Partnerships: Adelphi Racing Club

“If I can make it there, I can make it anywhere” is a classic lyric synonymous with the relentless spirit of New York City. It encapsulates the belief that conquering the city's challenges equips one to overcome any obstacle. A testament to the city's allure and its reputation as a place where dreams are made or broken, the line places the ultimate test of one's mettle squarely on the shoulders of the Big Apple. This spirit not only exemplifies Adelphi Racing Club's managing partner Matt Cutair, but also the enthusiasm members of this partnership hold in their hearts.

Matt Cutair founded Adelphi Racing Club along with friends and original partners Jordan Zotts and Brian Hahn. “I grew up in Maryland so that meant following the Triple Crown/Preakness as a kid,” said Cutair. “I didn't have any family in the business or who even went to the racetrack on a regular basis. I got a job in New York City at 19 years old. Being in a new city and not knowing anyone, I found myself frequenting The Playwright Irish Pub and OTB in Midtown on occasion. By the time I was 21 years old I had developed a real passion for horse racing and wanted to own a racehorse or at least part of one and bought into Sovereign Stables who was a popular syndicator back then.”

Adelphi partner Jeff Hayes found his way to Adelphi after a run with Sovereign as well. “Matt and I were part of another partnership many years ago (Sovereign Stable) but didn't know each other personally,” said Hayes. “A mutual friend, Rich Cristiano, had heard about Matt starting Adelphi and made the introductions. Matt and I met for a drink at Gulfstream, and I loved what I heard about the group and philosophy.”

Cutair found success in the media business and became an executive with Westwood One and Pandora before co-founding Audio HQ. The digital audio advertisement and sales services company became highly successful, and as any good horse owner understands, when you are offered a good price for something, you take it. Cutair did, and approximately seven years ago sold Audio HQ and found himself financially secure and retired at just 40 years old.

“I needed a pseudo-retirement project to keep myself engaged, so I formed Adelphi in 2019 and claimed a few horses,” said Cutair. “Of course, that is when the pandemic hit, and the tracks were closed to fans and owners. My previous experience with partnerships always felt more like an investment and I didn't feel like I actually owned the horses. I wanted to own horses with people I enjoyed. The joy comes from sharing experiences with like-minded people who are deeply involved like you. A true partnership–an adelphi,” he says, referring to the Greek word for brothers. “Thus, the beginning of Adelphi Racing Club.”

One of the ways Cutair and Adelphi work to make the experience more of an actual partnership experience versus just a syndication opportunity lies in their commitment to diversification. Their list of trainers associated with Adelphi is extensive. Trainers like Christophe Clement, Ray Handal, Tom Morley, Robert Falcone Jr., Arnaud Delacour, John Terranova and Dave Duggan make up the current roster. “We have a diverse set of trainers simply because each one provides a distinct experience for our partners. The more experiences we provide, the more our partners learn about what they like about working with certain trainers and in some cases, what they don't like,” explained Cutair.

“I have been involved in partnerships in a small way before meeting Matt,” said partner Thomas Palkovich. “I never had much success along the way but really enjoyed the sport. Adelphi changed all of that. The opportunities they put forth are of the highest quality, the success has been amazing, and I have invested in a number of horses. Matt also brings to the table something that is very important to me: transparency. The information he provides is second to none, and everyone's opinion matters. Matt is a great businessman and has surrounded himself with trainers and staff that help Adelphi become so successful.”

Adelphi Racing Club is New York-circuit centric and has been heavily involved in the New York-bred program including recent New York Derby winner Pandagate. “Pandagate is just getting started,” said Cutair. “He won his New York-bred maiden special weight debut by nine as a two-year-old and then won the Gander by five-plus lengths in his three-year-old debut. We sent him to Dubai for the $1-million G2 UAE Derby where he finished third to Forever Young. After the New York Derby score, we are targeting The Albany at Saratoga in late August,” proudly states Cutair.

Partner Bruce Steminsky said he has been very happy with his experience with Adelphi. “I bought my first horse with Adelphi in 2021,” he said. “Because I know very little about horses, I went with the portfolio approach, buying into multiple horses but with smaller ownership percentages. Twenty-five plus horses later–don't tell my wife–here we are. One of those horses, Pandagate, just gave us a tremendous thrill by winning the New York Derby at Finger Lakes. He's an awesome horse and gave such a gutsy performance. We are all so proud of him.”

Adelphi also campaigned the New York-bred Funny How from 2022-2024. “Funny How won five races in a row, including three allowance races and the Broadway Stakes and she was second in a Grade III after that,” said Cutair. “Unfortunately, she bled in her subsequent race and was never the same. Her five-race run culminating in the open-length Broadway win was special. She's since been retired and bred to Constitution.”

Being New York-centric also has its financial advantages, according to Cutair and thus half of Adelphi Racing Club's stable are New York-breds. “The purse levels are rising for New York-breds and you can still buy them for a reasonable price,” he said. “There are fewer horses to compete against and the bonuses for competing in open races is another incentive we like.”

Partner Steminsky said he appreciated that aspect of the partnership. “Another important reason for me in choosing Adelphi is almost all of the horses race on the NYRA circuit,” he said. “I did not want to just own a racehorse. I wanted to see the horses in person and spend time with them. I love seeing the horses in their stalls and getting to know them and their unique personalities. The first time I came to the track in the morning and saw one of my horses work out, I was speechless. The first time in the Saratoga paddock seeing my horse saddled brought a tear to my eye. It's incredible seeing them develop and flourish right before your eyes.”

The recent addition of New York-based bloodstock and jockey agent Joe Migliore as head of racing and partnership operations was designed to help manage the growth Adelphi has been experiencing and was an important move for Cutair. “From three horses in 2020 to over 30 active horses today and the offering of annual claiming partnerships, we needed support with day-to-day operations and on the partner side of things,” he explained.

Adelphi Racing Club currently has 110 partners and Cutair maintains a one-third ownership percentage in each horse. The Club will purchase yearlings, two-year-olds-in-training, or make a private purchase and then offer that horse to current and prospective partners. “We are extremely transparent in every transaction that we execute,” Cutair said. “I personally take some additional risk by fronting the purchase price, but we typically will sell out quickly. The minimum investment is right around $5,000 and that includes a quarter's worth of estimated expenses,” outlined Cutair. “We like to have partners buy in for at least three to five percent of the horse so they have owner access and the perks NYRA offers. There is a markup of 15 to 20 percent and a disposition commission of five percent of the net gain on any horses we ultimately sell for a profit. We also retain five percent of purses won to cover administration and hospitality for the partnership. All other costs are a straight pass-thru and we make sure everyone knows exactly what things cost and why.”

Partner Jeff Hayes said he appreciates the transparency. “Matt seeks input from the partners,” said Hayes. “We all get a vote. He's the managing partner, so he has to make the final decision, but I honestly believe he takes everyone's input to heart, and it shapes the way the club operates at both the horse level and partnership overall. Matt used the word club in the name deliberately. It really is a family and the partners all get along incredibly well. It's a great group to be a part of and is exactly what I was looking for in a partnership.”