THE world of horse racing is traditionally the haunt of the rich and famous, but an increasing number of 'ordinary' folk are getting involved with the Sport of Kings.

There are those who enjoy spending an afternoon out at the races, having a flutter and generally soaking up the buzz which only comes from watching hundreds of thousands of pounds-worth of horse thundering down the home straight.

Here in the Vale, Cotswolds and Stratford we are better placed than most to enjoy the thrills and spills with racecourses at Cheltenham, Worcester, Stratford and Warwick on our doorsteps covering both flat and jump racing.

However, there are a growing number of racing enthusiasts across the country who are growing tired of jostling for a place by the rails in the Tattersalls enclosure and fighting their way through the crowds to the bookies.

They want an extra adrenaline rush and want to be more involved. Imagine then, the thrill of owning the winning horse, or even owning a horse which doesn't win, but which tries its heart out and comes back sound.

For many it is just a distant dream. Racehorses can cost more than most people spend on a house, then there's the cost of keeping it in training.

Anyone who owns a horse themselves will see pound signs at the thought of feeding, stabling and generally keeping a thoroughbred which requires the best of everything.

But according to the British Horseracing Board, owning and training a racehorse is no longer a luxury reserved just for the wealthy.

Racing clubs and partnerships, such as the one being run in Broadway which owns the two-year-old filly Lifford Lady, are springing up all over the place.

Sue Willies, of the British Horseracing Board, said: "By sharing costs in a racing club or partnership, you can have a piece of the action and experience the thrill, fun and excitement of owning a racehorse for a lot less than you may think."

Imagine that for a Christmas present. Membership of racing clubs is apparently the most affordable way to start on the bottom rung.

These clubs, lists of which are available from the BHB, may have hundreds of members all around the country, but memberships start from less than £200 per year. You wouldn't even get a racehorse hoof for that normally.

For anyone wanting to splash out a bit more, the BHB says there are about 5,000 registered racing clubs and partnerships in the country and shares can match a range of budgets.

There are five main types of ownership when it comes to racehorses.

l Sole Ownership - this is the expensive one. You alone are the owner of the horse and responsible for all costs, but you do pick up all winnings after deductions to the trainer, jockey etc. You get to choose the colours and the horse races in your name. There are about 3,500 sole owners in Britain.

l Racing partnerships - These consist of two to 20 people and at least two must become registered owners. All the horses must run in the name of the racing partnership.

l Joint ownership - Between two and 12 people who must all be registered owners. A separate registration is required for each horse.

l Company ownership - The horse is owned by the company's shareholders. Benefits include enabling the company to be promoted through the horse's name and generating team spirit in a unique and innovative way.

l Club ownership - This is available for clubs that have existed for at least two years for social and recreational purposes not connected with the ownership of racehorses, such as social or sports clubs.

Richard Prater is one of the seven syndicate members who bought the bay Lifford Lady for £3,000 as a yearling last year. She began racing in August as a two-year-old and although they are still waiting for a big win, he said it was quite a buzz owning a racehorse.

"She gave us quite a stir. After training really well, just before her first race she went wild during saddling up and had a bucking session in the stalls. She jumped out smartly though and ran well for three furlongs before being squeezed out."

He said she had done better than expected in her first season and her owners were expecting her to be at her peak next year.

The BHB provides free information for potential owners, including how to find out about existing racing clubs and all other types of partnerships. It also runs seminars to advise on how to set up your own racing club or partnership. For more information check out the website at www.bhb.co.uk.