Harness: Parham's innovative plan for horse "ownership"

There are a number of elements which provide the lifeblood that keeps the industry alive and healthy. Certainly near the top of the list are people who spend their money at the sales and purchase horses publicly and privately in all denominations.

Without owners there simply is no harness racing, and as a sport we probably don't do enough to bring in new people. The best asset over the last decade, in terms of increasing the visibility of the sport to new people, has been fractional ownership. Groups like The Stable, VIP Internet Stable, Landmark Stable, Go For Glory Stable and others have done an outstanding job of getting people with no connection to the sport involved in the industry at some level, but there are obstacles along the way which don't exactly make it easy to participate in the game.

The biggest issues revolve around licensing and unknown costs. Jurisdictions don't make it easy to get licensed. Between fingerprinting, fees and other red tape, it can be enough to convince anyone to stay on the sidelines. Then there are the separate vet bills and unforeseen costs that can take any newbie over the edge. That is where owner Dana Parham thinks he has built a better system which will create the optimal ownership experience.

"I give [The Stable] all the credit in the world for bringing in new owners and trying new things. They've stated 100 times that it is for entertainment purposes - for fun; watch horses train and race - and that is about what you get," said Parham, who feels strongly that the main decision makers need to have a stake in the horse to ensure that every choice during the course of the year is the best one for all owners. "I buy my horses for Dana, for Odds On Racing. I don't need anyone's financing and I'm not looking to sell 100%.

"I don't think you can sell more than 50% and keep it legit."

Parham's idea is simple and something even a casual sports bettor could grasp. Rather than owners getting licensed and buying a percentage of a horse, he suggests current owners should sell shares based on potential yearly earnings. Here is how it works:

1) An owner buys yearlings or other horses and waits for them to qualify.

2) The owner puts a scaled value on what they feel the horse can earn that year.

3) Those interested can buy shares from that person based on value.

For each horse Parham places a floor and ceiling for what he expects them to earn during the year. The cost per share is one percent of the ceiling. If the horse fails to reach the floor, the person gets their initial investment back plus 10 percent. If the horse passes the floor threshold, the person earns a percentage of what the horse earned based on how many shares they purchased.

"It's pretty simple. These are the prices. If you don't like them, don't buy," said Parham.

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Let's provide a couple of examples based on what Parham offered to three of his friends this year:

Odds On Mr Mamba's floor was $500,000 and his ceiling was $1,000,000. The cost per share was $10,000. So far he has earned $525,220, so the current payout is $5,252.20 per share. If he goes on to win another $500,000 this year, the payout would be $10,252.20, a profit of $252.20.

On the other end of the spectrum is 2-year-old Odds On Buyback. Her range was $75,000 to $225,000 for 2026. So far she has made just $5,000. If she fails to reach $75,000 for the year, a share would be worth $2,475, a $225 profit despite poor performance.

"Obviously I want all of the horses to reach the minimum so it doesn't cost me money," said Parham, who stressed it was also important to protect new owners by making sure they can't lose too much money.

A key point to the plan is that people are not buying into the horse and thus no licensing is required. They are, in essence, making an educated guess on what a horse will earn, with a fixed downside and potentially unlimited upside if correct.

There are also no bills to pay during the year. There are no stakes payments. There are no additional costs. If Parham elects to supplement to the Adios and Cane Pace like he did with Odds On Mr Mamba, it costs you nothing. If he decides to sell an underperforming horse, your investment remains intact regardless of who the new owner and trainer become.

"I sold off a couple of percent of the earnings to a few guys that wanted to have some fun," said Parham of the arrangement he currently has with a few people. "There are other bonuses. I send everyone a win photo of every horse, and we'll probably meet up at Scioto Downs one night and have a beer. We did it last year for fun."

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According to Parham he lost about $2,600 in 2025 via the arrangement, but it isn't about the money for him. It is about exposing new people to the sport and providing them with the best experience possible.

"I can't tell you the fun they had. They had just as much fun as I had as an owner and they didn't have to deal with one-one-hundredth of the bullshit. They don't have to get licensed. They don't have any bills. There are no disputes," said Parham. "At the end of the day, I don't need the one percent. It's more about fun. My friend Ray must've called me 10 times last year asking if I was going to do it again."

When asked if he would consider opening up the offering to a wider audience, Parham was completely on board with the idea despite the extra work it would mean on his part. He downplayed the task, saying it would just mean adding a column on an Excel sheet and sending a check at the end of the year.

When it comes to percentages, he would consider offering anywhere from 30 to 50 percent. The numbers are designed to keep the system honest and make sure he is invested in seeing the best outcome possible. For him there is also the safeguard of having the money on hand.

"If I can't make 15% with your money I should quit," joked Parham. "I bought a colt two years ago, and I priced him at a max of about $150,000. Virgil Morgan Jr. was training and he loved the horse. He asked me, 'what are you going to do when this horse makes a million dollars this year?' I said, 'I'm going to have to pay the people who bought one percent each $10,000.' He said, 'you collected $1,500 but will have to pay out $10,000.' I replied, 'yeah, that's not a real problem because the horse is now worth $2 million. I can live with paying a few of my friends $8,500.'"

While he only puts prices on the better horses, the youthful 75-year-old said he currently owns about 150 horses. That number will shrink as he sells about 40 leading up to the Harrisburg sale. Then it will grow again due to new purchases and a fresh crop of babies.

"I just bought two broodmares last week. I'm thinking of breeding horses 10 to 15 years from now," said Parham.

Whether other owners will embrace Parham's idea remains to be seen, but it has merit. Even if it doesn't improve the bottom line for existing owners personally, there is the potential to introduce many new people to the sport and perhaps improve the long-term health of harness racing.

As for the uninitiated to the Standardbred game who seek the thrill of ownership but don't know where to start or are wary of the hassles that may come with it, while technically Parham's system won't grant you ownership and only provides you the right to a horse's earnings, isn't watching and rooting - along with counting the money - the best part of the ownership experience?