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

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

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

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

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

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

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

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

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

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

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

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

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

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

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