Selling Races - "being bought in"

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numbersix

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I noticed today at Yarmouth ATR said the winner was "bought back in" by connections for 16,000.

Does this mean the owner has to fork out 16k to keep a horse he already owned? Surely this is ridiculous, and if it is the case why did connections run him in a seller? Or was it to win considerably more than 16k backing the horse off the boards safe in the knowledge he would win?
 
Im pretty sure what happens is that the owner is only billed for teh auctioneers costs - obviously he (or she!) cant pay themselves the money - so the horse stays theirs,for the cost of the fees.

but i could be wrong....
 
I hope that is the case - it would be pretty harsh to have to pay to get your own nag back!
 
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