication models in the Dutch Eventing and jumping
industry compared to the fast development of the program remains a question.

In the past few months, the departure of many top-flight Eventing horses from
Team NL riders with an increasing frequency shows that the fiscal problems
affecting horse Eventing in the country runs so wide and deep. Events like Sanne
de Jongauctioning her 4* horse Jarelly MBF, which competed with her at the
Nations Cup, and Merel Blom's decision to step away from LaMaria, a 4* level
Eventing horse, are a clear indication of the things that afflict Dutch riders
(Instagram, 2024; Instagram, 2022). Likewise, Janneke Boonzaajier sold her
horse, which competed in Eventing at 2*, to another country, this further results
in the Dutch population in the international Eventing circuit to decline (Instagram,
2022).

With regards to these obstacles, foundations, for instance, N.O.P., have become
ways of light providing possibilities to keep horses of the best level in the Dutch
Eventing. The N.O.P. tries to tackle the main driving force behind domestic horse
sales by providing financial support to owners of horses most likely to represent
Team NL at major championships and the Olympics, the end goal remaining to
keep Dutch presence on the international stage (KNHS, n.d.).

Another interesting approach based on the concept of co-ownership and horse

syndicates can be the way to overcome the financial limits of the Dutch Eventing.
Although common in the countries like, Great Britain and The USA, these forms of
government have not yet been fully embraced in the Netherlands. Conversely,
they appeal to owners due to their value distribution capacities, available horse
dealers, as well as promotion of empathy between owners.

The co-ownership of Eventing horses cannot be far behind in the countries like
Great Britain and the US, which might be ultimately considered as a much-
needed solution to the problems currently encountered by the Dutch Eventing.
Onward distribution of risk and burden allows for divvying-up the costs and
acquisition of talented horses for the sport in the Netherlands. This is further
demonstrated by ambitions of Dutch riders that eventually raises the demanding
standards not only for training but also levelling up competition. By enhancing
their corresponding pool of powerful players capable of successfully representing
at the highest levels of the world, Dutch riders’ competitiveness internationally
and at the Olympics will grow. Hence, through this relationship, more
sponsorships will be obtained and funds will be increased all to the general
benefit of the Dutch Eventing group.

In the end, the Dutch eventing sector faces two unfavorable things – lack of
financial means and high cost of purchase of top-level steeds. Initiatives like the
N.O.P. foundation and programs that are based on co-lownership are the most
trusted ways of resolving these hurdles on Dutch Eventing conserva which are
prone to grow. The retention of excellent professionals and the maintenance of a
competitive environment may serve as a tool to kick start the consistent progress
and succeed in the field of the Dutch Eventing.

1.1 PROBLEM DEFINITION

The equine sports industry is dependent on various factors. Factors influencing

the sport are the horses, the riders, and the resources facilitating this sport.
These necessities are not within everyone’s reach. Ambitious equestrians would
wish to ride on high international level for example, to be an owner of such a
horse, or to be both perhaps. This is important for the sport to keep existing and
developing. However, the high (financial) requirements are also limitations to the
sport. As most riders need to make a living from the equine sport, talented and
high-quality horses will be sold quickly. This way, their chances of advancing
through the levels in sport will decrease. According to Andrew Heffernan (chef
d’equipe of the Dutch Eventing Team), this is a significant problem that is
affecting the Dutch Eventing sport (Mulders, 2021).

The extend of stress for the Dutch Eventing is getting even worse due to a fact
that year after year NOCNSF (Netherlands Olympic Committee Netherlands
Sports Federation) is providing less and less funds. The allocation of budgets has
frequently declined, which shrunk the funds provided to promote athletics. In
2020, the budget was €282,209 and in 2022 it went down to €154,148 (Hommes,
2020; NOC*NSF, n.d.). Accordingly, the Dutch Eventing team deals with a rising
number of impediments to strive for an Olympic level of representation. This
budgetary squeezing in particular symbolizes the team's poor performance as
well as contributes to continuous deterioration of finances and the results.

These financial resources are the backbone for things like buying horses suitable
for Olympic competition, training and service facilities, and importantly, hiring
essential personnel like trainers and grooms. Consequently, Dutch Eventing will
be able to purchase better horses. Thus, more talented equine and human skills
will be attracted and there will be a growth and development of equine and
human prowess. Shiny international podiums would go a long way in attracting
more funding from the likes of the NOC*NFS as well as sponsors. Thus, a positive
feedback loop arises that boosts the sport's overall future prospects.

Against this reality, the sell of horses by Team NL riders with top caliber in recent
years accentuate the financial constrains influencing Dutch Eventing. Such cases
as Sanne de Jong's sale of Jarelly MBF, Merel Blom's disposed of LaMaria exactly
like Janneke Boonzaaijer's Eventing horse sale show the sad situation that will go
(Instagram, 2024; Instagram, 2022). Merel Blom straightens up and confesses
that she now sells horses that were definitely kept in the past, this indicates the
complexity of the phenomenon (Smit, 2022).

Heffernan’s statement is being supported by the fact that the Dutch Eventing
team is rarely achieving good results at international competitions (further
described in the literature review below). After the Olympic Games in Los Angeles
in 1932, a 6th place for the Dutch Eventing team in Rio 2016 was their highest
placing at the Olympic Games up to now. Additionally, the last placing of the
Dutch Eventing team at the World Equestrian Games was achieved during the
WEG 2014 in France when they received a bronze team medal (KNHS, n.d.).

As a consequence, the NOC*NSF has been decreasing their budget for the
Eventing discipline significantly. In 2020 the budget set by the NOC*NSF for
Eventing in the Netherlands was €282.209. In 2021 the budget was reduced to
€200.000, and in 2022 the budget even lowered to €154.148. This means that
the Dutch Eventing team has less resources available to be able to grow up to
Olympic level of performance. This is partially caused by the lack of performance
and minor placings of the Dutch Eventing team for the last couple of years. The
NOC*NSF will invest less in Dutch Sport teams in general, when they do not
perform. On the other hand, a reduction of these resources could also decrease
the Dutch Eventing team’s performance. In other words, the Dutch Eventing
team needs more financial support (Hommes, 2020) (NOC*NSF, n.d.).

These financial resources are important to obtain horses capable of competing at

high international level, to have suitable facilities to be able to train sufficiently,
and to have access to trainers, grooms and other workers that help the horse-
rider combination grow to the highest level.

When more resources would be available for the Dutch Eventing sport, better and
more horses could be obtained which will stimulate the growth of horse and rider
up to the highest level. Consequently, when better results are being achieved by
Dutch eventers, there will most likely be more financial support facilitated by the
NOC*NSF and sponsors for example. In other words, this could result in a
snowball effect, lifting the entire Dutch Eventing sport.

In the past year, several 4* level Eventing horses were sold from Team NL riders.
In February this year, Sanne de Jong’s 4* horse Jarelly MBF was sold, with who
she competed with at the Nations Cup (Instagram, 2024). In 2022, Lykkegaard’s
LaMaria was sold, a 4* level Eventing horse of Merel Blom (Instagram, 2022).
Furthermore,in december 2022 a 2* Eventing horse of Janneke Boonzaaijer was
sold as well (Instagram, 2022). Boonzaaijer is also an Eventing rider of Team NL
and has competed in Tokyo at the Olympic Games, just as de Jong and Blom. The
exact number of Eventing horses that were sold is unknown, as not every sale is
made public. However, there are frequently high level Eventing horses of Team
NL riders being sold, mostly abroad. Merel Blom says in an interview for the
Paardenkrant: “Vroeger verkocht ik paarden waar ik mee uitgereden was, nu
verkoop ik in principe alles.” In English this means that back in the days she
would only sell horses if she felt she was finished riding them, but nowadays
everything is for sale (Smit, 2022).

As for other countries that are active in the Eventing sport, for example in the UK
and the US, co-ownership and syndicates are very common and a popular way of
owning horses (Moore & Lengers). Currently, the world number one athlete in
Eventing is a British rider, named Rosalind Canter. Moreover, within the top 10
world ranking of Eventing, 5 riders are British. 3 riders within the top 10 ranking
are American (FEI, 2023). This could imply that the high amount of co-ownership
agreements and syndication in those countries is beneficial to their performance.
In the Netherlands however, only a minor number of horses are co-owned, and
most Dutch equestrians are not even familiar with co-ownership and syndicates.
Consequently, less horses could be obtained within the sport and less riders have
access to the horses that will help them advance in level of sport. This lack of
opportunities for horses and riders makes it much harder and for some even
impossible to climb up to the highest level of sport, even if they have the talent
and ambition to do so.

1.2 RESEARCH OBJECTIVE

The primary goal of this study is to review various forms and methods of co-
ownership of Eventing horses, and to determine in what way co-ownership will
benefit the Dutch Eventing sport the most. More opportunities will be given for
the horse-rider combinations to advance to the highest level of sport when costs
can be shared. More financial resources can result in the obtainment of both
(high quality) Eventing horses as well as talented and ambitious riders within the
Dutch Eventing sport.

1.3 RESEARCH QUESTION

Main question:

What are the various ways/methods of co-owning horses that can generate more
(financial) opportunities for horses and riders in the Netherlands to be able to
advance to the highest level of Eventing sport?

Sub questions:
 - What are the main forms and methods of co-ownership of (Eventing)
horses in other countries?
o What do the co-ownership (financial) agreements/contracts look
like?
o What types of co-ownership occur in the Netherlands (already)?
- What is the size of interest in co-ownership of Eventing horses in the
Netherlands?
- What type of co-ownership of Eventing horses would be most
beneficial to the growth of the Dutch Eventing sport?

2. LITERATURE REVIEW

2.1 EVENTING SPORT

Eventing is usually characterized as the most dangerous equestrian sport of the

modern equestrian sports (including dressage and showjumping). Often, Eventing
is described as the triathlon for horses, as it involves three different disciplines:
dressage, showjumping and cross-country. It is also described as the ultimate
test for horse and rider, the complete contest, based on a military tradition. The
sport demands equine capabilities similar to a war horse: obedience, agility and
grace on parade (dressage phase), courage, strength, fitness and speed in battle
(cross-country phase), including a level of fitness and effective recovery which in
order to continue carrying out normal duties immediately after battle (the show-
jumping phase).

The cross-country phase of Eventing is generally considered as the riskiest for

both horse and rider. In this phase, horses gallop across open country on a
predetermined course, jumping big, fixed obstacles within a certain time limit.
These obstacles may include walls, tables, ditches with fences and jumps into
and out of lakes, to name a few (O’Brien, 2016). It can be stated that the
complex inter-species relationship existing in all horse-rider activities, is taken to
extremes in Eventing.

The dressage phase of Eventing is described by a combination of balance,

suppleness, and power. The horse must be completely obedient and go wherever
the rider wants and carry out movements at his request. The objective of
dressage is the “harmonious development of the physique and ability of the
horse”, according to the FEI (Federation Equestre Internationale). The Germans
describe the aims of a dressage horse as: rhythm, looseness and suppleness,
contact with the bit, energy and swing, straightness, and collection (Dyson,
2002).

Showjumping, as last phase of Eventing, also requires significant athletic

demands of the horse. The horse must be able to jump large fences with
precision, accuracy, and care, sometimes at speed. This requires suppleness and
tremendous strength in the back and hind limbs to either jump high vertical
jumps but also to be able to jump large spread fences (oxers) (Dyson, 2002).

In 1900, the equestrian sport became part of the Olympic program. In 1912, the
discipline Eventing became part of the equestrian program in the Olympic
Games, but only for men. Since 1964 the Eventing sport became a mixed event
in which both men and women could participate (The Olympic Studies Centre,
2017).

2.2 FACTS & NUMBERS OF THE EVENTING INDUSTRY

The FEI (Federation Equestre Internationale) is an umbrella organization of the

worldwide equestrian sport. As part of their organization, they keep track of the
statistics of the horse sport, on international level. Based on the information
published by the FEI, an overview has been made regarding the Eventing sport
on worldwide level. This shows how popular and common this sport is in several
countries.
Table 1: Top 10 Eventing countries based on their athletes, horses, and events (FEI, 2021).

Country Athletes Horses Events

Great Britain 1170 2306 72
United States 837 1180 105
France 595 963 47
Germany 578 1035 38
Australia 323 496 44
Ireland 293 519 39
Italy 248 318 44
Belgium 185 315 8
Netherlands 158 244 23
Sweden 149 242 11

Eventing riders

According to the FEI, in 2021, there were 5789 athletes (riders) participating in
the international Eventing sport (worldwide). The country with the most Eventing
riders was by far Great Britain with 1170 Eventing athletes. This is followed by
the United States, as second country with the most Eventing riders, 837 athletes.
The third country with the most Eventing riders is France, with 595 athletes. It
can be stated that Great Britain is the most active in the Eventing sport,
considering its significantly larger number of riders compared to other countries.
In Table 1 below, an overview of the numbers of the Eventing sport can be
viewed, including the top 10 Eventing countries.
As for the Netherlands, in 2021, 158 Dutch Eventing riders were registered,
competing at international level. A growth of Dutch Eventing riders with more
than 25% compared to the year before. A decade ago, there were only 87
athletes registered. The international Eventing sport amongst Dutch riders has
increased with almost 82% within 10 years.

Eventing horses

The country with the largest number of Eventing horses is Great Britain with 2306
horses in 2021. This is based on numbers provided by the FEI and on the national
federation where these horses are registered. Secondly, the United States
registered 1180 international Eventing horses, followed by Germany with 1035
horses.

In 2021, the Netherlands possessed 244 international Eventing horses. Compared

to the year before, the number of horses increased with more than 25%. A
decade earlier, there were only 165 registered Dutch Eventing horses. This is a
growth of almost 48% over 10 years.

Eventing shows/competitions

The FEI also provides an overview of the events that have taken place for
Eventing, for each year and per country. In 2021, championship and games took
place in 5 countries: 2 in France, 1 in Poland, 1 in Switzerland, 2 in Sweden and
the Olympic Games took place in Japan. In total 6 Eventing championships and
the Olympic Games took place in 2021. Besides, there were five 5* shows
organized, of which one in France, Great Britain, Germany and two 5* shows took
place in the United States.

In 2021, The Netherlands organized three 4* Eventing shows, seven 3* shows, six
2* shows and four 1* Eventing shows. A total of 23 international Eventing classes
took place in the Netherlands.

In neighboring countries events take place that are also interesting for Dutch
eventing riders. Belgium organized a total of 8 international shows. As for
Germany, 38 international Eventing shows were organized, of which one was
even a 5* event (FEI, 2021).

National Dutch Eventing sport

The FEI is the organization responsible for the international equestrian sport. For
Dutch Eventing on national level the responsibility lies with the KNHS. In total, 63
national Eventing competitions were held in 2022. There are 1461 national
Eventing riders which were responsible for 5774 starts. Most national Dutch
Eventing riders are between 18 and 30 years of age. On average, each
international rider competes 4 to 6 times per year internationally, while national
riders compete 8 to 10 times per year on national level (KNHS, 2022).

Expenses of the Eventing sport

As discussed above, practicing the Eventing sport on international level requires
high expenses. The price of a horse that is capable of competing at international
level is already considerably high. There is a high demand for these horses and a
lot to win and earn with such a good horse. With such a horse, big prize money
can be won. The experience that the rider and horse get on international level is
of high value as well. The rider will probably earn more money and the horse will
rise in value, as they grow their level of competition. Furthermore, the offspring
or relatives of the horse competing at high level, will also increase in value.

The average price of an international Eventing horse can greatly vary, from
approximately 50.000 up to millions of euros. Therefore, there is not really an
average prize to give.

Secondly however, purchasing a horse is just the beginning of the expenses. The
maintenance of a horse brings along many costs as well. These are costs related
to stabling, feed, health care, equipment, training, transportation and
competitions amongst others. These costs also depend on the age of the horse,
the objective of having the horse and level of sport. An international Eventing
horse is therefore considered to cost more than average. Below an overview has
been made with estimated costs of keeping such a horse, in the Netherlands
(Vereniging eigen paard, 2021).

Table 2: Estimated monthly horse maintenance costs in the Netherlands.

Horse maintenance Estimated monthly costs (€)

Stabling 400 – 500
Feed & supplements 150 – 200
Health care* 14 – 15
Farrier 43 – 86
Dentist 4 – 12
Training 200 – 400
Average total 811 - 1213
*This includes vaccinations(twice a year) and deworming(once a year), does not include
additional veterinarian costs due to health problems (Vereniging eigen paard, 2021).

This table does not include costs related to competing both nationally and
internationally. These costs vary significantly depending on the type of show
(how many stars (*)), the country the show takes place and whether the
competition is on national or international level. However, the Dutch Eventing
rider competes 6 times internationally on average per year (KNHS, 2022).

As for the farrier costs, these are based on the assumption that a horse needs to
go to the farrier every 6-8 weeks. There are however exceptions of horses that
have worse feet and need to see the farrier every 4 weeks for example.

Regarding the costs for the dentist, it is assumed that a horse needs to visit the
dentist once a year. In more severe cases, the horse needs to go twice a year
perhaps, or more often.
Training costs are associated with lessons from instructors which on average cost
between 50 and 100 euros, on international level, and it is assumed that the rider
and horse have one lesson every week (Vereniging eigen paard, 2021).

According to Dana Cooke, a Canadian Eventing rider who was part of Canada’s
bronze medal-winning team at the 2019 Pan American Games, based in North-
Carolina, the estimated annual costs to maintain and compete her (syndicated)
horse is €50.000 (Millen, 2022).

Key items

 5789 worldwide Eventing atletes in 2021

 1170 British atletes
 The number of Dutch Eventing riders increased with 82% over
the last decade
 158 Dutch athletes (2021)

 2306 British Eventing horses registered by the FEI in 2021

 244 Dutch Eventing horses registered by the FEI (increase of
25% compared to the year before)

 In 2021, the Netherlands organized 20 international Eventing

shows
 1461 national Dutch Eventing riders registered by the KNHS in
2022 EVENTING HISTORY
2.3 DUTCH
 5771 starts in total

The Dutch Eventing History will be described in this section. This is based on the
Dutch Team’s participation in the two biggest worldwide events; The Olympic
Games and the World Equestrian Games. The Olympic Games are the leading
international sporting events in which thousands of athletes from around the
world participate in a variety of competitions. The Olympic Games are the world’s
biggest sports competition with more than 200 teams, including Team NL, of
which the Dutch Eventing Team is part of (Wikipedia, 2023).

The World Equestrian Games are the major international championships for
equine athletes. Similarly to the Olympics, the WEG are being held every four
years, at different locations worldwide. Horse-rider combinations competing at
WEG, go through a thorough selection process, of which each participating
country sends the teams that are the nation’s best per discipline, including the
Eventing discipline.

Olympic Games

In 1920, a Dutch Eventing rider competed for the first time in the Olympic
Games, held in Antwerp. The Dutch combination finished 20 th. This was actually
the first Dutch rider who participated in an Equestrian discipline at the Olympics.
This is where Dutch Eventing at Olympic level started. Below a sum up of the
history of Dutch Eventing combinations participating at Olympic games is shown.

Paris – 1924
Individual: 1x Gold
Team: Gold

Amsterdam – 1928
Individual: 1x Gold
Team: Gold

Los Angeles – 1932

Individual: 1x Gold
Team: Silver

In between 1932 and 1952, several Dutch Eventing riders participated at the
Olympic games. However, during those years no victories were won by the Dutch
Eventing team.

The following 4 Olympic games up to 1968, there were no Dutch Eventing riders
participating at the Olympics. At the Olympic games in 1972, 1980, 1992 and
2008, 4 or 5 combinations were representing the Dutch Eventing team at the
Olympics, but without success.

In 2016 the Dutch Eventers eventually achieved 6 th place during the Olympic
games in Rio de Janeiro. They however did not win a medal. During the last
Olympics in Tokio 2020, 2 Dutch Eventing combinations participated at the
games, but were eliminated in the Cross-Country phase.

Considering this overview of the history of Dutch Eventing at Olympic level, it can
be stated that the Netherlands were very successful up to 1932. After the
Olympic Games in Los Angeles at 1932, a 6 th place for the Dutch Eventing team
in Rio 2016 was the highest achievement (KNHS, n.d.).

World Equestrian Games

In 1990, the World Equestrian Games (WEG) are being organized for the first
time, taking place in Stockholm, Sweden. Similar to the Olympic Games, the WEG
are also taking place every 4 years. During the WEG 2014 in Caen, France, the
Dutch Eventing team brought home a bronze medal, as team victory. This was
the only and highest victory the Dutch Eventing team achieved on the WEG
(KNHS, n.d.).

Key items

 In 1920, a Dutch Eventing rider participated for the first time

at the Olympic Games, held in Antwerp.

 During the Olympics in Paris in 2024, the Netherlands won

Gold for the first time in Eventing.

 In 1928, the Olympics took place in Amsterdam.

 Dutch Eventers were very successful up to 1932, since then

they only achieved a 6 th place during the Olympics in Rio de
Janeiro in 2016.

 During the WEG 2014 in France, the Dutch Eventing team won
a bronze team medal.
2.4 THE ROAD TO THE OLYMPICS

In the Netherlands, the NOC*NSF is the umbrella organization for all organized
sports in the Netherlands, including equestrian sports. NOC*NSF is a merge
between the Dutch Olympic Committee and the Dutch Sport Federation. This
organization arranges opportunities and possibilities to grow to the best level of
sport, for each sport that represents the Netherlands at international
competitions. For instance, they contribute to organizing the sport, make sure of
sufficient sport facilities, and arrange a certain budget for sports teams with the
potential to participate at the Olympic or Paralympic games.

The NOC*NSF its main goal is to make sure that there are Dutch sport teams
representing the Netherlands at the Olympic, Paralympic and European games.
Together with the sports federations of each sport, a team is put together. In
order for the top athletes to perform their best, all circumstances are being
organized as optimal as possible. The NOC*NSF sets a certain budget per sports
team to realize this. Their goal is to be one of the best performing countries. With
the Dutch team (TeamNL) they aim to win more medals, in more sports, with
more impact. In order to make sure their financial resources are as efficient as
possible, they carefully assess the size of the financial budget that each sports
team receives. This is dependent on certain criteria that measures the sports
team’s potential to reach the NOC*NSF’s main goal; being one of the best
performing countries (NOC*NSF, n.d.).
Similarly, this is also being arranged for the Dutch Eventing team. The Dutch
Eventing team’s performances play a role in determining the amount of financial
resources that the team receives. In 2020, it was announced that the number of
sport teams and athletes in general (all Dutch sport teams) increased, but that
the same budget had to be divided amongst all of these teams. Consequently,
the announcement stated that in particular, the budget for the Dutch Eventing
will be decreased significantly. In 2020 they received €282.209, and in 2021 the
Dutch Eventing team received €200.000. Furthermore, in 2022 the budget put
aside for the Dutch Eventing team even decreased more up to €154.148
(Hommes, 2020) (NOC*NSF, n.d.).

2.5 HORSE SYNDICATES & CO-OWNERSHIP

The word “syndicate” may bring up suspicious thoughts of impure characters and
organized crime to people not common with the horse industry. People who
invest in horses, however, associate quite different ideas with syndicates. Horse
syndicates are designed primarily to spread and therefore decrease costs, risks,
and responsibilities for potential investors. This enables “smaller” investors to
own an interest in sport horses, which otherwise would be beyond their financial
possibilities. Besides, riders are able to keep good horses for longer, and compete
at more shows in order for the combination to grow and bring an addition to the
Eventing sport. As riders need to make a living out of the horse sport, good
horses will be most likely sold quickly, and consequently decrease the rider’s
chance of increasing their level of sport.

Horse syndication, in many ways, imitates partnership in business and usually

embodies different owning terms and conditions made to meet the preferences
and needs of the investors. Normally, stakes are divided into stakes that goes up
to 10% to 20%. This becomes shares into which a person becomes a shareholder
for a number of years or until the horse is resyndicated or sold. Syndicate
members will share the ongoing cost of the horse from its initial state of purchase
throughout the neuter. On top of that, a syndicate manager is appointed to look
after the horse, and take care of its administration which majority of times riders
particularly assume this responsibility.
Locally syndicated sport horses are, however, totally worth it in actuality because
their owners don’t treat them as mere money-making machines. Rather than
owning an equine athlete, people share stocks of horses, thus being denied from
the pleasure of ownership but the fitness experience, clutching the champions,
and remaining in the sport. Syndicate members enjoy unique benefits, such as
private parties of owners and fortune horsemen venues, creating attachment and
belonging in the surroundings of the riders with the same mindset (Ayers, 1986;
Campbell Jr., 1982; Millen, 2022).

A remarkable fact about horse syndicates is that although in countries such as UK

and The US their extensive development is very common, they still are marginal
in Netherlands. Informal contracts to share horses among private individuals are
equally rare as well as organized syndicates with thoroughly-elaborated
contractual arrangements. On the other side, an acknowledgement of the fact
that the Dutch horse sport is just not stunted is needed.

In the Netherlands, equestrian activities form a significant part of the leisure

pursuits, manifested by an intensive distribution of the horses which translates
approximately to 25 horses per 1,000 citizens. The Dutch equestrian capacity
includes 135 thousand members of the Royal Dutch Equestrian Federation
(KNHS) and offers 3,000 equestrian centers and riding clubs having 7,300 sport
events annually. Dutch cyclists with 23 Olympic medals as well as demonstration
of the Netherlands as a top equestrian sports country. Furthermore, the bold
Dutch Warmblood horse (KWPN) has established its reputation worldwide as one
of the most sought-after sports horse breeds, producing around 10 thousand
foals annually (Spoga Horse, 2022).

To realize a bigger acceptance of companionship structures in Netherlands, it is

expeditious to look into the established tools and means in the UK and the US.
Through a comparative analysis of proven co-ownership models in these
countries, the Dutch horse lovers would paint a vivid picture of what a localized
framework should look like and how it should be structured. This way paves the
way for knowledge sharing and creates an atmosphere of working in the same
team that fosters the creation and variety of horse ownership models in Dutch
equestrianism.

Different types of syndicates and co-ownership

Eventing horse syndicates can have a broad variety of structures and goals.
These are often defined in a formal agreement. These contracts outline

 Each member's responsibilities,

 How expenses and income will be shared,
 Other crucial information.

Therefore, each syndicate contract can look different and is often customized
per particular case. In the following paragraphs, a few examples are given of
co-ownership agreements in the US as well as in the UK.

United States

For many co-ownership situations, an Equine Co-Ownership Agreement could be

suitable. This is mostly used for investment, sales and show horses. This
agreement identifies each owner and the percentage that they own. It also
details who is responsible for the horse’s ongoing maintenance costs (like vet
care, training, farrier, insurance, competitions etc.). Furthermore, the agreement
determines how prizemoney and awards will be distributed when the horse wins
at competitions. Decision-making responsibilities are covered as well. These
involve decisions to sell or retire the horse. An example of an Equine Co-
Ownership Agreement, offered by ELS (Equine Legal Solutions) is shown in Annex
9.1.

It’s possible that co-ownership arrangements become more complicated than

provided in this agreement. Co-owners will then need legal advice and a
customized syndicate contract. This may occur for example when the syndicate
members will get breeding rights. This could happen when the syndicated horse
is a stallion. A syndicate member could get the right to cover a certain number of
mares with this stallion. A second example is when the syndicated horse is a
mare. Members could get the right to get an embryo or a foal from the mare for
example. A third example is when the syndicate sells shares of the syndicate on
an ongoing basis. In these cases, a customized syndication agreement is needed.
In the US there are firms that offer their support and guidance with creating a
suitable horse syndication agreement (Equine Legal Solutions, n.d.).

Great Britain

As for Great Britain, EHOS (Event Horse Owners Syndicate) is an organization

who guides (potential) co-owners/syndicate owners through the process of
getting involved in syndication. “Once you purchase your share, you will own a
small part of the horse and get to join him or her on a fascinating journey aiming
for some of the biggest competitions in the country” (EHOS, 2022). Offering co-
ownership this way, makes it easier for people to step in and become a co-owner.
In Annex 9.2 an image is viewed of EHOS.

Additionally, the organization British Equestrian has set up a guide to assist riders
and owners in the process of syndication and co-ownership. These guidelines
involve certain criteria for a syndication agreement to be successful between
rider and owners of the horse. Points to consider to develop and maintain a
successful and enjoyable relationship between syndicate members, are for
example the owners’ and rider’s preferred methods of communication, decisions
the rider can make without consulting the owner(s), agreed on the goal of
purchase of the horse, distribution of prize money etc (British Equestrian, n.d.).
The most important factors from this guide are summarized in bullet points in
Annex 9.3.

This helpful tool provided by British Equestrian illustrates that co-ownership and
syndication is playing a significant role in the British Equine industry. A significant
larger role than in the Netherlands.

Examples of successful co-ownership arrangements

American eventing rider, Boyd Martin, supports syndication. Several of his horses
are owned by syndicates. These include top horses like Neville Bardos and Otis
Barbotiere. Both of them have about 10 co-owners.
The majority of the owners of the Otis Barbotiere syndicate are ardent fans of
hunting and eventing. They came together and contacted Boyd in an effort to get
involved with a horse and rider, who might someday represent America on world
championships. The syndicate was established in 2010.
SYNDICATION HAS BEEN A SYSTEM THAT HAS ALLOWED ME TO PURCHASE HORSES
OF THE HIGHEST QUALITY WITHOUT A MASSIVE FINANCIAL BURDEN ON ONE
PARTICULAR INDIVIDUAL. IF THE HORSE WORKS OUT AWESOME, THE WHOLE CREW
HAS A FANTASTIC TIME, IF IT’S A FLOP, THE PAIN IS SHARED (OFTEN IN THE OWNERS’
TENT WITH A FEW BEERS!) (Martin, n.d., par.7) (Syndication for Eventing horse owners, n.d.).

Dana Cooke is a Canadian Eventing rider who competes in three-day events.

She's been a member of the bronze-winning Canadian team at the 2019 Pan
American Games. She is now stationed at Kingfisher Park in North Carolina and
rides three syndicated horses. One of them is FE Mississippi, her Pan American
Games companion. The mare was owned by one individual owner when Cooke
began competing FE Mississippi. To reduce the owner’s financial burden however,
Cooke and the owner chose to syndicate the mare.
“MISSISSIPPI WAS THE CLOSEST HORSE I HAD TO ACHIEVE MY GOALS AND DREAMS,
SO WE CAME UP WITH A PLAN TO SYNDICATE AND THAT HELPED ME KEEP THE RID”
(Cooke, 2022, par.5).

Cooke states that while each syndicate is structured and is run differently, all her
syndicate agreements include ten shares each. Each share is worth 10% of the
purchase price plus an annual fee. For example, for an $80,000 horse, a
shareholder pays $8,000 to buy a 10% share. Shareholders also contribute to the
estimated $50,000 annual cost of keeping their horse in competition, which
means that a 10% shareholder contributes $5,000 yearly to maintain the horse.
An overview of the payments per shareholder is viewed in the table below. Any
extra money is put into a pot to be used for when the horses are older, and their
competition costs rise. Younger horses may have lower annual expenditures.

Table 3: Example of division of costs between shareholders within syndicate agreement

10% syndicate shares Single payment Annual horse

(10% of purchase value maintenance payment
horse)
Shareholder 1 $8,000 $5,000
Shareholder 2 $8,000 $5,000
Shareholder 3 $8,000 $5,000
Shareholder 4 $8,000 $5,000
Shareholder 5 $8,000 $5,000
Shareholder 6 $8,000 $5,000
Shareholder 7 $8,000 $5,000
Shareholder 8 $8,000 $5,000
 Shareholder 9 $8,000 $5,000
Shareholder 10 $8,000 $5,000

“IT’S NICE TO HAVE OTHER PEOPLE INVOLVED; IT CAN ACTUALLY BE QUITE FUN. WE
WENT TO THE PAN AMERICAN GAMES AND MY OWNERS HAD A VIP TABLE AND HAD A
BIT OF A PART” (Cooke, 2022, par 6).

Everyone is involved in what happens with the horses, and no rushed decisions
are made. Cooke notes that she constantly communicates with her shareholders
so they can decide what to do next. And so, they know what is happening with
their horse. Cooke's shareholders often are her family, friends, and supporters.
Also, if their horse is recognized on an Equestrian Canada high-performance list,
Canadian shareholders who live in Canada are eligible for a tax benefit.

One of the co-owners of Cooke’s horses is Diana Crawford. She has shares in all
three of Cooke’s syndicated horses. Crawford explains that she wants to support
Dana’s career and the exceptional potential that she believes Dana has with the
horses (Millen, 2023).
“BEING PART OF A SYNDICATE ALLOWS ME TO ENJOY THE BENEFITS OF OWNERSHIP
WITHOUT HAVING TO SHOULDER THE ENTIRE FINANCIAL BURDEN BY MYSELF. IT’S
FUN AND I GET TO SUPPORT SOME INCREDIBLE ATHLETES” (Crawford, 2022, par 8).

British Eventing rider Andrew Heffernan, currently chef d’equipe of the Dutch
Eventing team, has also ridden syndicated horses. His Olympic horse Myllthyme
Corolla was co-owned by a syndicate. As well as Boleybawn Ace, with whom he
achieved the bronze team medal. These syndicates involved a varying number of
owners from 2 up to 10 owners, but were always successful without any
problems.
‘I HAVE WORKED WITH SYNDICATES FOR MY HORSES A LOT, AND HAVE HAD ONLY
POSITIVE EXPERIENCES WITH I.” (Heffernan, 2022, par 3).

Martin Richards is one of the co-owners of Andrew’s syndicates. They have been
working together for years and closely experienced Andrew’s biggest
achievements and victories. Martin explains that he only does it for his own
enjoyment, not to make money.
“IT IS ABSOLUTELY GREAT TO CLOSELY WITNESS THE HORSE’S JOURNEY. SOME
HORSES WE BOUGHT AS YEARLING WHICH CLIMBED ALL THE WAY UP TO BECAME
INTERNATIONAL TOP HORSES” (Richards, 2022, par 8).

Martin explains it is a hobby for him, travelling to the shows which they enjoy
greatly (Mulders, 2021).

3. METHODOLOGY
The methodology of this report consists of desk research as well as field
research. A literature review was conducted, reviewing what is known about the
subject of this research. Field research was conducted through a survey and
interviews. The survey included 16 questions and received 112 full completed
responses. In total, 3 interviews were conducted regarding professionals’
experience with co-ownership of horses and horse syndicates.
In this research data triangulation was applied. Multiple data sources were used
and combined to answer the research questions. In this research, qualitative data
of interviews was used, as well as data from literature to help answer the
research question regarding the main forms of co-ownership of (Eventing) horses.
This benefits the research validity and credibility, as the data is more likely to
reflect real life when the data is gathered from multiple perspectives and
techniques. Triangulating data and techniques aid in preventing the research
bias that arises from using a single point of view. It is more likely to get a well-
rounded look into the research topic when triangulation is applied in the research
(Bhandari, 2023).

3.1 DESK RESEARCH

The both primary and secondary sources of information were gathered for this
report, firstly by studying the literature on co-ownerships and syndicates applied
to Eventing. Initially, a detailed exploration of this Official sport Eventing was
undertaken, explaining the historical background and highlighting the status of
this sport in the Netherlands in the last decades. Moreover, a calculation of the
cost of horse ownership and maintenance was explained to provide that part of
the formula of horseback riding. On top of that, an overview of The Olympic
Games, such as some taking home medals and their journey to the Olympics was
also conducted which served for additional information and preparation for the
next part which is literature review.

In the latter part of the survey, the author highlighted the connectivity and
partnerships. Several variations of syndication and co-ownership models, as well
as the techniques that are frequently applied to implement these models, were
examined to address the research inquiry as to the predominant ways and tactics
of horse co-ownership, mainly in the Events category, both locally and
internationally. In addition, a systematic study of the management of ownership
agreements was examined and its findings were applied during the writing of the
literature review. For an illustration of the practical part of the subject, successful
tandem and co-ownership cases were aired, which included information and
feedback from riders and owners.

3.2 SURVEY

Data collection

The survey was developed for the purpose of extracting the beliefs of individuals
in Netherlands who are actively engaged in the sport of Eventing with regard to
their awareness and feelings towards syndications and co-owning. As a result, the
survey yielded responses from 112 respondents, whose responses were
organized specifically as they are given in the Annex 9.2. The focus was to assess
the level of interest in co-ownership of Eventing horses among the participants
on the survey.

It started by soliciting information on whether the participants were professionals

and how familiar they were with poniesharing. Then, the survey respondents
were presented with the questions about co-ownership and horse syndicates and
concluded with a section that looks into participants' views on owning a
thoroughbred racehorse in partnership. The queries in the following paragraph
were sorta similar to the co-ownership questions but shifted focus to the idea of
syndication. It was then asked about the general perspective of the participants
on the co-ownership& syndicates and further proceeded with the surveys with
the demographic questions to know more about the participants' characters.

To have diversified respondent pool the survey was launched through various
channels, including? social media accounts of the commissioner, the website
company and emails were sent through Eventing HQ by a newsletter. The
researcher, in addition, has mobilized the personal networks to bring on board
the respondents. Participation enhancement by the giveaway of a Lemieux
Saddlepad with HQ logo €70 was incentive based.

The survey target group are the participants who are active in the Eventing
industry or familiar with it, irrespective of gender and age. The research group
consisted of 112 participants, which unequivocally represented approximately
7.88% of the population of Dutch Eventing athletes this year, i.e. 1421
individuals.

The margin of error was 2%, corresponding to a 95% confidence level. Even
though the empirical base was called all right, if it will represent at least 10% of
the population, it will yield more accurate findings. However, the choice of 112
samples seems to be the most appropriate one from the perspective of scarcity
of finances and highly targeted audience.

Surveys will act as the primary source of data and we will delve into the
respondents' attitudes, actions, and experiences concerned with particular issues
more accurately. Taking into account the aim of establishing the preferences of
Dutch Eventing Participants on ownership and syndication, Surveys turned out to
be appropriate for making a crowd and gathering the different opinions of the
people.

Writing synopsis of the survey approach using essential and essential-less data
and making it possible to repeat the study will help to produce perfect
presentation of a pilot research methodology.

Data analysis

Data analysis process was carried out by collecting 112 responses followed by
the use of Enalyzer tool. The reactions then were exported into an Excel format
and was followed by analysis through SPSS. SPSS was chosen for its ability to
handle much and intricate datasets, which arguably, avail the needed statistics
procedures and tools for this.

Four among the survey questions were multiple-response facilitating the

respondents’ possibility to choose more than one answer. To analyze these
questions in an efficient manner decisions were made to specify the data
differently in SPSS by using the "Define Multiple Response Sets" option. With the
help of the interface, the researcher was able to not only obtain the feedback of
all those given but also to elaborate everywhere from the construction of graphs
to tables and tests.

When forming the desnos into a single dataset, the desired graphs and tables in
SPSS were output. For multiple-nature data sets, custom illustrative tables in
SPSS were utilized completely to depict the survey results visually.

Statistical tests such as chi-square tests were run to determine levels of

significance (P-value) and contribution of the variables as well as into distinct
categories or groups. In the original form, the null hypothesis (H0) was lack of
significance difference between the test variable and specific groups and in
contrast it was pushed the alternative hypothesis (H1), the variable was
significance difference behind. If the P-value came in bigger than the alpha level
(0.05), then H0 was accepted as valid, or else, it was rejected in favor of H1.

The selection of a statistical approach depended on whether the variable of

choice was nominal, ordinal or ratio scale, and on the number of groups included
in the study. Exclusively chi-square test was used because, in both research
questions, the test variable was nominal.

The hypotheses were framed in an understandable way to show the relationship

of the test variable and different categories, which in turn, facilitated the choice
of several statistics test. Analysis of the survey data was aimed to reach the
goals of the final research question and sub-questions that we will address.

Through clearly communicating a summarized version of the analysis process,

focusing on key details while avoiding redundant information, consequent
versions of the study will aim to achieve greater specificity and logical flow
leading to report transparency in the research methodology.

3.3 INTERVIEWS

Furthermore, qualitative research was conducted, consisting of 3 interviews. The

type of interviews can be defined as semi-structured interviews. They were based
on open-ended questions. This method of conducting qualitative research was
chosen because little is known about the subject co-ownership in the Netherlands
(Fox, 2009). The interviews took around 30 minutes and were recorded. The first
interview was done with a Dutch Eventing rider. She has been active in the
Eventing sport since 1987 already and participated during the Olympic Games in
2016. The second interviewee was also a Dutch Eventing rider and expert. He is
now 37 years of age, and has competed at 3 Olympic Games in 2008, 2012 and
2016. Lastly, a British Eventing expert was interviewed as well. She illustrated
the situation in the UK regarding the topic of syndicates and co-ownership. The
interview with the British Eventer also brought more inside in how co-ownership
is being arranged in the UK, and gave examples on how it could or should be
arranged in the Netherlands, to answer one of the research questions.

The topics that were discussed with the interviewees are co-ownership of horses,
what they know about this, what their experience is with co-ownership /
syndicates, and their vision of implementing these in the Dutch Eventing sport.
More focused questions depend on the person to be interviewed.

The recordings of the interviews were completely typed out in transcripts. Then,
thematic analysis was used for analyzing the interview results. This is a
systematic way of identifying the main concepts that arises from the interviews’
responses. This was being done by coding the interview answers by linking
labels/codes to text-fragments within the interview transcripts. As this will
illustrate the main theme of each fragment, it is easier to draw conclusions from
the interview responses this way (Caulfield, 2022).

The interview questions and the full transcripts with coded text fragments are
shown in Annex 9.3. in the results section an analysis has been described
regarding the main topics and ideas that resulted from the interview.
The researcher chose to conduct interviews as a research technique because
interviews are a good way to learn in-depth information from a limited number of
people. Because in-depth information from Eventing experts who have been
involved in co-ownership themselves was very helpful for this study, interviews
are an appropriate research technique (Lowe et al., 2010).

4. RESULTS
In this section, the results of the survey, the interviews and literature review of
this research report will be shown.

4.1 SURVEY

The survey was roughly divided in 2 subjects: co-ownership and syndicates.

Below the results are shown associated with these subjects. Additionally, the
results will be shown of some general questions regarding the respondents’ ideas
and opinions concerning this topic.

Demographics

The survey was completed (entirely) answered by 112 respondents. The majority
of the respondents are female with 92,9% (N=104). This survey has been
answered by respondents from every province in the Netherlands. However, the
majority of the respondents are from the south; Noord-Brabant (N=21). There are
also quite some people from the province Gelderland (N=19). Furthermore, the
age varies greatly among the respondents, meaning that there are participants
younger than 18, older than 65 years, and of every age group in between.
However, the number of participants of the age group of 26-43 years (N=43) is
the highest.

Graph 1: Shows in what way the respondents are active in the Eventing sport

In this question, participants were asked which role within the Eventing sport
identifies them best. As viewed in graph 1, most of the respondents are active in
the Eventing sport as national riders (N=83), however as this question was a
multiple response question, this group could also be active in Eventing in another
way. The 2 other large groups are horse owners and (Eventing)horse enthusiasts.
A participant can be for example a horse owner as well as a national rider.

Co-ownership

Graph 2: Shows how familiar and in what way the respondents are with co-ownership

Of the group of respondents most people are familiar with co-ownership of

horses, as to be seen in graph 2. Only 4 respondents have never heard of the
term “co-ownership” for horses. Most of the respondents know people who are
co-owner of a horse (N=58), and know horses that are owned by co-owners
(N=50). 7 respondents ride horses themselves that are owned by co-owners. 40
respondents have heard from the topic but are not closely involved in co-
ownership their self.
Graph 3: Shows the number of people having a positive and negative point of view about co-
ownership

As viewed in graph 3, most of the respondents have a positive opinion about co-
ownership of horses (N=45). Only 5 respondents have a negative opinion about
co-ownership, and even 15 people believe co-ownership to be something very
positive.

Summary of open answers on participant’s opinions about co-

ownership:

 Co-ownership is a good stimulation for the sport, because:

o Horses can be obtained in the Netherlands
o More financial possibilities
o Talented riders get more opportunities
 Co-ownership can bring difficulties due to differences between the
owners’ and rider’s interests, ideas and goals.
 Co-ownership can only be successful when clear (legal) agreements
have been established (on paper).
 Co-ownership is a good concept as less-wealthy people can also own a
horse and enjoy everything that comes along with this ownership.

Graph 4: Shows the believe of the respondents’ whether co-ownership will have a positive effect on
the Dutch Eventing sport.

Additionally, the majority of the respondents believe that co-ownership will have
a positive influence (N=60) on the Dutch Eventing sport, which becomes clear
from graph 4. Even 26 participants believe it will have a significant positive effect
on the Dutch Eventing sport. Only 5 participants think co-ownership won’t benefit
the Dutch Eventing sport, and the rest (N=20) are neutral about this point. Graph
4 shows a clear division of the respondents’ view on this.

Table 4: Shows the difference in the opinions about co-ownership (rows) between the different
groups of respondents (depending on the way how they are active in Eventing)
In table 4 the different opinions on co-ownership are viewed for each of the 3
largest groups of Dutch Eventers. The other groups have been left out of this
table as they did not have a decent sample size. These opinions are depended on
the participants’ role within the Dutch Eventing sport. This is proven by a Chi-
Square test viewed in Annex 9.7.

Table 5: Shows the difference in the opinions about co-ownership(rows) between the different
groups of respondents based on their familiarity with co-ownership

As viewed in table 5, most of the equestrians considered to be somehow familiar

with co-ownership, but are not involved in it themselves, are positive about co-
ownership of horses. The other groups of participants have been left out in this
table, as they had a minor sample size. It can be stated that there is a difference
in the opinions about co-ownership between the different groups of
respondents(based on their familiarity), which is proven by a Chi-square test
viewed in Annex 9.7.

Table 6: Shows the difference in the views on whether co-ownership will have a positive or negative
influence(rows) between the different groups based on their familiarity with co-ownership

As to be seen in table 6, the majority of the 3 groups with the most decent
sample size, believe that co-ownership will have a positive influence on the
Eventing sport. There is a difference in the views on whether co-ownership will
have a positive or negative influence on the Eventing sport, between the different
groups of respondents based on their familiarity with co-ownership. This is being
supported by the Chi-square test in Annex 9.7.

Syndicates

Graph 5: shows how familiar the respondents are with horse syndicates

Of the group of respondents, specified above at demographics, most equestrians

are not familiar with horse syndicates, and even 44 respondents have never
heard of the term. A group of 47 people have heard about it, but have not been
involved in any way in syndication. Only 2 participants are involved themselves in
a syndicate as 1 person rides a syndicated horse, and the other person is one of
the owners of a syndicated horse. Besides, 38 people know either horses that are
owned by a syndicate and/or people who are involved in a syndicate. In graph 5
the percentages are viewed of how familiar the equestrians are with horse
syndication and in what way.
Graph 6: Shows the respondents’ opinion about horse syndicates

As more than half of the respondents are not familiar with syndicates, this survey
question does not apply for them. Of the group of respondents that are familiar
with the concept, 33 people are positive or even very positive about horse
syndicates. Only 2 people in total are negative or very negative about horse
syndicates. In graph 6, the percentages of the division between the different
opinions about horse syndication are reviewed.

Summary of open answers on participant’s

opinions about horse syndicates:

 Syndication is organized in a more professional

and structured way including paperwork and legal
agreements.
o For higher level of sport and more expensive
horses
 Syndication can bring difficulties due to
differences between the owners’ and rider’s
interests, ideas, and goals.
Graph 7: Shows whether people believe if horse syndicates will have a positive influence on the
Dutch Eventing sport and up to what degree

As viewed above in graph 5, not many respondents are familiar with horse
syndicates, which is possibly why the most frequent answer is “neutral”.
However, there are 6 respondents who believe syndication will not have a
positive outcome for the Dutch Eventing sport. This illustrates that most
respondents that are familiar with syndication, believe that syndicates will have a
positive effect on the Dutch Eventing sport (N=61).

Table 7: shows the difference in the participants’ opinion about horse syndicates between the
different groups of equestrians, based on how they are active in Eventing

It can be stated that the respondents’ opinion about horse syndicates does
depend on the way how the Dutch equestrians are active in Eventing, which is
supported by the outcome of the Chi-square test viewed in annex 9.7.

Table 8: Shows the difference in the respondents’ opinion about syndicates between the different
groups of respondents based on their familiarity with syndication
As viewed in table 8, the majority of respondents who are slightly familiar with
syndicates are positive about it. The other groups of respondents have been left
out due to a minor sample size. The clear difference in opinion is depending on
how familiar the equestrians are with syndication, which is supported by the Chi-
square test viewed in Annex 9.7.

Table 9: Shows the difference in the respondent’s view whether syndication will positively affect
the sport between the different groups of respondents based on their familiarity with syndicates

Table 9 views that the majority of people who are somehow familiar with horse
syndicates believe it will positively benefit the sport. This view depends on their
familiarity with horse syndicates, which is supported by the Chi-square test
viewed in Annex 9.7. The other groups of respondents have been left out due to a
minor sample size.

Mixed topic questions

Graph 8: Shows the number of respondents involved in the occurrence of the sales of a horse due
to financial reasons, even though they would have preffered to obtain the horse for the top sport.

Furthermore, the question was asked if the respondent has been involved in any
way with the sales of a horse due to financial reasons, even when they would
have preferred to obtain the horse because of its high potential. Graph 8 shows
that the majority (43,8%) have seen this happening with other people, but not
with themselves. Over 20% of the equestrians have had to sell at least once his
or her horse due to financial reasons, despite the high potential of the horse.

Summary of open answers on the statement:

I obtain all horses that I want to keep, because…

 My financial situation allows me to

 I own only 1 (or 2) horse(s)
 I have my own stable
 I am able to keep them at home

Graph 9: Shows how interested the respondents are to become a co-owner or part of a syndicate
themselves.

In graph 9 it becomes clear how interested the equestrians are to become a co-
owner themselves on a scale from 1 to 10. In this question co-owner can also
mean syndicate member (which is a co-owner as well). Nearly 30% of the
respondents are not interested at all to become a co-owner or part of syndicate
(N=32), this is the most frequent answer (mode). The average interest of the
respondents to become a co-owner or part of a syndicate on a scale of 1 to 10, is
4,81(mean). Furthermore, less than half of the respondents (46,4%) tends to
have an interest of becoming a co-owner or part of a syndicate themselves,
taking into account the values 6 till 10.
Based on the participants’ explanations on their top 10 choice given in this
question, a significant number of participants chose number 6 as level of interest
because they believe there are benefits as well as pitfalls of becoming a co-
owner, weighing up against each other. They’d like to stimulate the sport,
stimulate the combination of horse and rider, and to obtain more (good) horses.
On the other hand, they are concerned for the multiple different
ideas/opinions/interests of other co-owners/members in the syndicate that might
not align. Therefore, some participants’ state the necessity of clear (legal)
agreements put on paper.

Other things mentioned in the explanations:

 Financial situation does not allow to become a co-owner of a horse

 Not interested because I’d like to be the only one to decide about
my horse(s)
 Not necessary as I am able to own my horse(s) myself
 Only when it is clear how to make the syndicate something
profitable

Graph 10: Shows what the respondents attracts the most of co-ownership and syndicates

Graph 10 reviews which benefit of co-ownership and syndicates attracts them

most. 63 of the equestrians find that supporting the sport attracts them most.
However, most of the benefits are evenly distributed in terms of attractiveness to
the respondent. 15 – 20% of the respondents agree that supporting the horse,
supporting the rider, owning a upper-level horse, and dividing the costs are all
attractive benefits regarding co-ownership and syndicates.
Graph 11: Shows if the respondents think that there are disadvantages or pitfalls associated with
co-ownership and syndicates

91% of the respondents believe that there are also disadvantages and/or pitfalls
to co-ownership or syndicates, as viewed in graph 11.

Most mentioned disadvantages of co-ownership/syndication:

 Decision-making becomes difficult

 Bad communication between co-owners
 Contradicting opinions/wishes/goals of co-owners
 What happens if horse becomes incapable
 (Mental) pressure on rider and horse
 No full individual authority on the horse
Graph 12: Shows if the respondents believe that co-ownership and/or syndication will have a
positive influence on the welfare of the horses.

Graph 12 reviews the equestrians’ opinion on whether co-ownership and/or

syndication will benefit the horses’ wellbeing. On a scale from 1 to 10, the
participants believe this to be true up to an average value of 5.92 (mean). It can
be stated that there are more respondents who believe co-ownership and
syndicates will have a benefit to the horses’ welfare than respondents who don’t
believe it benefits the welfare.

The participants’ explanations on this question are contradicting. Many people

chose 5 or 6 as level of positive effect on horses’ wellbeing. On one hand they
think it can benefit the horse in its wellbeing due to more financial possibilities.
On the other hand, they are concerned about high expectations on the horse’s
performance as more people invested in it (who might be in it for profit), which
may result in over-asking the horse in its capabilities. Some people also say that
the effect on the horse’s wellbeing depend on the goal of the syndicate. If the
goal is to make profit – it is more likely that the horse’s wellbeing is not a priority.
If the goal is to stimulate the sport/horse/rider – it is more likely that this benefits
the horse’s wellbeing. A number of participant’s also think this strongly depends
on the choice of rider for the horse.

4.2 INTERVIEWS

3 interviews were conducted with 3 professional equestrians, active on the

highest level of international Eventing. The first two interviewees are Dutch and
have both competed at the Olympics, the third interviewee is British and is active
in coaching the highest-level Eventing riders in the UK, as well as in the
Netherlands. Each interview has been thematically analyzed using coding of text
fragments. This data gathered from the interviews, has been divided in topics,
viewed as codes per text fragment (see Annex for codes of text fragments). The
main information per topic (code) have been summarized in the paragraphs
below. The interview questions and full transcripts with the codes per text
fragment of each interview have been presented in the annex.
Experience co-ownership

One of the Dutch interviewees, who has been competing at international level
since 1987, has competed with different horses that were owned by a
syndicate. The horse she rode Olympics with, was a horse that was co-owned by
two owners. In that time, one person purchased the horse, and the other person
paid the monthly costs.
“I COULD NEVER HAVE RIDDEN THIS HORSE AT BADMINTON IF IT WAS NOT OWNED
BY A SYNDICATE.”

The second Dutch Eventing athlete is an experienced Eventing rider having done
3 Olympic Games. Most of his life he has been very active at the highest level of
the Eventing sport, but currently he is trainer of the Chinese Eventing team and
owns several young horses and is quite active in trading.

He has also ridden syndicated horses, which made it possible for him to ride at
more competitions with several horses. He explained that it started with 4 people
who all wanted to invest in a horse ridden by this Eventing rider. They decided to
buy 4 horses together, all having a share in each horse. In this case, also the
rider owned a share of the horses, which gave the other owners more trust in the
rider of the horse as he invested money himself as well.
“THIS WAY, ALL OWNERS HAVE MADE AN INVESTMENT IN A HORSE THAT MIGHT NOT
MEET THE EXPECTATIONS, OR MIGHT SHOW MORE POTENTIAL THAN EXPECTED.”

This was arranged with a contract including legal agreements. One of the
agreements was that the rider/manager of the syndicate has the only say in the
sport related decisions, such as to which competitions they were going, and when
the horse was going to be sold. Nevertheless, the contact with the owners is very
important according to the interviewee. Every year they evaluated together how
the horses were doing, if there was still room for improvement in level of sport or
if it would be a better choice to sell.

The third Eventing expert is from the UK, where co-ownership is much more
common. She has been very active as a coach for many high-level international
Eventing riders. She is mostly active in the UK but also has some clients in the
Netherlands. The Eventing coach explains that syndication is something very
common in the UK. Almost all horses at the upper level of the sport are co-
owned. There are many ways these syndicates can be arranged, but this really
depends on the horse, and the goals for the horse and the rider. Higher valued
horses at higher level of sports, often have more detailed syndicate contracts,
including legal agreements. However, this can vary greatly per horse/case.

Current situation in The Netherlands

One of the interviewees explains that her good horses with much potential for
higher level of sports, were sold because of the high costs. “When people have
good horses, they often sell it because they have spent quite a lot of costs
already on the horse”.

The reason why syndication is very uncommon in the Netherlands, is because the
number of Eventing enthusiasts is very little, in particular compared to countries
as the UK and the US.
“THE SPORT IS MUCH SMALLER OF SIZE IN THE NETHERLANDS.”

The equestrian explains that she is currently looking for owners who want to buy
a share of a syndicate of the horse that her daughter rides.
“HORSE SYNDICATES ARE HOW I CAN KEEP MY DAUGHTERS IN THE SADDLE”

Dutch vs British (horse-trading) mentality

One of the Dutch Eventing riders believes it is very important to always keep
being selective with the horses. If the horse does not meet the expectations, it is
important to try to sell it as good as possible and try to continue with another
horse.
“I THINK THIS IS WHAT OFTEN GOES WRONG, THE OWNERS PAY THEIR SHARE, AND
THE RIDER JUST KEEPS RIDING THE HORSE TRYING TO GET MOST OUT OF IT, UNTIL
THE VALUE OF THE HORSE DECLINES AGAIN, AND IT IS TOO LATE TO SELL.”

“A HORSE WHOSE TROT IS JUST NORMAL, WILL PROBABLY TROT A BIT BETTER WITH
TRAINING, BUT WILL NEVER BE A KRACK*. A GOOD HORSE WILL MOST LIKELY
IMPROVE, BUT A KRACK WILL ALWAYS BE A KRACK.”
*A Krack = a saying that implies that the horse has unlimited quality and potential.

Many years and horses further, there is still one horse left that they co-own, and
all owners made some profit. The Dutch Eventing rider believes that most owners
are not only investing in a syndicate for the love of the sport, they also want to
make some money. This is also typical for the Dutch culture.
“IT IS HARD TO FIND PEOPLE WHO INVEST IN SOMETHING FOR ONLY THE FUN, AND
NOT MAKING PROFIT.”

The British Eventing expert on the other hand, believes that owners of a
syndicate should not invest in a horse for making profit, co-owners are investing
for the love of the sport, the horse or the rider.

Advise of experts

One of the Dutch interviewees explains that they do need more people loving the
sport, in order to get more money pushed into it and obtain more horses within
the Netherlands. In her opinion, it is best to always make use of a contract when
starting a syndicate, in which the rider is seen as the manager of the syndicate.

Additionally, it would be very beneficial to try to make co-ownership profitable for

the owners, to make an investment in a syndicate more attractive. Besides, he
thinks it could be good for riders to search for potential investors within their
group of family, friends, acquaintances and so forth. As a last point, he also
thinks that the FEI, as umbrella organization of all international equestrian
competitions, should improve in the facilities available for all co-owners. Usually
at competitions, there are only 2 tickets available for the owners, while of course
all owners want to enjoy this and bring their partners as well. The FEI should
definitely improve these owner’s facilities, he explains.

The British Eventing expert states:

“I ALWAYS ADVISE MY RIDERS TO INVEST IN A SHARE OF THE HORSE AS WELL”

This way, the owners take the rider more serious and have more trust in the
rider. She also states that it is very important that the rider communicates very
well with the owners, to keep them satisfied, and obtain their trust.

All interviewees believe that the implementation of horse syndicates within the
Dutch Eventing sport will have a very positive influence on the sport. It is being
stated that this way, more good horses could be obtained for the Dutch Eventing
sport.

5. DISCUSSION

The purpose of this research was to study various forms and methods of co-
ownership of Eventing horses, and to determine in what way co-owernship will
benefit the Dutch Eventing sport the most. It was expected that there is a
significant request and interest for co-ownership of Eventing horses in the
Netherlands, as the Eventing sport lacks good horses to advance in level of sport.
It was also expected that there is a lack of knowledge about the concepts which
is also the reason for it to be uncommon in the Netherlands. Besides it was
expected that people who are familiar with co-ownership or syndication, or co-
owner themselves, have a positive point of view on these concepts. Furthermore,
it was thought that the type of co-ownership most suitable to the Dutch Eventing
industry, would be syndicates.

Familiarity with co-ownership and syndicates

As expected, not many Dutch people are familiar with co-ownership, and almost
no one with syndicates, according to the survey’s responses. People seem to
know more about co-ownership of horses and find this more accessible and less
formal than horse syndicates, which makes it more attractive. The fact that most
Dutch equestrians do not possess knowledge about these concepts, could be an
explanation on their reluctance towards it. According to the results of the survey,
many people have concerns about how several co-owners co-operate together in
a successful way. People are concerned about bad communication between the
co-owners, disagreements between co-owners due to non-aligning interests,
goals and ideas, and fear that decision-making will be difficult. These statements
resulted from the responses on the survey. Successful co-ownership and
syndicate agreements in other countries, as described in the literature review,
show that clear and structured agreements can prevent these issues. Therefore,
providing Dutch equestrians with more information and successful examples of
co-ownership and syndication, could make these concepts more popular in the
Netherlands.

Besides, it could be seen as remarkable that co-ownership is not a more common

way of owning horses in the Netherlands, as some sources imply that the
phenomenon is increasing in the horse industry in general. An article from Tryon
Equine Law, states that syndication is becoming increasingly used with
sporthorses in top level Eventing, showjumping and other disciplines. This article
also claims the importance of thorough and structured agreements regarding the
co-ownership/syndicate, in order for it to be successful (Richie, 2021). This is
similar to the statement found in this research, from the answers on the interview
as well as from the outcomes of the survey.

Contradictions in results

In general, the respondents of the survey are relatively positive about co-
ownership due to the increase of financial possibilities for horse and rider, which
will stimulate the sport. Some also mention it will increase chances for riders to
ride better horses and advance in level of the Eventing sport. However, the
majority of the respondents is not willing to invest themselves in a syndicated or
co-owned horse, which contradicts their positive point of view on the concept.
Some people might not have the financial freedom, but another reason for this is
that investing in a share of a horse does not assure profit. In this study it turned
out that this is of importance for Dutch people.

Dutch mentality limitation for co-ownership in NL

Based on the literature review and the interview results, investing in a horse
share is not meant for making profit, but for stimulating the sport, horse and/or
rider. People involved in a co-ownership or syndicate in the UK or US, are true
horse enthusiasts who support the sport this way. Horse enthusiasts who just
want to enjoy the sport even though it will only cost them money, are much more
common in the UK and US, compared to the Netherlands. People involved with
horses in the Netherlands, need to make their living out of the horse business, or
just want to invest only because it is financially interesting (according to the
outcomes of the survey and interviews). This is in the researcher’s opinion a
limiting factor for co-ownership in the Netherlands, as an investment (in a horse)
never assures that profit will be made. Horses are delicate and unpredictable
animals. There are many ways a horse could significantly decrease in value.
Therefore, it is advisable for people looking to invest in a horse, to not invest
money that they can’t afford to lose (Lagoy-Weltz, n.d.). This can be the reason
for Dutch people’s non-interest in investing in a horse themselves.

However, Lagoy-Weltz (n.d.) states that investing in horses can on the other hand
also be a great way to make money. The intent of investing in a horse should
then be to buy a horse and resell it for a profit. The most important thing in this
case is knowing the market and being able to find appropriate horses for this
market. Nevertheless, even the most experienced horse people have a certain
number of horses that don’t turn out as hoped. In other words, an investment in a
horse could result in financial losses of the owners, as well as financial gainings.
To determine this beforehand can be considered to be impossible. Therefore,
investing in a horse is not aligning with the Dutch mentality.

Limitations within the research

A limitation has been found in the survey. One of the questions in the survey is if
the respondent is interested their self to become a co-owner of a horse or a
member of a syndicate. The majority answered no, some of which because they
did not have the financial resources. On one hand this gives a good reflection on
how many people are capable and willing to purchase a horse share. On the
other hand, if all the respondents had sufficient financial resources to do so, it
would give a better perspective of the interest in investing in a horse as co-
owner. This decreases the validity of the research on this topic. Therefore, it is
advised to take this into account when evaluating this in possible follow-up
research.

Another limitation of the research is that there are no examples of actual “ready-
to-use” co-ownership or syndicate agreements viewed in the report. One of the
sub-research questions is how co-ownership agreements/contracts can look like.
Apart from describing how such an agreement/contract may look like, and on
which factors this depends, no actual contract has been viewed. This could
unfortunately not be found.

In addition, there are limited scientific sources found regarding co-ownership and
syndicates, which resulted in a limited evaluation of this study’s outcomes
compared to other study’s outcomes on this topic.
Suggestions for follow-up research

This study shows that co-ownership is very uncommon in the Netherlands, but
other sources show that co-ownership is increasingly applied for sport horses in
the horse industry. Therefore, a suggestion for follow-up research could be to find
answers on why co-ownership is still relatively unknown and not applied in the
Netherlands, but increasing in other countries.

Another suggestion for follow-up research is to further investigate the ‘Dutch

mentality’ among the equestrians in the Netherlands. To study for example, why
people are not willing to invest in the Dutch Eventing sport if it does not assure
profit. Another research topic could be if and how co-ownership and horse
syndication in the Dutch Eventing sport can increase profitability. This way, it
might be possible to (slightly) meet the Dutch mentality, and hopefully get co-
ownership more popular, to consequently stimulate Dutch Eventing. Another
suggestion for follow-up research on this topic could be to research the
underlying reasons for the difference in mentality between the British and the
Dutch.

Furthermore, it could be interesting to conduct a survey with more or less the

same questions, regarding Dutch Eventing people’s interest in co-ownership and
syndication and their opinions about it, after they are provided with information
first. As most people in the survey in this research were unaware of the concepts
and its benefits, more people were reluctant or negative towards the concepts as
they were not yet known with it. Conducting a similar survey after informing
people more thoroughly with the concepts, could illustrate a better picture on
how interested people are in co-ownership within the Dutch Eventing.

Sustainability

Firstly, it is expected that the findings of this study could have a certain
economic impact within the Dutch equine industry. As this research offers the
Dutch equestrians more insight on the concept of co-ownership and syndication,
more Eventing enthusiasts could be stimulated to invest in a co-owned horse.
This could result in an economic impact within the Dutch Eventing industry,
defined as an increase in more Eventing horses within the Netherlands, more
Eventing horse-owners, and consequently, more Eventing-related expenses made
within the Eventing industry.

Secondly, the results of this research can also have an impact on society. This
research has found possible solutions to a societal problem within the Dutch
equestrian sport. A problem within the Eventing sport in the Netherlands, is the
lack of performance on worldwide Eventing competitons, as described in the
literature section in this report. This research illustrates a solution to this societal
problem; co-ownership of Eventing horses to stimulate the Dutch Eventing sport,
and consequently perform better on international competitions. This could mean
that the Netherlands is represented better on international shows such as the
Olympic Games.

Nevertheless, additional research would be required to investigate other

sustainability impact of this study.
6. CONCLUSION

Consequently, it is clear that the cooperation and horses participants are rather
rare in the Netherlands compared to countries like British or American ones.
Occasions for co-ownership do exist, but they are unique, specifically, by the
form of agreements, the amount, and shares’ distribution concerns of every case.
More significantly, formal written agreements, which contain the responsibilities,
expenses and decision-making processes, are often made by co-owners, and it's
knowledge that clarity is the major ingredient for these contracts.

A different approach to joint ownership, called co-ownership and syndication is

popular in Great Britain and U.S.A where they offer customized agreements for
individuals and companies to follow. These contracts may contain statements
addressing breeding rights, variations in sharing and hiring the manager, which
in this case generally will be rider.

The reality is that while some Dutch equestrians may have a small breadth of
knowledge, those who do know about co-ownership/ syndication tend to look
upon them in a positive light. It has been advocated by the Dutch Eventing
Association that these types of collaborations are for gaining advantages of
Dutch sport through the use of skilful horses and riders. Nevertheless, there are
several issues, such as adjacents interests among the co-owners and difficult
making decisions, as well as the possibility of money priorities over the health of
the horse.

Surprisingly, the Dutch horse lovers tend to contemplate horse ownership as a

financial investment, contrasting with the totally sports oriented standpoint of the
their counterparts in England. This difference in thinking affects the very
decision-making of when to sell a horse thus the combination may have a
limitation in the progress of Eventing.

Arguedly, sourcing revenue from not only one financier could be the solution to
syndicating or the cooperative manner of finance investment. The problem is,
however, whether the line of states' responsibility should be replaced with the
ratification of more abstract agreement or a compromise should be made that
mostly states the duties of the parties but leaves many loopholes for interpreting
the agreement. So what is needed for the time being is to elect the states which
will be the first to make the change. Instruction sports/lympics that cut across the
entire society to the members of the general public underscoring the notion that
joint ownership of idea by, by people to think about and develop the idea with
health aspect, be a powerful social change agent.

However, this aspect is also a rampant business model for the affiliates to
associate with their customer transactions made and share profits. Fortunately
the solutions also coexist with the problems that is so affirm that to battle the
current dilemmas besides regarding the standard and efforts of the board, give
the highest priority to the vision and team spirit of the management team are the
motive power in the practical fulfillment of a high risk and successful fundraising
campaign.
7. RECOMMENDATION

The intended objective of Eventing HQ with this research, was to study the
concepts of co-ownership and horse syndicates, what they could mean to the
Dutch Eventing sport as possible solution to a problem within the Eventing sport,
and in what forms. The findings of this research have clearly illustrated the non-
familiarity of these concepts among the Dutch Eventing population. It has also
drawn possible reasons on why co-ownership is successful and more common in
other countries like the UK, and not in the Netherlands. The Dutch trading-
mentality plays a significant role in this.

As a significant number of people is unfamiliar with co-ownership and syndicates,

it is recommended to provide Dutch Eventers with more information about these
concepts and its benefits. As the problem of limited financial resources within this
populations is clearly present, there is an obvious interest in these topics. The
lack of information on these topics is what’s holding back equestrians from
pursuing with co-ownership themselves. Therefore, it is recommended for the
Dutch Eventing industry to introduce the Dutch Eventers (riders as well as
enthusiasts) with these concepts. Organizations who could be helpful introducing
this to the Dutch Eventers could be for example the KNHS, news platforms like
horses.nl, de Paardenkrant, the KWPN, but also Eventing HQ itself would be a
good medium that could help spreading information about the concept co-
ownership. The Dutch equestrians should learn about the benefits co-ownership
has to offer and its positive outcomes. Like for example the successful co-
ownership agreements in the UK, presented in this study. If they are better
informed about this topic, they will better understand how this could benefit
themselves as riders and/or owners. This will accordingly stimulate the entire
Dutch Eventing sport, which is Eventing HQ’s underlying objective of this study.

Furthermore, this research gives more insight in how co-ownership and syndicate
agreements are established, and on what factors the type of co-ownership
depends. However, it has also been found that there are no ‘ready-to-use’
examples of co-ownership agreements that are most common, as was expected
before this study. It has been discovered that instead, every co-ownership
agreement is different, and customized to the specific situation of people
involved. Therefore, the type of co-ownership that is best suitable for the Dutch
Eventing industry, is a customized agreement, varying per situation. It is
recommended for Eventing HQ to keep this in mind when advising potential co-
owners, or providing them with more information about the possibilities.

The Dutch trading-mentality is a threat to the exploitation of co-ownership in the

Netherlands. Therefore, it is recommended to find out why people are not willing
to invest in the Dutch Eventing sport if it does not assure profit. Why they cannot
invest in a horse-share just to enjoy the sport, and to stimulate horse and rider.
Finding the underlying reasons for this Dutch mentality playing a role in Dutch
horse-trading, could possibly help Eventing HQ with stimulating co-ownership in
the Netherlands.

It is also recommended for Eventing HQ to look for possible co-owners who could
be interested to invest in a horse-share. This could be done by social media,
email campaigns and with advertisements on other equine platforms. To even go
further, it might be a good idea for Eventing HQ to provide people that are
interested to become a co-owner or people that are looking for co-owners, with
guidance and advice as an independent party in establishing a co-ownership
agreement. This might give people more trust and certainty in the process of co-
ownership. As described in this report, in other countries there are already
organizations that offer their services in this business, maybe Eventing HQ could
be the organization doing this for the Dutch Eventing sport.

On top of that, another suggestion that will help stimulate co-ownership, could be
for people interested in these topics to register themselves at Eventing HQ. This
way, it might be easier to bring co-owners and people looking for co-owners
together, via Eventing HQ.

Overall, it is recommended to make co-ownership of Eventing horses more

tangible and attractive for Dutch people. Firstly, it is important for them to
become familiar with the concept co-ownership and its benefits. Secondly, it is
important to find people who are interested to get involved in co-ownership.
Lastly, it is recommended to try to make co-ownership more accessible for
everyone, with less risks, by for example providing people with guidance and
advise in establishing a (customized) co-ownership agreement, according to all
involved people’s wishes.

8. REFERENCES

O’Brien, D. (2016). Look before you leap: What are the obstacles to risk
calculation in the equestrian sport of Eventing?. Animals.
https://doi.org/10.3390/ani6020013
The Olympic Studies Centre. (2017). EQUESTRIAN SPORT History of Equestrian
Sport at the Olympic Games. The Olympic studies centre, 2. International
Olympic Committee. https://stillmed.olympic.org/media/Document
%20Library/OlympicOrg/Factsheets-Reference-Documents/Games/OG/
History-of-sports/Reference-document-Equestrian-Sport-History-at-the-
OG.pdf

Dyson, S. (2002). Lameness and poor performance in the sport horse: Dressage,
Show jumping and horse trials. Journal of Equine Veterinary Science, 1–2.
https://doi.org/10.1016/s0737-0806(02)70139-1

FEI. (2021). FEI_Registrations-2009-2021 [excel]. https://inside.fei.org/fei/about-

fei/publications/fei-annual-report/2021/feifactsandfigures/

Ayers, J.C. (1986). Horse Syndicates as Securities Under Blue Sky Laws. Kentucky
Law Journal, 4. https://uknowledge.uky.edu/cgi/viewcontent.cgi?
article=2024&context=klj

Campbell Jr., R.B. (1982). Stallion Syndicates as Securities. UKnowledge, 3–5.

https://uknowledge.uky.edu/cgi/viewcontent.cgi?
article=1212&context=law_facpub

Millen, T. (2022). The Magic of Sport Horse Syndicates. Horsejournals.com

[Preprint]
https://www.horsejournals.com/riding-training/english/dressage/magic-sport-
horse-syndicates#:~:text=In%20the%20horse%20world%2C%20a,horse
%20is%20resyndicated%20or%20sold

Spoga Horse. (2022). Spoga horse country check: The horse industry in the
Netherlands. Spoga horse. https://www.spogahorse.com/blog/the-spoga-
horse-country-check-(2)-the-horse-industry-in-the-netherlands.php

Onderhoudskosten. (2021). Vereniging Eigen Paard.

https://verenigingeigenpaard.nl/kennisbank/paard-kopen/onderhoudskosten/

Equine Legal Solutions: Horse syndication 101. (n.d.). Equine Law Firm – Equine
Legal Solutions. https://www.equinelegalsolutions.com/horse-syndication-
101.html

Mulders, K. (n.d.). Eventing - editie 1 2021. Paard & sport.

https://paardensport.knhs.nl/editie-1-2021/syndicaten-Eventingpaarden

KNHS. (n.d.). Resultaten Olympische spelen. Koninklijke Nederlandse Hippische

Sportfederatie. https://www.knhs.nl/teamnl/eregalerij/resultaten-olympische-
spelen/

KNHS. (n.d.). Resultaten Wereldruiterspelen. Koninklijke Nederlandse Hippische

Sportfederatie. https://www.knhs.nl/teamnl/eregalerij/resultaten-
wereldruiterspelen/

De Rol van Noc*NSF. (n.d.). NOCNSF. https://nocnsf.nl/topsport/olympische-

spelen-en-paralympische-spelen/teams
Topsportfinanciering. (n.d.). NOCNSF. https://nocnsf.nl/topsport/nederland-in-de-
top-10/topsportfinanciering

Hommes, M. (2020, October 31). In 2021 Minder Geld voor N.O.P. EN Eventing
van noc*nsf. Horses. https://www.horses.nl/dressuur/in-2021-minder-geld-
voor-n-o-p-en-Eventing-van-nocnsf/

Olympic Games. (2023). Wikipedia. https://en.wikipedia.org/wiki/Olympic_Games

Moore, C., & Lengers, I. (2023, October 3). Co-ownership and syndicates in the
Eventing sport. [interview].

FEI. Eventing - 2021 world eventing athlete rankings and Zone Rankings. (2023,
January 4). FEI. https://inside.fei.org/content/eventing-2021-world-eventing-
athlete-rankings-and-zone-rankings

Syndication for eventing horse owners. (n.d.). An Eventful Life. https://www.an-

eventful-life.com.au/eventing-news/horse-management/syndication-
eventing-horse-owners

About. (2022, October 25). EHOS.

https://www.eventhorseownerssyndicate.co.uk/about/

British Eventing. (2022). Owner membership. British Eventing.

https://www.britisheventing.com/join/owner

Britisch Equestrian. (n.d.). Guide for owners and riders - British equestrian.
Britisch Equestrian.
https://www.britishequestrian.org.uk/assets/equine/guide-for-owners-and-
riders.pdf

Millen, T. (2023, April 17). The magic of sport horse syndicates. Horse Journals.
https://www.horsejournals.com/riding-training/english/dressage/magic-sport-
horse-syndicates

Mulders, K. (2021). Eventing - editie 1 2021. Paard & Sport.

https://paardensport.knhs.nl/editie-1-2021/syndicaten-eventingpaarden

Fox, N. (2009). Using interviews in a research project. The NIHR Research Design
Service for Yorkshire & the Humber, 6. https://www.rds-yh.nihr.ac.uk/wp-
content/uploads/2013/05/15_Using-Interviews-2009.pdf

Lowe, C., Zemliansky, P., & Driscoll, D. L. (2010). In Writing spaces 2: Readings
on writing. Parlor Press. https://books.google.nl/books?
hl=nl&lr=&id=sqoWEAAAQBAJ&oi=fnd&pg=PP1&dq=In+Writing+spaces+2:
+Readings+on+writing&ots=Hem1BiwyHu&sig=p63x-
UYHVadF06toP9W5JjICsbY&redir_esc=y#v=onepage&q=In%20Writing
%20spaces%202%3A%20Readings%20on%20writing&f=false

Omair, A. (2014). Sample size estimation and sampling techniques for selecting a
representative sample. Journal of Health Specialties, 2(4), 142–143.
https://doi.org/10.4103/1658-600x.142783
EvalCommunity. (2023, 31 oktober). Utilizing SPSS (Statistical Package for the
Social Sciences). https://www.evalcommunity.com/career-center/using-
spss-in-monitoring-and-evaluation/#:~:text=SPSS%20provides%20an
%20efficient%20and,data%20analysis%2C%20and%20data
%20visualization

Donald, S. H. (2016). Multiple Responses Analysis using SPSS (Dichotomies

Method): A Beginner’s Guide. Institute of Borneo Studies Workshop Series,
2(1), 1-3. https://ir.unimas.my/id/eprint/12262/

Berkman, E. T., & Reise, S. P. (2012). A Conceptual Guide to Statistics using SPSS.
https://sk.sagepub.com/Books/a-conceptual-guide-to-statistics-using-spss

Caulfield, J. (2022, 28 oktober). Wat is een thematische analyse (thematic

analysis)? Scribbr.
https://www.scribbr.nl/onderzoeksmethoden/thematische-analyse/

Bhandari, P. (2023, 22 juni). Triangulation in Research | Guide, Types, Examples.

Scribbr. https://www.scribbr.com/methodology/triangulation/

Ritchi, J. (2021, 13 april). Horses and the Law: Equine Syndication —

TryonEquineLaw.com. TryonEquineLaw.com.
https://www.tryonequinelaw.com/news-and-events/2021/4/13/horses-and-
the-law-equine-syndication
Lagoy-Weltz, O. (n.d.). Investment horses, are they a safe bet? EQuine AMerica
Magazine. https://eq-am.com/investment-horses/

Stichting Nederlands Olympiade Paard (N.O.P.). KNHS. (n.d.).

https://www.knhs.nl/topsport/stichting-het-nederlands-olympiade-paard-nop#:~:text=De
%20Stichting%20Nederlands%20Olympiade%20Paard,te%20behouden%20voor
%20Nederlandse%20ruiters.

Smit, M. (2022). Merel blom: ambitieuze moderne moeder met vizier op parijs.
Paardenkrant.
 9. ANNEX

9.1 EXAMPLE CO-OWNERSHIP AGREEMENT

 9.2 EVENT HORSE OWNERS SYNDICATE

Source:
eventinghorseownerssyndicate.co.uk
 9.3 GUIDE FOR OWNERS AND RIDERS ON CO-OWNERSHIP
(SUMMARY)

This guide has been created by British Equestrian to help owners and riders with
developing and maintaining a structured and successful relationship. They state
that every owner-rider relationship is different, and this is only an advice to give
some ideas on how these relationships can be established.

Communication

They state that it is very important to develop and maintain a successful and
enjoyable relationship between rider and owner. Therefore, the following points
should be discussed and agreed on;

- The owner’s expectations of the communication between the syndicate

members
- The owner’s and rider’s preferred methods of communication
- What is realistic for the rider in terms of communication
- The decisions the rider can make without consulting the owner(s)
- Rider’s openness about other funding or support benefitting the horse

Buying & selling horses

For some people this is their business of which they need to make a living. The
way this is being done and whether there is a “trading” element of a business,
there are a few points to consider;

- The rider’s responsibility of being open and honest with the owner of the
specific horse
- The budget should be clearly discussed and agreed on; including running
costs and other options
- Openness about commissions by all members
- Agreed clearly on what the goal of purchase is, for example;
o To keep the horse for as long as possible
o To reach a specific level of sport
o To compete at a particular show, the Olympics for example and then
sell again
o To sell as soon profit can be made
- The type of vet check that will be done before purchase, by which vet and
who will pay
- Who pays the rider trying the horse
- A clear declaration who has paid or earned, and how this should be divided
(with the rider). A bill of sale is suggested

The business of keeping a horse

For the partnership between rider and owner to be harmonious and successful, it
is essential to understand and agree on who pays for what. The following points
should therefore be discussed;

- The distribution of prize money. (including “prizes in kind” like cars/saddles

etc)
 - The insurance of the horse; which insurance and on who’s name
- What the rider will invoice the owner for, such as;
o Livery
o Vet
o Farrier
o Facilities
o Riding fee (for training/competitions)?
o Entry fees and other competitions costs
o FEI registration fees
o National registration charges
o Grooms charges
o Rider’s costs at shows (travel, food, accommodation)
o What will financially happen if the horse is in a rest period
- Understanding how transport costs are calculated (explained by riders)
- Distribution of the profit when horse is sold
- Agreed on what happens if there is no profit when sold
- How the horse’s retirement is arranged and paid for

Training and competitions

Expectations and responsibilities play a significant role, and should be clearly

discussed and agreed on.

- Who is able to make which decisions before or at a competition

- Involvement of the owner’s in the rider’s training and competition
programme
- Targets, key competitions and rest periods should be agreed on by riders
and owners
- Owners should be briefed by riders where they are intending to compete
and with which aim
- Owners should inform riders where they want to go and join, for the rider
to arrange this in time

These guidelines are not intended as substitute for obtaining professional

counsel. That will be more associated to the specific situation. They are only
meant to provide general information to aid owners and riders (British
Equestrian, n.d.).
 9.4 SURVEY

DUTCH

Jouw mening over "co-ownership" van paarden van groot

belang!
Co-ownership, oftewel gedeelde eigenaren van een paard, wordt steeds
populairder in vooral landen als Groot-Brittannië en Amerika. Een syndicaat, een
vorm van co-ownerhip, is een overeenkomst waarbij aandeelhouders samen een
paard bezitten. Echter, in Nederland is dit fenomeen nog niet zo gebruikelijk.

De Eventing sport in Nederland is zich aan het ontwikkelen (82% toename

van Nederlandse Eventing ruiters in de afgelopen 10 jaar), alhoewel de hoge
eisen om deze sport te beoefenen het niet altijd gemakkelijker maken.
Voornamelijk de hoge kosten maken het niet voor iedereen mogelijk om op
wedstrijd niveau te groeien. Daarnaast moeten veel ruiters en fokkers toch de
kost verdienen met de paardensport, waardoor de meeste goede paarden naar
het buitenland worden verkocht.

Door “co-ownership” en syndicaten in te brengen in de Nederlandse Eventing

sport, kunnen de kosten gedeeld worden, en meer goede paarden behouden
worden voor de getalenteerde en ambitieuze ruiters, wat bevorderlijk is voor de
sport.

Ik ben Isabel Lengers, 4e jaars student van de opleiding Equine Sports and
Business op van Hall Larenstein. In opdracht van, en in samenwerking met
Mariska Fröger, oprichter van Eventing HQ, ben ik dit onderzoek gestart. Jouw
deelname hieraan zal ons enorm helpen, daarvoor bedankt alvast.

Daarbij kan je zelfs kans maken op een LeMieux springdekje met Eventing
HQ logo, terwaarde van 70 euro! Mocht je hier interesse in hebben, laat dan
naderhand even jouw gegevens achter (deze zullen uiteraard uitsluitend gebruikt
worden voor het ontvangen van deze prijs). Deze enquête zal niet meer dan 5
minuutjes van jouw tijd kosten.

1. Op welke manier ben je actief in de Eventing sport?

Kies de rol (of rollen) waar je je het meest mee identificeert
o Breedtesport ruiter
 o Internationale ruiter
o Paardeneigenaar
o Trainer / Instructeur
o Staleigenaar
o Liefhebber van de Eventingsport
o Anders namelijk
________________________________________________________

Co-ownership
Co-ownership in de paardensport betekent dat een paard in bezit is van
meerdere eigenaren. Dit kan op verschillende manieren geregeld zijn. Syndicaten
is een formele vorm van co-ownership. De volgende 3 vragen gaan over “co-
ownership” in het algemeen.
2. In hoeverre ben je bekend met “co-ownership” (gedeeld eigendom) van
paarden?
Meerdere antwoorden mogelijk
o Ik ken paarden met meerdere eigenaren
o Ik ken mensen die mede-eigenaar van een paard zijn
o Ik rij zelf een paard dat meerdere eigenaren heeft
o Ik ben zelf mede-eigenaar van een paard
o Ik heb er wel eens van gehoord
o Ik heb er nog nooit van gehoord
o Anders, namelijk
_______________________________________________________

3. Wat is jouw mening over “co-ownership” van paarden?

Kies n.v.t. als je geen ervaring hebt met co-ownership.
Geef eventueel ook een toelichting op jouw antwoord.

4. Denk je dat gedeeld eigendom (co-ownership) van paarden een positieve

bijdrage zou kunnen leveren aan de Nederlandse Eventing sport?
Licht je antwoord toe.
Horse syndicate

Een syndicaat is een overeenkomst met (vaak) 2 tot 10 eigenaren, oftewel

aandeelhouders van een paard. Dit is een formele vorm van “co-ownership” van
een paard, waarbij juridische afspraken ook meegenomen worden. De volgende 3
vragen gaan over dit onderwerp.

5. In hoeverre ben je bekend met syndicaten (horse syndicates)?

Meerdere antwoorden mogelijk

o Ik ken paarden in een syndicaat

o Ik ken mensen die in een syndicaat zitten van een paard
o Ik rij zelf een paard dat in bezit is van een syndicaat
o Ik zit zelf in een syndicaat van een paard
o Ik heb er wel eens van gehoord
o Ik heb er nog nooit van gehoord
o Anders, namelijk
___________________________________________________________

6. Wat is jouw mening over syndicaten van paarden (horse syndicates)?

Kies n.v.t. als je geen ervaring hebt met syndicaten.

Geef eventueel ook een toelichting op jouw antwoord.

7. Denk je dat syndicaten van paarden een positieve bijdrage zouden kunnen
leveren aan de Nederlandse Eventing sport?

Licht je antwoord toe.

8. Heb je wel eens een paard moeten verkopen vanwege financiële redenen,
die je liever had willen aanhouden vanwege zijn potentie om verder te
groeien in de sport?
o Dat heb ik wel eens zien gebeuren bij anderen
 o Dat gebeurt mij regelmatig
o Dat is mij wel eens gebeurt
o Ik rij of heb geen paarden
o Ik hou alle paarden aan die ik aan wil houden, dat kan omdat
____________________

9. Op een schaal van 1 tot 10, hoe geïnteresseerd ben je om zelf mede-
eigenaar of onderdeel van een syndicaat te zijn van een paard?

Geef eventueel ook een toelichting op jouw antwoord.

10.Wat spreekt je het meest aan van co-ownership en syndicaten?

Meerdere antwoorden mogelijk.
o Het verdelen van de (jaarlijkse) kosten
o Het supporten van de ruiter
o Het supporten van het paard
o De bijdrage aan de sport
o In bezit zijn van een (top)paard
o Het spreekt mij niet aan
o Anders, namelijk
_______________________________________________________

11.Zijn er volgens jou ook nadelen en/of valkuilen aan co-ownership en/of
syndicaten?
Zo ja, licht toe welke.
o Nee
o Ja, namelijk
___________________________________________________________

12.Op een schaal van 1 tot 10, denk je dat co-ownership en/of syndicaten een
positieve bijdrage kunnen hebben op het welzijn van het paard?
Geef eventueel ook een toelichting op jouw antwoord.
 13.Tot welke leeftijdsgroep behoor je?
o < 18 jaar
o 18 – 25 jaar
o 26 – 39 jaar
o 40 – 49 jaar
o 50 – 59 jaar
o 60 – 65 jaar
o > 65 jaar

14.In welke provincie woon je?

o Noord – Holland
o Zuid – Holland
o Zeeland
o Noord – Brabant
o Utrecht
o Flevoland
o Friesland
o Groningen
o Drenthe
o Overijssel
o Gelderland
o Limburg

15.Wat is je geslacht?
o Man
o Vrouw
o Wil ik liever niet zeggen
o Anders, namelijk
_______________________________________________________

16.Wil je nog een boodschap achterlaten over het onderwerp van deze
enquête?

o Geen commentaar

17.Wil je kans maken op het Lemieux springdekje met Eventing HQ logo t.w.v.
€70 ?
Laat dan hieronder even je naam en email adres achter
E-mail _______________________________________
Voornaam ___________________________________
Achternaam __________________________________
ENGLISH

Your opinion about “co-ownership” of horses is of high

value!

1. In what way are you active in the Eventing sport?

Choose which roll identifies you best
o National rider
o International rider
o Horse owner
o Trainer
o Stable owner
o Eventingsport passionate
o Other,
________________________________________________________________

2. How well-known are you with “co-ownership” of horses?

Multiple answers possible
o I know horses that have more than 1 owner
o I know people that are co-owner of a horse
o I ride a horse that has multiple owners
o I am a co-owner of a horse
o I have heard of it
o I have never heard of it
o Other,
___________________________________________________________________

3. What is your opinion about “co-ownership” of horses?

Choose n.v.t. if you do not have an opinion/experience with co-ownership.
An explanation to your answer is optional.

4. Do you think that co-ownership of horses would benefit the Dutch Eventing
sport?
Give an explanation as well.
*Text about horse syndicates*

5. How well-known are you with horse syndicates?

Multiple answers possible
o I know horses in a syndicate
o I know people who are part of a syndicate
o I ride a horse that is owned by a syndicate
o I am part of a syndicate myself
o I have heard of it
o I have never heard of it
o Other,
________________________________________________________________

6. What is your opinion about horse syndicates?

Choose n.v.t. if you do not have an opinion/experience with co-ownership.
An explanation to your answer is optional.

7. Do you think that horse syndicates would benefit the Dutch Eventing
sport?
Give an explanation as well.

8. Did you ever had to sell a horse due to financial reasons, that you would
rather have kept due to its potential to grow in level of sport?
o I have seen that happening with others
o That happens frequently
o That has happened once or twice
 o I do not ride or own horses
o I keep all horses that I want to keep, which is possible because
___________________

9. On a scale from 1 to 10, how interested would you be to be a co-owner or

part of a horse syndicate yourself?
An explanation to your answer is optional.

10.What attracts you the most from co-ownership and horse syndicates?
Multiple answers possible.
o Sharing of the (annual) costs
o Supporting the rider
o Supporting the horse
o Supporting the sport
o Owning a (top)horse
o Other,
_______________________________________________________________

11.Are there any disadvantages or pitfalls to co-ownership and/or horse

syndicates?
If yes, please explain which ones.
o No
o Yes;
_________________________________________________________________
12.On a scale from 1 to 10, do you think that co-ownership and/or horse
syndicates benefit the horses’ wellbeing?
An explanation to your answer is optional.

13.To what age group do you belong?

o < 18 years
o 18 – 25 years
o 26 – 39 years
 o 40 – 49 years
o 50 – 59 years
o 60 – 65 years
o > 65 years
14.In which province of Holland do you live?
o Noord – Holland
o Zuid – Holland
o Zeeland
o Noord – Brabant
o Utrecht
o Flevoland
o Friesland
o Groningen
o Drenthe
o Overijssel
o Gelderland
o Limburg

15.What is your sex?

o Male
o Female
o Prefer not to say
o Other,
________________________________________________________________

16.Would you like to get the opportunity to win a LeMieux saddle pad with
Eventing HQ logo to the value of €70 ?
Please leave your details below
E-mail _________________________________
Name _________________________________

9.5 INTERVIEWS

Interview questions

1. Hoe actief ben je in de Eventing sport?

a. Hoeveel paarden in training
b. Hoeveel wedstrijden nationaal en internationaal op jaarbasis
2. Hoeveel paarden verkoop je gemiddeld per maand / per jaar naar het
buitenland?
a. Is er een bepaald niveau dat de paarden eerst behalen voordat ze
verkocht worden? Of verkoop je over het algemeen paarden van
allerlei verschillende niveaus?
3. Wat zijn de meest voorkomende oorzaken van de verkoop van een paard
of juist van het nog langer aanhouden van een paard?
 a. Spelen financiële redenen wel eens een rol bij het besluit om een
paard te verkopen? (bijvoorbeeld van de eigenaar)
4. Heb je wel eens een paard gehad die je graag had willen aanhouden voor
het hogere werk (zoals de Olympische Spelen) maar niet aan hebt kunnen
houden?
a. Wat was de reden dat je dit paard niet hebt aan kunnen houden?
5. In wat voor soort bezit zijn de paarden die jij traint en verkoopt?
a. Komt het voor dat een paard bijvoorbeeld meerdere eigenaren
heeft, misschien dmv een syndicaat of andere vorm? Of zijn de
paarden juist voornamelijk in jouw eigen bezit? Je hoeft natuurlijk
geen namen te noemen van eigenaren, ik ben alleen benieuwd naar
de eventuele verschillende constructies van het eigendom van de
paarden.
b. Bij meerdere eigenaren  Hoe is dit geregeld? Wordt dit formeel
geregeld? Komen hier ook juridische afspraken bij aan bod?
6. Heb je wel eens paarden die in bezit zijn van een syndicaat?
a. Kan je wat meer uitleggen over hoe dit geregeld is? Verschillende
soorten co-ownership?
b. Worden er ook juridische afspraken vastgelegd?
c. Wat is jouw rol als ruiter in het syndicaat? (manager v.h. syndicaat?)
d. Wat zijn jouw positieve ervaringen hiermee?
e. Heb je er ook negatieve ervaring mee? Zoals wat?
7. Zou je graag zien dat het gebruik van syndicaten om paarden te houden
groeit in Nederland?
a. Wat voor positieve uitkomsten zou dit kunnen opleveren volgens
jou?
b. Zou dit ook negatieve gevolgen met zich mee kunnen brengen
volgens jou?
8. Als je 1 vorm van co-ownership of een syndicaat zou mogen kiezen
waarvan jij denkt dat die het meest bijdraagt aan de Nederlandse Eventing
sport, welke zou dat dan zijn, hoe zou het co-ownersip/syndicaat dan
geregeld moeten zijn?

Coded text fragments of interview transcripts

Dutch female Olympic Eventing rider

Text fragments Labels/codes

Rides international since 1987 Eventing Experience
Rode a syndicated horse in 2002 Experience co-ownership
already, at the big Eventing competition
Badminton
 Says she couldn’t have ridden the
horse if it was not owned by a
syndicate
The horse she rode the Olympics with Experience co-ownership
was also a horse that was owned by two
co-owners
 One purchased the horse
 The other paid all costs
Looking for co-owners to share the costs Demand of co-ownership
and risks of the upper-level horses
Do not sell much, most horses are kept Sales of horses
for the sport
Has had horses that she would have (research) Problem/cause
liked to keep for higher level of sports,
but this wasn’t possible due to financial
reasons
More often horses have 1 owner, Current situation in NL
instead of more owners. Especially
compared to other countries. In NL + reason
there are fewer people with love for the
Eventing sport as in countries such as
the UK, the size of the sport is much
smaller in NL. This is where it should
begin, we now have too little Eventing
enthusiasts.
How was the syndicate arranged? Experiences syndicates
 10 owners, all put in 5000
gulden, she bought 2 horses from
this, and the 10 owners also paid
10% of the monthly costs each.
The rider was the manager of the
syndicate.
 No legal agreements were part of
the syndicate
 It is not meant to make a lot of
profit, only to get the horse and
rider higher in the level of the
sport
The most positive effect of the Positive effect
syndicate was that the horse would not
get sold
 The horse was kept until it was
retired
No negative experiences with the Experience co-ownership
syndicate.
She would like to see the use of Demand of co-ownership
syndicates grow in the Netherlands, for
her this is also the way to keep her
daughters riding at high level
Doesn’t think it will bring negative Positive effect
experiences for the dutch Eventing
sport
Best to always make use of a contract Advise
As last message: she thinks this will Demand of co-ownership
only be positive for the sport, because it Positive effect
costs a lot of money and if people have
a good horse, it often gets sold because
the horse has cost already a lot. If these
costs can be covered, this is a good way
of keeping good horses in the
Netherlands.
Also depends on the rider; he or she Advise
needs to be also capable for the higher
level of sport. It is important that the
right horses end up at the suitable
riders.

Dutch male Olympic Eventing rider

Text fragments Labels/codes

Has done many years of high-level sport, Eventing experience
done Olympics. Currently he has no horse
for top sport
Is trainer of the Chinese Eventing team Currently active in Eventing
and does quite a lot of trading and selling
- They own a around 25 of young
horses, which he trains himself
- Trains the horses of the Chinese
team, rides them
Sells around 40 horses a year Sales of horses
- Almost all horses are bred and
produced in NL
- The young horses that Tim believes
have a very much potential, he
doesn’t sell (yet)
Did not have to sell a horse due to Sales of horses
financial reasons. He is able to obtain all
horses that he believes are worthy to
keep
90% of his horses are completely owned Owning horses
by himself.
In the past however almost all Eventing Owning horses
horses were co-owned
Started with 4 co-owners who wanted to Experience co-ownership
invest in a horse ridden by Tim
- They bought 4 horses, so they all
have a share in the horse that
could do very well, but also in the
horse that perhaps performs a bit
less
- Every year they evaluate with all
co-owners how the horses are
doing. If for example one of the
horses wasn’t performing as
expected, they tried to sell this
 one. And if a new interesting horse
occurs, they would also add this
horse to the team. This way they
were able to grow in level of sports
together with around 4 horses,
ridden by Tim. After many years,
they currently have 1 horse left, Owners’ experience
but all 4 owners ended up with
more money than with what they
started. – tim says he’s proud of
this.
- The owners have experienced
several championships with these
horses, the horses were successful
in sport and at the same time all
owners ended up with a profit
Tim believes that often it goes wrong Pitfalls co-ownership
when riders do not value the owners
enough, they are there for the money, the
riders just continue riding and eventually Agreements
the horse will not bring any money
anymore. The agreements between rider
and owner need to be very clear, and the
owners also need to be involved and
bring input.
Tim thinks it is very difficult to find people Dutch (trading) mentality
that want to invest in something out of
love for it, without having the goal to
make money. This is especially the
culture in the Netherlands, people want to
have fun but it should not cost any
money..
Tim thinks the problem is that the Dutch (research) problem/cause
Eventing riders do not start with the good
horses. The reason for this is because the
good horses are already too expensive at
showjumping stables. That good horses
that the eventers are looking for, many
more people are looking for, such as
American parents that look for good and
brave horses for their children..
- “If very good 6 yo catches your eye
at a national showjumping
competition for example, its price
will already be around 100.000,
which is just too expensive for an
Eventing rider.”
- To give an example; why would a
showjumping stable sell a horse to
a Dutch Eventer for 20.000, while
they could sell the same horse to
Britain for 25.000..
- A stable like Stal Hendrix for
example (showjumping stable)  if
 they have a horse that doesn’t
meet the standards for an
American client, they try selling the
horse as a hunter first, if that
doesn’t work they try selling the
horse to American Eventers, and if
the horse doesn’t even meet these
people’s standards, they call
someone like Tim and say; we have
a good Eventing horse for you.
“This is the way how it goes”,
therefore you shouldn’t look for
those horses at the big stables,
because they have their sales
markets already.
 what usually happens now is people Current situation in NL
start with 10.000 and try to get out as
much as possible. Tim believes you
should be more selective. “A horse whose
trot is just normal, will probably trot a bit
better with training, but will never be a
crack. A good horse will most likely
improve, but a crack will always be a
crack.”, Tim explains as an example.
Tim thinks that a rider for sure needs Demand for co-ownership
good skills to be able to perform well, but
he believes with a talented horse, this will
most likely be much easier. According to
Tim, when comparing the horses of the
English Eventers with horses from other
teams for example, the English horses are
just a different, higher-level horses.
- The English have more budget for
the sport
Tim arranged his syndicates with Experience syndicates
contracts involving legal agreements
- The contract always included that Agreements
Tim, as rider, has the only control
of what happens in the sport, which
competitions etc., and is the only
one to decide when the horses
were going to be sold. Tim himself
also had a share together with his
father in the horse
- Because the rider invested money
as well, this gave the other owners Positive effect
more trust in the manager of the
syndicate/rider
- The positive effect of this
arrangement; the possibility to ride
more competitions with several
horses
A negative effect; the owners have Negative effect
expectations of being treated like an
owner, even though they are with more.
During competitions for example, often
you get 1 or 2 entrance tickets for the
owners when you actually have 4 owners
including their partner
- The FEI needs to definitely improve
this
- On every competition, there needs
to a place for every owner
Tim would like to see the number of co- Demand of co-ownership
ownerships grow
He thinks it is important as rider to look Advise
for co-owners in their direct environment
like family, friends, acquittances etc. who
would like to get involved in the sport
Besides he thinks it’s important to always Advise
closely evaluate if the horse is meeting
the expectations, and if not, you will not
waist any more of the (owners) costs, and
try to sell it as good as possible, to
consequently continue with another
horse. This needs to be communicated
very clearly and honestly to the owners.
It is important to always closely be Advise
selective with the horses.

English Eventing expert/coach

Text fragments Labels/codes

Mostly active in UK Eventing Eventing experience
- Active as an Eventing coach
- Also has clients in NL
Syndication is very common on the Co-ownership in the UK
UK, almost all horses at the upper
level of the sport are co-owned.
There are many ways these syndicates Ways of co-ownership
can be arranged, but this really
depends on the horse, and the goals
for the horse and rider
Higher valued horses at higher level of Agreements
sports, often have more detailed
syndicate contracts, including legal
agreements
- This can however vary greatly
per horse/case
I always advise my riders to invest in a Advise
share of the horse as well
- This way, owners take the rider
 more serious and have more
trust in the rider.
It is very important that the rider Advise
communicates very well with the
owners, to keep them satisfied, and
obtain their trust.
Owners of a syndicate should not Goal of co-ownership
invest in a horse for making profit, co- Advise
owners are investing for the love of
the sport, the horse or the rider.

9.6 OVERVIEW SPSS TESTS AND GRAPHS

 9.7 STATISTICAL TESTS

To test if there is a relation between the different groups of equestrians (see

graph 1) and their view/opinion about co-ownership, a Chi-square test was
performed. For the Chi-square test to be as reliable as possible, only the 3
categories with a decent sample size were included (National riders, horse
owners and lovers of the sport). It was tested if there is a difference in the
opinions about co-ownership between these different categories of
participants.
Chi-square test table 4

The result of the Chi-square test gives a

significance level or P-value of 0.039. As Alpha =
0.05, P < Alpha, which means that the H1
(alternative hypotheses) should be accepted;
There is a difference in the opinions about co-
ownership between the different groups of
respondents. In other words, the participants’
opinions about co-ownership (negative  positive)
are depended on the way how they are active
within the Eventing sport.

To test if there is a relation between the different groups of respondents

based on their degree of familiarity with co-ownership (see graph 2) and their
view/opinion about co-ownership, a Chi-square test was performed (Table
4+5). Also in this test, only the categories with a decent sample size were
included (people who know horses that are co-owned, people who co-own a
horse and people who have heard of it). It was tested if there is a difference in
the opinions about co-ownership between these 3 different groups of
respondents based on their familiarity with co-ownership.
Chi-square test table 5

As viewed in table 5, the significance level or P-

value is <0.001. As Alpha = 0.05, P < Alpha,
which means that the H1 (alternative
hypotheses) should be accepted; there is a
difference in the opinions about co-ownership
between the different groups of
respondents(based on their familiarity with co-
ownership).
To test if there is a relation between the different groups of respondents
based on their degree of familiarity with co-ownership (see graph 2) and their
view on whether co-ownership will have a positive or negative influence on
the Dutch Eventing sport, a Chi-square test was performed. It was tested if
there is a difference in the views on whether co-ownership will have a positive
or negative influence between the different groups based on their familiarity
with co-ownership.
Chi-square test table 6

As to be seen in table 7, the significance level or

P-value is 0.017. As Alpha = 0.005, P < Alpha,
which means that the H1 (alternative
hypotheses) should be accepted; there is a
difference in the views on whether co-ownership
will have a positive or negative influence on the
Eventing sport, between the different groups of
respondents based on their familiarity with co-
ownership.

To test if there is a relation between the respondents’ opinion about horse

syndicates and the different groups of equestrians (dependent on how they
are active in Eventing, see graph 1), a Chi-square test was performed.
Chi-square test table 7

The outcome of the Chi-square test gives a

significance level or P value of 0.025. As Alpha =
0.05, P < Alpha. Therefore, the H1 hypotheses can
be accepted. There is a difference in the
participants’ opinion about horse syndicates
between the different groups of equestrians,
based on how they are active in the Eventing
sport. This is supported by table 13, which implies
that the respondents’ opinion does depend on the
way how they are active in Eventing.
To test if there is a relation between the respondents’ familiarity with horse
syndicates and their opinion about it, a Chi-square test was performed. As a
large group of respondents were not familiar enough with syndicates to give
their opinion about it, only the two categories were included that had a
certain sample size (respondents who know syndicated horses, and
respondents who are part of a syndicate themselves). It was tested if there is
a difference in the respondents’ opinion about syndicates between these 2
different groups of respondents (based on their familiarity with syndication).
Chi-square test table 8

The Chi-square tests shows that the significance

level or P-value is 0.00. As Alpha = 0.05, P <
Alpha. Therefore, the H1 is accepted. There is a
difference in the respondents’ opinion about
syndicates between the different groups of
respondents based on their familiarity with horse
syndicates. This is supported by table 8, which
views a clear difference in opinion, depending on
how familiar the equestrians are with syndication.

To test if there is a relation between the respondents’ familiarity with horse

syndicates and their point of view whether syndication will positively affect
the Dutch Eventing sport, a Chi-square test was performed. Only the
categories with a decent sample size were included (respondents who know
syndicated horses, respondents who know people involved in a syndicate,
respondents who have heard of it and respondents who never heard of it).
Chi-square test table 9

This Chi-square test shows an outcome of a

significant level of P = <0.001. As Alpha = 0.05,
this means that P < Alpha, which means that the
H1 is accepted. There is a difference in the
respondents’ view whether syndication will
positively affect the Dutch Eventing sport
between the different groups of respondents
based on their familiarity with horse syndicates.
This is supported by table 7 which shows that the
respondents’ view depends on their familiarity
with syndicates.