Horse syndication involves dividing the equity in a particular performance horse into shares, which can then be bought by a group of people, forming an entity that, in sum, owns the horse. Competition and annual expenses for said horse are similarly divided on a per share basis. For example, if you are joining a syndicate that offers 10 shares, then you and nine other people will own the performance horse and will share the costs of maintaining the horse on an annual basis. These costs are predetermined and syndications come in many different price ranges, both in terms of share price and annual expenses!