Follow Nileists Progress

Nilest has been absolutely living the dream in his new home in the Coachella Valley. If you have not seen yet his new owner is extremely active on social media and post pictures of Nileist along with here other retired races horses on a daily basis. She can be found on twitter with the handle @GloriousAllianc or directly through this link.

He is currently in the first step of learning how to step over a pole, one of the first steps to teaching him to become a jumper. A few days later he stepped over a Cavaletti! He may have been encouraged with a few carrots on the other side. By clicking more info below you will find a few recent pictures of Nileist.

Nileist Path Forward

As you know, Nileist was a voided claim for $6,250 after winning last month at Golden Gate Fields. Although we were taken aback by the vet’s decision to void the claim off such an impressive performance, it did not come as a total surprise considering Nileist has continued to battle issues with his feet and ankles.

As a result of the voided claim there were two options:

(a) Keep him in training with Andrew Lerner (who has done a wonderful job with him) and try and get off the vet’s list in 30 days. If he doesn’t get off the vet’s list in 30 days, California rules require him to stay on for 6 months. Which means he cannot race. The challenge with this is the average monthly training and vet bill for Nileist has been about $4,000 per month due to his chronic issues. Unfortunately, this is not a very prudent decision as these issues could continue to plague his racing career and negatively impact his ability to generate a positive future return for the owners.

(b) Sell him privately and allow another ownership group and trainer to get him off the vet’s list and find suitable conditions for him to race, highly likely out of state. We received an offer for $5,000, which is about the most we could expect for a $6,250 voided claim.

Alydom, the majority owner chose to go with the latter option. After careful consideration, Experiential Squared, our parent company and the corporate entity that controls MyRacehorse, (not the investment), decided to exercise our Right of First Refusal and match the highest offer received and purchase Nilest. Our racing team then agreed the best course of action moving forward with Nileist was to retire him.

In order to compete at the racetrack a horse needs to be in top physical condition, and being off by just a bit doesn’t allow the horse to be competitive. Nileist has given us some great thrills including two Winner’s Circle pictures. He gave us a lot of joy and we think it would be best to return the favor. With his chronic feet and ankle issues we believe there is just too much risk in continuing to race and he would be happier and safer in a second career. He could be a trail horse, a hunter, jumper, or a police horse; there are a lot of great second career opportunities if someone is willing to “sponsor” the rehoming process… and that is exactly what we are going to do.

What happens to your investment…

a) We bought Nileist on Tuesday for $5,000 (the highest private purchase offer). The funds will be distributed; 52% to Alydom and 48% to MyRacehorse. As a result, you as an investor are receiving the exact amount you would have received if we decided not to retire him. By matching the highest offer, we are ensuring all investors are not having to bear the cost of our decision to retire him.

b) As with all of our horses that are sold, the company will close, and any remaining cash is to be distributed back to the shareholders pro rata. Unfortunately, due to his ongoing issues, his vet and training bills have far exceeded his earnings and we do not expect any cash to be left in the company after bills are paid. This will be confirmed, and the financial records dispersed to all shareholders within 60 days.

What happens to Nileist now that he is retired…

a) Nileist was moved from Golden Gate Fields to Premier Thoroughbreds to relax for a few weeks while we begin the process of finding him a new home. CARMA has been very supportive of our decision and is committed to working with us during the rehoming process (we are very thankful for their support).

b) We are going to be providing the MyRacehorse community lots of updates on Nileist’s journey to his second career and ample opportunities to visit him during the process. This will be a wonderful opportunity to continue and enjoy Nileist up close and personally and be able to follow him on his journey to a second career.

We started this journey of MyRacehorse 16 months ago to provide everyone the opportunity to experience to enjoy the thrills of racehorse ownership. Thousands of new owners and 30 horses later, we think we are well on our way to fulfilling that mission. Along this journey a passion has arisen to do our part to see that every one of these majestic animals is cared for as well off the track as they are on the track. Today we are taking a small but important first step in that mission.

The purchase and rehoming of Nileist is the first action of our new foundation, MRH Aftercare. We believe in the power of large groups of our owners speaking up on issues that impact the future of our great game and the human and equine athletes we care so deeply about. We at MyRacehorse are committed to providing time, resources and funding to ensure that this new venture can flourish. This nonprofit is being launched to do everything in our power to ensure our horses enjoy their post-racing career as much as their racing life. Best of all, it gives all of our owners the chance to enjoy them for so much longer…
A real “win-win” if we don’t say so ourselves.

Thank you for your continued support of MyRacehorse and if you would like any additional information on our plans with MRH Aftercare, please feel free to contact me directly at michael@MyRacehorse.com

Michael Behrens, CEO

Easy Victory

Congratulations! A very nice performance by Nileist today winning the 6th race at Golden Gate, a claiming event for horses which have never won two races. Nileist looked like a winner every step of the way, stalking the easy soft fractions and taking the lead under mild urging at the top of the stretch. He was claimed out of the race for $6,250 but the claim was later voided due to Nileist foot issues, the same ones we’ve been updating you on throughout his career with us. His feet have obviously contributed to a number of factors in managing his career. First, while he gives his all each race, his upside is limited. While very competitive in the lower claiming conditions, he was beaten decently for a higher claim price last time at which no one submitted a claim tag for. Secondly, due to his condition Nileist is always going to need additional time in between his races, thereby limiting the amount of times he can race. All of the ownership groups involved with Nileist will discuss our next options moving forward and we’ll provide additional updates. If you have any questions feel free to contact us at support@myracehorse.com

Race Entry

Nileist has been entered in Sunday’s 6th race at Golden Gate, a claiming $6,250 for restricted three year olds and upward which have never won two races. The race will be going one and one sixteenth miles on the turf course for a purse of $11,000. Nileist will break from post 8 with jockey William Antongeorgi III. Post time is approx. 3:45pm.

Race Update

Nileist will be entered tomorrow for Sunday 9/29 at Golden Gate. The race will be a claiming $6,250 for restricted three year olds and upward which have never won two races. It has been a constant battle with Nileist and his feet over the past year. At this stage of his career his foot problem is what it is and his races generally have had to be spaced out. We have reached a time where all ownership groups in the horse have agreed to get aggressive and point towards the best spot to win. Like all claiming races this does not mean Nileist will end up being claimed but there’s a fair chance someone takes a chance on him at the claim box.

Account Reconciliation

Here are final calculations for Nileist race on 9/7/19:

-The 3rd place prize = $1,920.00
-MRH owners stake comes out to $921.60 ($20.48/share)
-MRH owners race day expenses are $224.52
-Our Paymaster amount is $697.08
-The current reserve balance is $-9,568.04 (as of 9/7/19)
-The Paymaster amount of $697.08 will be used to top off reserve, leaving balance $-8,870.96