Kentucky congressman wants to pass bill allowing people to own 'micro-share' of racehorses

LOUISVILLE, Ky. (WDRB) -- Kentucky U.S. Congressman Andy Barr wants to make it easier for you to own a racehorse, LEX18 reported this week.

The RACE Act — which stands for Regulation Advancement for Capital Enhancement — is aimed at expanding access to the thoroughbred racing industry. The bill changes some Securities and Exchange Commission registration requirements, allowing everyday people to make small investments in the sport.

"That dream of ownership of a horse is pretty elusive for most people," Barr said. "It's viewed as only a game for the wealthy. A way to democratize race horses is the RACE Act, which would allow more micro-share ownership into these racehorses."

Barr said the bill would also help the horse racing industry get more access to capital.

"If you think about it, a racehorse is a small business," he said. "And if more people can own a share of that racehorse, including retail and small investors, you're going to get more capital, more investment into the sport of thoroughbred racing. You're going to bring in more fans and more tied-in fans, more connected fans, more emotionally connected fans. That's good for our industry."

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