🔒 🔒 From Elite to liquidation – Syndication company collapses

Long-time Sydney-based syndicator Elite Thoroughbreds has been placed into liquidation, with the fallout expected to cause a ripple effect across the NSW industry.

Run by Adrian Allen for more than 15 years, Elite Thoroughbreds was put in the hands of liquidator Aston Chace Group on October 22, according to an Australian Securities and Investment Commission notice issued last month.

The Straight has been told that the sudden move has left some Elite Thoroughbreds clients at risk of losing investment in shares in 2026-acquired yearlings.

Some Elite Thoroughbreds clients have also alleged they are owed prize money won by their horses before the company went into liquidation.

Trainers, spelling farms and pre-trainers are also impacted by the syndicator’s collapse, with the number of creditors caught up in the matter unclear.

According to ASIC documentation, there is currently $424,284 owed to unsecured creditors. The list of those creditors includes Magic Millions, Inglis, GT Park Spelling Farm, trainers Gary Portelli and Peter Snowden, Platinum Horse Transport, REC Equine and Sydney Horse Transport.      

Auction house Inglis acted swiftly with the five two-year-olds the syndicator purchased at this year’s yearling sales. 

Elite Thoroughbreds signed for a Trapeze Artist-Deep Expectation colt ($40,000), a Capitalist-Sensibility colt ($80,000) and two Hellbent fillies ($50,000 and $40,000) at the Inglis Classic Yearling Sale in February.

The syndicator also bought a $20,000 filly by Trapeze Artist at the Inglis Melbourne Premier Yearling Sale just a few weeks later.

The sales company secured $180,000 of the $230,000, with the five two-year-olds finding new homes via the company’s Inglis Digital November (Early) Online Sale, which closed on Wednesday.

Best-known for racing Festival Stakes and Magic Millions Cup winner Testashadow, Straturbo and I’m All The Talk, all trained at Warwick Farm by Portelli, Elite Thoroughbreds had been operating in an increasingly competitive syndication space.

Repeated attempts to reach Allan for comment have been unsuccessful. The Elite Thoroughbreds website has been taken down and its social media presence has been scrubbed while his mobile phone number was unreachable.

Liquidator Vincent Pirina from Aston Chace Group also did not respond to questions put by The Straight while questions put to Racing NSW via email were not answered by publication time.

The ASIC document shows a timeline where liquidation of the company was first discussed between Allan and Pirina on September 29, less than four weeks prior to the liquidation order being finalised.

This publication understands that Racing NSW has been investigating Elite Thoroughbreds’ conduct in recent months to determine if Allan had fulfilled his duties as a syndicator.

With more syndication companies formed over the past five to 10 years, and the growing popularity of microsyndicators taking market share from traditional business models, competition for people’s discretionary income is mounting.

Economic conditions have also put pressure on owners’ racehorse budgets, with the 5 and 10 per cent shareholders among those feeling the brunt of Australia’s rising interest rates, which was lifted to 4.85 per cent on Melbourne Cup day, the highest level in 18 years.