Cover image courtesy of Trish Dunell
Te Akau Racing’s David Ellis was the leading buyer at the New Zealand Bloodstock National Yearling Sale for the 20th consecutive year. But how does he compare on a global scale in terms of yearlings purchased?
While there are bloodstock agents who purchase in greater numbers internationally—such as Stroud Coleman Bloodstock, which secured 41 yearlings at Tattersalls October alone - Ellis holds a unique position as a syndicator.
In 2024, he was the most active yearling buyer by a syndicator across Australia and New Zealand, and following the Magic Millions Gold Coast Yearling Sale and New Zealand Bloodstock National Yearling Sale, he currently leads again this year, driven largely by his strong presence in the New Zealand market.
Largest syndicators at Magic Millions over last four years
| David Ellis (BAFNZ)/Te Akau Racing | 18 | $5,110,000 | 11 | $7,020,000 | 8 | $2,490,000 | 6 | $2,495,000 |
| Dynamic Syndications/Dean Watt Bloodstock | 11 | $1,490,000 | 10 | $1,525,000 | 11 | $1,645,000 | 12 | $1,740,000 |
| Star Thoroughbreds/Randwick Bloodstock Agency (FBAA) | 11 | $3,205,000 | 9 | $2,135,000 | 11 | $2,900,000 | 12 | $2,895,000 |
| Proven Thoroughbreds | 11 | $1,188,000 | 8 | $1,085,000 | 9 | $2,030,000 | 10 | $1,995,000 |
| Darby Racing | 10 | $1,120,000 | 9 | $2,115,000 | 8 | $1,705,000 | 10 | $1,810,000 |
| First Light Racing | 9 | $1,820,000 | 5 | $427,500 | 3 | $510,000 | 6 | $1,165,000 |
| Dalziel Bloodstock/Moody Racing | 8 | $1,800,000 | 5 | $840,000 | 7 | $1,124,000 | 8 | $1,910,000 |
| Bennett Racing Pty Ltd | 7 | $2,300,000 | 6 | $1,410,000 | 8 | $1,765,000 | 14 | $2,165,000 |
| Triple Crown Syndications | 5 | $890,000 | 7 | $1,140,000 | 4 | $730,000 | 3 | $455,000 |
| Prime Thoroughbreds | 4 | $680,000 | 7 | $1,070,000 | 4 | $670,000 | 4 | $550,000 |
Table: Top Syndicator Buyers at Magic Millions Gold Coast in last four years
By removing all the trainers, traders, and breeders from the purchasing data, and focusing on the syndicators, over the past four years at the Magic Millions Gold Coast Yearling Sale, David Ellis has always been in the top 10 at this sale by numbers of horses purchased.
As the table shows, there is some consistency in purchases at this sale by the more dominant syndicators, with the top five or six companies tending to buy between eight and 14 horses each year.
Ellis’ domination in New Zealand
David Ellis and Te Akau Racing have been the leading buyers at the New Zealand Bloodstock National Yearling Sale for the last 20 years.
“We’ve been very fortunate that our ownership base has increased since 1984 when I bought my first horse. We’ve got very supportive owners who love being involved and it’s just a very exciting time to be involved in New Zealand racing. We’ve got a race worth NZ$3.5 million coming up and if you’d told me that two years ago, I would not have believed it was possible,” said Ellis.
When asked about the large numbers of horses, Ellis said, “Someone asked me if I wanted to be the number one buyer, and I said, no. I want to the be number one selector of Group 1 winners. That’s my goal. I want to win black type races, that’s what I get the thrill from.”
And buying Group 1 winners is what he does best. Te Akau Racing’s long list of racetrack stars are Champion Sprinter Imperatriz (I Am Invincible), Captured By Love (Written Tycoon), Probabeel (NZ) (Savabeel), and Noverre (NZ) (Savabeel), to name a small selection.
| 2025 NZB National Yearling Sale | 27 | $4,757,500 |
| 2025 Magic Millions Gold Coast Yearling Sale | 18 | $5,110,000 |
| 2024 NZB National Yearling Sale | 30 | $6,245,000 |
| 2024 Magic Millions Gold Coast Yearling Sale | 11 | $7,020,000 |
| 2024 Inglis Melbourne Yearling Sale | 4 | $555,000 |
| 2024 Inglis Easter Yearling Sale | 5 | $2,735,000 |
| 2023 NZB National Yearling Sale | 31 | $6,290,000 |
| 2023 Magic Millions Gold Coast Yearling Sale | 8 | $2,490,000 |
Table 2: David Ellis’ recent purchases including those in partnerships
As this table shows, David Ellis purchased 50 yearlings in 2024 across the sales that he did attend, leading all the other major Australian syndicators (who were also active at the Gold Coast) by approximately the number of purchases in New Zealand.
Ellis has never been the largest buyer of yearlings in Australia, with major trainers like Gai Waterhouse, Ciaron Maher, and Chris Waller consistently purchasing in greater numbers - particularly across the key sales. On a global scale, many bloodstock agents acquire well over 100 yearlings annually on behalf of various clients.
Identifying specialist syndicators in Europe and America is more complex, as many operate through agents, and those recorded under their own names tend to be smaller buyers spread across numerous sales. For instance, at the 2024 Tattersalls October Sale -across all four books -no registered syndicator purchased more than six yearlings, highlighting that the scale of syndication at England’s biggest sale is quite different from what we see even at a single sale, like the Magic Millions Gold Coast Yearling Sale.
Australia does syndication better
The bigger question is: why does Australia dominate global syndication?
With 140,000 racehorse owners (excluding micro-shares), Australia far outnumbers other nations. The USA follows with 18,400 owners, the UK has 14,000, and according to the 2024 NZ Size and Scope Study, New Zealand has 17,600.
Ellis’ high volume of yearling purchases is a reflection of this ownership landscape. Australia and New Zealand’s yearling markets are structured to support syndication, allowing syndicators to take on the risk of purchasing yearlings before selling shares to owners—something far less common in other parts of the world.
With the Inglis Classic Yearling Sale coming up next week, Inglis CEO Sebastian Hutch spoke to TTR AusNZ about the role syndicators play in supporting the yearling market.
Sebastian Hutch | Image courtesy of Inglis
“Syndication has been a point of entry for countless owners over the years and it is without doubt one of the features of Australian racing that has made it so successful,” said Hutch.
“As the Aushorse promotional material notes each and every year, the proportion of the Australian public who own a share in a racehorse is incredibly high (1 in every 191 Australians own a share in a racehorse as per the most recent promotional material) and there is no disguising that syndicators and syndication has been hugely effective in giving people an opportunity to participate.”
| Darby Racing | 8 | $730,000 | 3 | $210,000 | 10 | $1,360,000 |
| Tricolours Racing | 6 | $390,000 | 2 | $230,000 | 3 | $395,000 |
| Prime Thoroughbreds Pty Ltd | 4 | $490,000 | 4 | $425,000 | 5 | $450,000 |
| Proven Thoroughbreds | 7 | $840,000 | 9 | $995,000 | 6 | $905,000 |
| Elite Thoroughbreds | 3 | $135,000 | 1 | $60,000 | 2 | $170,000 |
| Flying Start Syndications | 3 | $230,000 | 3 | $225,000 | 3 | $345,000 |
| Star Thoroughbreds / Randwick Bloodstock Agency (FBAA) | 3 | $405,000 | 2 | $270,000 | 4 | $1,000,000 |
| Triple Crown Syndications | 1 | $70,000 | 3 | $330,000 | 4 | $540,000 |
Table: Top Syndicator Buyers at Inglis Classic in last four years
Ellis agrees that the magic of syndication isn’t just about affordability—it’s about the sense of ownership and excitement it brings, no matter the share size.
As he puts it: “I’ve found over a lifetime (of doing syndicates) that it doesn’t matter what size share people have in a horse, it’s still their horse.
“I’ve found over a lifetime (of doing syndicates) that it doesn’t matter what size share people have in a horse, it’s still their horse.” - David Ellis
“We had a colt called Xtravagant who won the G1 New Zealand 2000 Guineas by seven and a half lengths and broke the track record, and we had a party at the hotel afterwards for all the owners. I heard one owner on the phone saying, “did you see my colt win?” He had 5 per cent.
“It doesn’t matter what size share you have you get the same fun and it makes so much sense to share the risk. Spread the risk across several horses and it works well.”
Magic Millions support the syndicators
“Australia has been the global trailblazer with the syndicate model. We are recognised as the nation with the most syndicates and we allow the everyday person to experience being a racehorse owner.
“Magic Millions has huge respect for syndicators, we even have a $1 million race for horses owned by 20 plus people called The Syndicate,” said Magic Millions Managing Director Barry Bowditch.
The 2025 The Syndicate was won by 4-year-old gelding Payline (Shooting To Win) who took his record to five wins from 16 starts with earnings over $780,000.
“Syndicators take a huge responsibility at the sales to buy stock which are suitable for the public. They are an important tentacle to the public, because they are selling to the everyday person and creating the experience for people to showcase the great parts of racing and the love of the horse.
Barry Bowditch | Image courtesy of Magic Millions
“Magic Millions, and the other sale companies, play a role in ensuring that the licenced syndicators are given terms that are fair and that they have time to ensure they’ve done all their disclosure documents properly and have time to on-sell their horses to their clients. We work with them closely to assist them get into a place where they can buy with confidence.
“The Australia model allows syndicators to participate with more confidence and buy more volume.”
Asked about this year, and the current economic climate, Bowditch said, “Syndicators have bought a lot of volume in the past. We felt they were being a bit more cautious this year at the Gold Coast in terms of numbers, but they are still engaged and promoting to clients and giving clients nice horses to buy into.
“The more syndicators we can get into the market, the better. They are the bread and butter of our marketplace and they are a significant force in the lower to middle part of the market, particularly below the sale average. They buy more volume than trainers and traders at that portion of the market, so it’s very important to our vendors that Magic Millions support their business goals.”
“They (syndicators) are a significant force in the lower to middle part of the market, particularly below the sale average." - Barry Bowditch
Syndication plays a crucial role in keeping racehorse ownership accessible and vibrant, but it’s not without its challenges. Behind the scenes, syndicators navigate a highly competitive landscape, balancing the demands of both owners and the marketplace.
“The syndicators operate in a very competitive market and are subject to stringent licensing and regulatory requirements, so it is far from ‘easy’ for them," as Hutch points out.
“At each and every sale, we are trying to facilitate the healthiest market that we can, in particular through the yearling sales, and working closely with syndicators is an important part of this.”
Communication the key to success for Te Akau
David Ellis spoke to TTR AusNZ about his success and how he has been able to sustain being the leading buyer of yearlings over two decades in New Zealand.
| David Ellis (BAFNZ)/Te Akau Racing | 11 | 30 | 0 | 4 | 5 | 4 | 0 | 0 | 0 | 54 |
| Proven Thoroughbreds | 8 | 6 | 7 | 5 | 1 | 0 | 0 | 0 | 0 | 27 |
| Darby Racing | 9 | 2 | 8 | 0 | 1 | 0 | 0 | 0 | 2 | 22 |
| Star Thoroughbreds/Randwick Bloodstock Agency (FBAA) | 9 | 0 | 3 | 2 | 3 | 0 | 0 | 2 | 0 | 19 |
| First Light Racing | 5 | 1 | 5 | 1 | 2 | 0 | 0 | 0 | 0 | 14 |
| Dynamic Syndications/Dean Watt Bloodstock | 10 | 0 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 12 |
| Dalziel Bloodstock/Moody Racing | 5 | 4 | 0 | 1 | 2 | 0 | 0 | 0 | 0 | 12 |
| Prime Thoroughbreds | 7 | 0 | 4 | 0 | 0 | 1 | 0 | 0 | 0 | 12 |
| Bennett Racing Pty Ltd | 6 | 0 | 3 | 1 | 1 | 0 | 0 | 0 | 0 | 11 |
| Triple Crown Syndications | 7 | 0 | 1 | 1 | 0 | 2 | 0 | 0 | 0 | 11 |
Table: Leading syndicator purchases across 2024 yearling sales
“Every Monday, the owners of every horse who is in work gets a video of the horse and an update from our trainers and assistant trainers. Then on Thursday, they get another one if the horse has galloped, and if they are racing, we do updates the day before and the day after.
“The internet has been a major help (with communication) and our marketing manager is my youngest daughter Julie-Rose. Our website is amazing thanks to her and we regularly have 300 to 400 people reading it,” said Ellis.
“A big plus for Te Akau is the team that we have around us, starting with Mark Walker and Sam Bergerson at Matamata. We are very proud to have such great people running everything. Our Racing Manager Reece Trumper, bloodstock agent Marcus Corban, Ben Gleeson in Melbourne, Hunt Durrant in the South Island and assistant trainer Nicole Shailer are all integral parts of the team.”
“We will attend the Easter sale and the June Yearling Sale on the Gold Cost. We’ve already bought 21 at Magic Millions and another 26 at Karaka, that’s the most we’ve ever bought in one month. The easy part is buying them, the hard part is selling them, and we are thrilled at how quickly they are selling. Nights like the Karaka Million where we won both big races is a big help,” said Ellis.
David Ellis inspecting at the Gold Coast sales complex | Image courtesy of Magic Millions
Damask Rose (NZ) (Savabeel) won the R. Listed Karaka Millions 3YO and she was a NZ$200,000 purchase at the 2023 New Zealand Bloodstock National Yearling Sale from Milan Park, while the R. Listed Karaka Millions 2YO was won by La Dorada (NZ) (Super Seth) who Ellis purchased from Waikato Stud for NZ$190,000 at the 2024 NZB National Yearling Sale.
