For centuries, men and women have thrilled to the sight of thoroughbred horses in competition, driven by their instincts and breeding to be first past the post. There's nothing as exciting as watching hooves flashing and muscles straining in the last few strides before the finishing line. So imagine how exhilarating it is for those lucky enough to own one of these magnificent animals.

Buy a thoroughbred racehorse and you can be part of the magic. As an individual, in partnership with your friends or as part of a syndicate, you will feel pride of ownership and the thrill of participating in the sport of kings.

There are so many ways to be part of this noble sport. Enjoy rewarding visits to stud farms to view rag-tailed foals at their mother's sides. Feel a charge as the auctioneer drops his hammer on your first purchase at the Yearling Sales. Experience the enchantment of the gallops at dawn and the sight of steaming thoroughbreds blowing hard in the first rays of sunlight.

There's the moment when you first hold the racing silks in the vivid colors you have chosen to pin your hopes of glory on. And, on a crowded racecourse, when you step into the parade ring with your trainer and jockey as your horse is sent out onto the track for his maiden race.

Relax in the comfort of elegant facilities reserved exclusively for owners and trainers or share the glamour with your friends and associates of festival race days.

Watch as your pride and joy peels away from the group and canters past the stand and down to the start. Wait breathlessly for the heart stopping moment when a band of gallant horses comes off the rail and thunders towards the finishing line.

Dream of the day that your colors are first across the line and - the ultimate thrill for an owner - you are leading your champion through an admiring throng to the winner's circle.

The Owners' and Trainers' Association was established to protect your interests and guide you through the formalities, help you apply to the Jockey Club for colors, but a horse and find a trainer. There's an association in each state and the friendly, knowledgeable staff are at your service. Contact your local association for more information.

There are several ways to own a racehorse; each with their own tax and financial needs and you'll get off to a good start. There's nothing as rewarding as being an outright owner of a winner. But the sport is flexible and there are other options gaining popularity:

• Individual ownership means that you are responsible for all the costs and collect the lion's share of the winnings.
• Partnerships can be formed with up to six people who jointly register, apply for colors and purchase horses. Sharing the costs and benefits, the thrill of ownership and the excitement of race days makes this option a popular one for first-time owners. It also allows owners to spread their investment and enjoy an interest in more than one horse.
• Syndicates consist of between five and 20 people. It's a low cost option and allows owners to invest in quite a number of horses, increasing the chance of having an interest in a winner. Speak to members of the Owner's and Trainers' Association Committee who will advise you on which of these options is right for you.

Before you canter down to the start, as an individual new owner, or as a partnership or a syndicate, you need to apply for colors, which will be approved and registered with the Jockey Club.

These brightly colored and patterned racing silks will be worn every time the jockey rides your horse, making instant identification of your horse at a distance easy.

• You may choose your own combination or those from the colors still available through the Jockey Club.
• Colors may be granted to individuals, partnerships and syndicates as well as companies and close corporations.
• Colors must be renewed for each new season, which runs from August 1st to July 31st of the following year.
• Applications for colors are made through the local offices of the Jockey Club.

The sport abounds with examples of horses bought for a song that earn a fortune in stakes - like Skip Away, Real Quiet, and Seattle Slew who went on to earn millions and a place in racing history.

• There are trainers and bloodstock agents who buy horses at sales of "spec" to sell on to existing or new owners.
• Prospective owners can ask a trainer of integrity to assist them or use the service of an experienced bloodstock agent. It is wise to get an expert assessment of the horses you fancy before bidding, including a vet's examination.
• If you are impatient to see your horse run, you can buy a racehorse at one of the Horse-in-Training sales. But remember that you are purchasing horses that are being sold by their owners for a reason.
• Most racehorses are bought outright, but some breeders are prepared to lease horse, particularly fillies, or sell their racing careers. Trainers often help arrange the lease of a racehorse. A lease form is signed setting out the terms of the agreement, which usually covers the four-year racing career of the horse.