Marylanders interested in owning thoroughbred horses can purchase shares in six racing investment companies founded by Frank Stronach, the owner of Laurel Park and Pimlico Race Course.
The stock offering began earlier this month, allowing investors in several states — including Maryland, California and New York — to own a piece of a thoroughbred for $10 a share.
Each company plans to raise revenue by racing its horses until November 2013 and then by selling them. After the sale, the net proceeds would be distributed to shareholders, though the prospectus warns potential investors that owning racehorses involves a "high degree of risk."
The companies, named after Stronach's winning horses, will be collectively known as the Horse Racing League. The minimum investment is $100.
The initial public offering began May 9 and will last up to 90 days.