User:Dominic.persinger/sandbox
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| Company type | C corporation |
|---|---|
| Industry | Web/app-based fractional sports investment |
| Founded | 2019 |
| Founder | Brian Doxtator, CEO Chase Chamberlin, Head of Racing |
| Headquarters | Los Angeles, California |
Production output | 2022 Saudi World Cup | Country Grammer (2nd Place)
2022 Dubai World Cup | Country Grammer (Win) 2022 G3 Peter Pan Stakes | We the People Win (2) 2023 G2 San Antonio Stakes | Country Grammer (Win) (3) 2023 Saudi World Cup | Country Grammer (2nd Place) 2023 Kentucky Derby | Mage (Win) 2023 G1 Haskell Stakes | Mage (2nd Place) (4) 2023 PTHA President's Cup Stakes | Bipartisanship (2nd Place) (5) |
| Subsidiaries | Commonwealth Thoroughbreds LLC Commonwealth Sports LLC |
| Website | joincommonwealth.com |
| Footnotes / references equibase.com | |
Commonwealth Markets
[edit]Commonwealth Markets Inc. is a technology company focused on offering sports investment opportunities to users through its website/web application based platform.
Headquartered in Los Angeles with horse racing operations in Lexington, Kentucky, the company was founded in 2019. Childhood acquaintances and Western Michigan University graduates Brian Doxtator and Chase Chamberlin founded the company with the goal of democratizing access to investment opportunities in sports (1).
Overview
[edit]Commonwealth is a sports investment platform that allows individual investors to buy equity shares in racehorses and professional golfers while offering exclusive digital and community experiences. Unlike traditional sports investing, which often requires a large upfront investment, Commonwealth allows investors to purchase fractional shares for as little as $50 (6).
Founded in 2019 with a focus on horse racing, Commonwealth has offered 13 racehorses (7), including the world’s highest earning racehorse of 2022 and fifth highest earning racehorse of all-time, Country Grammer (8), and 2023 Kentucky Derby winner, Mage (9).
In June 2023, Commonwealth expanded into professional golf with NCAA All-American (10) (11) and current PGA Tour Canada members, Joey Vrzich (12) and Cooper Dossey (13). The company is currently exploring plans to expand into additional sports, including tennis (14).
Background
[edit]Doxtator, an investment, technology, and growth-phase startup veteran (14), began to ideate on the concept after personally investing in “mini-IPOs” of classic cars (15). Through his research to focus on a similar offering that provided a more exciting investor experience, he began developing a business plan to focus on sports, with horse racing being a natural fit for the initial launch (15).
After analyzing the industry and creating a business plan, Doxtator reached out to Chase Chamberlin, a childhood acquaintance and the lone individual in his network with expertise in horses (1). A lifelong horseman and multi-national champion, Chamberlin has broad experience in multiple breeds and disciplines including quarter horses, Arabians and American Saddlebreds (1,16).
Commonwealth initially focused on building a web/app based investing platform while earning SEC Qualification for its subsidiary Commonwealth Thoroughbreds LLC (17,18). Upon SEC qualifying, Commonwealth launched its platform that allows individual investors to sign-up, buy shares, follow, and receive payout from their investments - all from an industry leading web/app based platform (14)
Shortly after its launch, more than 2,000 users signed up and the company began negotiations with WinStar Farm for a thoroughbred racehorse partnership and company investment. The partnership was announced in April 2022 (19, 20, 21) and led to the company’s first completed offering, racehorse Country Grammer, for which they sold $113,850 of shares to nearly 300 Commonwealth users (22).
Since Country Grammer’s offering, Commonwealth has completed several racehorse offerings and is expanding into additional sports, including golf and tennis (23).
Commonwealth at the Races
[edit]Through its subsidiary Commonwealth Thoroughbreds LLC, Commonwealth began offering racehorses to investors in 2019.
In August 2021, Commonwealth conducted its first thoroughbred offering of Country Grammer. The $113,000 offering was fully subscribed in ninety minutes to nearly 300 investors, with an average investment of $396 (22).
In 2022, Country Grammer burst on the global racing circuit with strong back-to-back finishes at the world’s richest horse races (24). The colt placed second in the $20M G1 Saudi Cup on February 26, then won the prestigious $12M G1 Dubai World Cup on March 26 and its top global horse race purse prize of $7.2 million. He then had three consecutive second place finishes in the G2 San Diego Handicap (25), G1 Pacific Classic (26), and G1 Awesome Again Stakes (27). The five-year old colt capped off the year with a December win in the G2 San Antonio Stakes (28). In 2023, he again placed second in the $20M G1 Saudi Cup (29).
In February 2022, Commonwealth offered We the People (30) to its members. The three-year-old colt began his career with back-to-back wins at Oaklawn Park before winning the G3 Peter Pan Stakes at Belmont Park (31), qualifying for the G1 Belmont Stakes (32). A 2/1 favorite at the Triple Crown event, We the People finished in fourth place.
In January 2023, Commonwealth offered Mage to its members (7, Pg. 40). The chestnut colt won his first appearance in a maiden race at Gulfstream Park on January 28, and went on to place second at the G1 Florida Derby on April 1 (33, 9), securing his spot in the Kentucky Derby.
On May 6, 2023, Mage, with 15/1 morning odds, came from behind in dramatic fashion on the backstretch to win 149th Kentucky Derby, bringing the Commonwealth story into the national spotlight during the race’s national broadcast on NBC Sports. This also included subsequent features in the New York Times, Washington Post, Front Office Sports, and The Athletic. When Mage crossed the finish line, more than 100 Commonwealth Mage shareholders at Churchill Downs later celebrated in the Winner’s Circle (14,34,35,36). Shortly following the Derby, 8,000 new customers signed up for the Commonwealth app, pushing the platform’s user base to more than 15,000 (23).
Following the Kentucky Derby, Mage had the opportunity to be the first Triple Crown winner since 2018. Mage was unsuccessful at gaining the Triple Crown throne, but finished third in the G1 Preakness Stakes and second at the G1 Haskell Stakes (4). Mage is currently training to race in the G1, $1.25 million Travers Stakes on August 26 at Saratoga Race Course (37).
Commonwealth currently has nine active racehorses in its stable with new offerings and purchases planned for Fall 2023 (7).
Commonwealth Sports and Golf Launch
[edit]Through its subsidiary Commonwealth Sports LLC, the company launched their first golf offering in July 2023 to identify, fund, and power the careers of talented golfers by allowing the public to invest in their future (38). By covering critical expenses like travel, lodging, coaching, caddie services, and more through multi-year partnerships, the backing allows players enough time to get accustomed to the highs and lows of competitive golf, and not force undue pressure to perform while developing their game and career (38).
Their first partners and offered golfers for investors include former NCAA All-American and current PGA Tour Canada members Joey Vrzich and Cooper Dossey (38, 6). Shortly after their offering on April 10, 2023, both players Monday qualified for the Korn Ferry Tour’s Veritex Bank Championship during Open Qualifying events, with Dossey tying for second at -8 and Vrzich tying for first at -9, besting 304 other participants (39, 40). Both have notched Top 10 finishes on the 2023 PGA Tour Canada and rank in the Top 50 of 163 players in the Fortinet Cup Standings (41).
The company continues to expand their golf roster with additional partners for their investment community in Fall 2023 (6).