On Saturday, Authentic won the 146th Kentucky Derby.

But did you know his owners will get a $0 payout for his big win?

Thread below inspired by @tobydoyhowell @APompliano @JoePompliano And content by @darrenrovell

2) MyRacehorse allows fans and investors to buy fractional shares of top racehorses.

MyRacehorse owns 12.5% of Authentic and offered 12,500 shares to the public for $206/share.

3) 4,200 fractional owners were ecstatic to see their horse win the biggest horse race on Saturday evening.

Only to find out they would receive no payout.

4) It actually would have been better for investors seeking an immediate payout if Authentic had come in 2nd or worse.

5) As part of the contract between MyRacehorse and the original owners of Authentic, a $9M payout is due to those original owners.

MyRacehorse is passing that cost down to their fractional shareholders.

6) MyRacehorse put out the following statement saying they warned investors of this in advance:

7) MyRacehorse is justifying this lack out of payout to fractional shareholders by suggesting the breeding revenues from Authentic will be much more now that he is a Kentucky Derby winning horse.

8) While there is that added potential benefit, there is always a risk of injury to the horse which would severely hamper those breeding revenues leaving many fractional shareholders upset and angry.

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