This year, the Belmont Stakes will host a few of the most exciting minutes in Sports Entertainment. While the event has never been as popular as the Kentucky Derby, every so often there is an opportunity for one championship horse to compete in the third and final leg of the Triple Crown. The coveted title is an honor considered to be the most prestigious trophies in the nation. This year that opportunity has been earned by California Chrome.
California Chrome is owned by Perry Martin of Yuba City, California and Steve Coburn of Topaz Lake, Nevada. The two originally purchased Chrome’s dam, Love the Chase in 2008, and an observer remarked that only a “dumb ass” would buy her, given the horse’s modest race record. The Coburns and Martins decided to name their racing operation DAP Racing, which stands for “Dumb Ass Partners”. Steve Coburn was initially looking for a tax write off, and his wife Carolyn encouraged him to buy into a racing syndicate rather than purchasing a small airplane.
In certain situations purchasing an aircraft can be beneficial for tax purposes. Companies that earn enough revenue and travel over a certain amount, can benefit from aircraft ownership, but it usually only makes sense for larger entities. For individuals and corporations who don’t do enough flying, the associated costs of ownership often spend more than they get to write off. While buying a race horse is not always a lucrative endeavor, there is certainly a better chance of turning a profit, especially if you come out a winner in the events with higher purses.
If California Chrome wins the Triple Crown, it will be the first time since 1978, that a horse has achieved such a tremendous feat. This year over 100,000 attendees are expected to attend, hoping and anticipating a victory for California Chrome. Many will fly private and attend the newly renovated champagne room, where New York Yankee Bernie Williams will be performing on his classical guitar as well as musicians such as LL Cool J. Jet Partners is a proud provider for all private charters to and from this remarkable, exciting, and potentially historical event.
Today, the partners are considered far from “Dumb Asses” with earnings over $3.5 million this year for California Chrome; a not so shabby return on an $8,000 investment in Love the Chase. They no longer have to worry about buying a small airplane. Using on demand charter providers such as Jet Partners gives them the opportunity to charter private aircraft all over the world and only pay for the time they fly. They have the luxury of traveling in comfort and leisure on some of the most beautiful aircraft in the world whenever and wherever they desire. Best of all, they don’t have to worry about the associated costs ownership such as paying a crew, renting hangar space, maintaining airworthiness and all the other fun bills you receive as an aircraft owner.