Trish Dunell/NZ Racing Desk

Galloper Volkstok’n’barrell has been attracting some high money bids.

And stressed out trainer and part-owner Donna Logan is urging New Zealand Thoroughbred Racing to implement a standard agreement for syndicates to avoid others suffering the turmoil she has experienced in the past six weeks.

Volkstok'n'barrell has been the subject of numerous offers since he began racing last August, and shares in him have been traded among syndicate-holders to fend them off, like earlier this season when $1.8 million was on the table.

The washup of that saw the horse owned by Logan, Garry Cossey, Jim, Anne and Chris Gibbs, Ashley Goodwin and Australia's Rosemont Stud. But when the latest bid was made, by an English agent on behalf of a Hong Kong owner, the sum was so large – believed to be a world record for a gelding – talks became serious.

Logan did not want to reveal the exact sum but said it was enough "to buy a couple of houses in Auckland" and made most of the owners realise the time had come to be realistic.

They had enjoyed a wonderful ride so far, the horse winning nearly $850,000 and competing at the very highest level both here and in Australia, where he won the Rosehill Guineas, but the offer was just too good to refuse.

But while 70 per cent of the owners want to sell, the other 30 per cent do not, and Logan said she did not want to get involved in a nasty court battle to resolve it.

"I haven't gone down the legal path myself but a couple of the other owners have sought advice and it's not just  a matter of the majority rules. 

"We'd have to go to court and having a legal  battle doesn't make for goodwill. I'd hate it if there was a forced sale."

Logan said the old adage that it takes a very good horse to bring out the worst in people was certainly true and she had cultivated a few more grey hairs in the last few weeks trying to sort it out.

"But it should never be able to get to this stage. When you buy a house you sign legal documents and you know the rules but things are pretty slack in racing. 

"When you buy into a horse everyone should sign an agreement so you know what happens if  a sale comes up. All the partners should have first right of refusal at the price offered and then it should be majority rules."

But it shouldn't be up to individual owners, who may be new to racing, to draw up the document – racing's governing body should provide a standard form, she said. Such an agreement could also stipulate the 10 per cent fee which trainers have traditionally earned from sales and give trainers legal protection from bad debts. 

"The days of gentlemens' agreements are long gone."

Logan said she was far from wealthy and it was scary having a horse worth so much money sitting in her yard.

"I've only got a small share but even that would relieve a lot of the financial pressure on me. You don't make money training horses in New Zealand. But, hey, I can always go and dig some tua tua or catch a fish if I get really hungry."

Logan said people had commented they needed their heads read for not selling, with the well known vagaries of racing. She knew individual owners had their shares insured even though, as a gelding, Volkstok'n'barrell had no residual value.

"It's been a wonderful journey so far and, hopefully it will continue, but he may get injured and never win another race. Or then he might go on and win the Cox Plate."

Logan said discussions were underway to see if the reluctant owners would buy out some of their partners' shares but at a lower level than the current offer.

On the plus side, Logan said it was a pleasure having a horse like Volkstok'n'barrell in her stable especially with the recent departure to Australia of star mare Rising Romance.

"He's come back in this week in wonderful order. The people who were spelling him said they were too scared to keep him longer the way he was bucking and kicking."

Logan said there were worse things in life to cope with: "we could be worrying about a whole lot of slow horses."

Chief executive Greg Purcell said while NZTR was drafting a standard template covering issues between trainers and owners, no such agreement existed for the sale of horses, unless it was by an authorised syndicator.

"But that is something that we would be prepared to look at."

 - Stuff