A share of a Kentucky Derby contender
For $ 206, two locals became micro- owners of racehorse Authentic
When a thoroughbred named Authentic speeds out of the starting gate at the Kentucky Derby on Saturday, Tjuan Benafactor and Ed Hunt will watch on TV with special interest. The two local men are among 4,200 “micro- owners” of the colt that has the third- best odds to win the 146th Run for the Roses.
The 1- year- old online app MyRacehorse. com has sold 12,500 shares of Authentic for $ 206 per share. Some of those shares are owned by residents of Greensburg, Monroeville, Irwin, Pittsburgh, Sewickley, Verona, McKees Rocks, Canonsburg and other towns, said MyRacehorse founder Michael Behrens, 43, of Glendora, Calif.
His company, which he says is responsible for “the democratization of racehorse ownership,” has sold 70,000 shares in 47 horses in the past year and owns 12.5% of Authentic. Some people buy only one or two shares, he said. Others buy more, including one person who paid $ 5,000 for shares in 40 horses.
Benafactor, 38, of the Hill District, said he owns shares in seven horses, including Authentic.
“You don’t have to be rich to own a racehorse,” said the rapper/ hiphop artist and concert promoter, whose legal name is Antjuan Washington.
He said he started buying microshares of racehorses five or six months ago “when COVID boredom set in” and concerts shut down. He also owns 20% of the Steel City Yellow Jackets in the American Basketball Association and 80% of the Burgh Defenders arena football team.
“There’s something cool about owning racehorses,” said Mr. Hunt, 46, of Irwin. “It’s an expensive hobby, not a money- maker.”
For four years, he and a friend owned standardbred horses that trotted and paced at The Meadows Racetrack in Washington County. In 2017, he left racing because of work and family obligations. But MyRaceHorse gave him a way back in, and he said he owns shares in 13 horses.
Before COVID- 19 shutdowns, micro- owners could take barn tours and meet their horses and trainers. They could watch their horses race at the track and maybe even get to the winner’s circle, Mr. Behrens said. That will resume when the tracks reopen.
“My favorite part was going to the barns and paddock to see the horses in person,” Mr. Hunt said. “They have such unique personalities. Some are sweet and loving — others, not so much.”
The 1.25- mile Kentucky Derby was postponed in May and moved to September because of the pandemic. The odds on Authentic are 8- 1, and the horse will run next to the favorite, Tiz The Law, with 3- 5 odds. Authentic was trained by five- time derby winner Bob Baffert and will be ridden by Hall of Fame jockey John Velazquez. On Saturday, there will be no fans in the stands at Churchill Downs in Louisville, Ky., but the owner of each horse receives eight tickets.
Mr. Behrens will be there, representing the micro- owners. So will Authentic’s majority owner, billionaire B. Wayne Hughes, owner of Spendthrift Farm in Lexington, Ky. Mr. Hughes, who made his money in the selfstorage business, is also a partner with Mr. Behrens in MyRaceHorse.
Mr. Behrens, a former marketing and advertising executive with the Casper mattress company, has lived most of his life in Southern California, where he made several trips each year to the Santa Anita and Del Mar racetracks.
On MyRacehorse. com, shares for yearlings and 2year- olds can sell for as low as $ 60. While horse owners are generally responsible for fees paid to veterinarians, farriers, trainers, grooms and other caretakers, micro - owners pay their share of that in their initial cash outlay.
Mr. Benafactor said he has almost recouped what he has spent, noting he received $ 25 when filly Moonlight Dior finished second in a recent race. He paid $ 180 for a share of her and three other 2- yearold thoroughbreds.
So how much will microowners get if Authentic wins the Kentucky Derby? The total purse is $ 3 million, $ 1 million higher than past years. The first horse to cross the finish line wins $ 1.86 million. Decreasing amounts go to second, third and fourth places, with the fifth finisher getting $ 90,000.
“Owners always get paid last,” said Mr. Hunt, who works in finance.
The jockey and trainer each get 10% of the purse, he said. Other expenses may be paid from the winnings, such as barn- rental fees and veterinary MyRaceHorse will get 12.5% of what’s left, and that money will go to the microowners, based on how many shares they own.
The real money is made when colts become stallions and their breeding fees are $ 200,000 or more per mare, Mr. Behrens said.
A percentage of each microowner’s purchase is donated to the Thoroughbred Aftercare Alliance, he said. Since 2012, the organization has raised $ 17.2 million to retrain and rehome 10,300 retired racehorses.
Post time for the 146th running of the Kentucky Derby is 7: 01 p. m. Saturday. NBC coverage starts at 2: 30 p. m.