Our Story

The Ivory Pine Syndicate was founded by managing partner John Morgan in 2022, and our partnership has included thirty-three co-owners in three different ownership offerings. Our offerings’ ownership percentages have ranged from 2%-5% per partner, and our buy-in fees for the three offerings have ranged from $600-$900 per partner.

Our partners’ experiences in horse ownership run the gamut. Our most experienced partners include a Belmont Stakes winner, a bloodstock agent, and a Maine horseman who’s been involved in every aspect of the Maine harness racing industry since the 1970s. On the other end of the spectrum, some of our partners are new to the sport and have never been involved in any type of horse ownership. And many of our partners are longtime railbirds who may have owned microshares of Thoroughbreds racing outside of Maine, but are now enjoying a more meaningful and hands-on experience as owners for the first time.

Our ownership offerings have included three pacers—Sixby Hanover, Crimson Pine, and “Tayra”—as of September 2025, and all three of our pacers have been stabled at historic Norton Farm in Falmouth, Maine. We’ve worked exclusively with our co-owner and trainer Mike Graffam, and his stalwart crew at Team Graffam—most notably Bethany Graffam, Natalie Graffam, Nick Graffam, and Chris Hamilton.

As of September 19, 2025, our partnership’s pacers have competed in 119 races at seven different tracks in Maine and Massachusetts, including 14 trips to the Winners’ Circle at four of those tracks.

Our Aspirations

Our partnership’s logo is not only a nod to Maine’s State Tree, but it’s also an expression of our aspirations for upward mobility. Horse racing is the rare sport in the United States that provides broad opportunities for ownership groups to compete at the highest levels regardless of net worth, membership in exclusive clubs, or geography, and our partnership aspires to become more bold and more ambitious with each of our offerings until we’re competing at the highest levels our sport has to offer.

Prospective Ownership

Our partnership has organized three ownership opportunities in three years, and we anticipate continuing that pace of a new ownership opportunity each year. We have pretty good retention rates among our current co-owners, who are given the right of first refusal for each new ownership opportunity.

But if you’d like to be included on a list of prospective new owners, you can e-mail us at ivorypinesyndicate@gmail.com