diff --git a/mercurial/hg.py b/mercurial/hg.py
--- a/mercurial/hg.py
+++ b/mercurial/hg.py
@@ -335,17 +335,30 @@ def clonewithshare(ui, peeropts, sharepa
                                "support clone by revision"))
         revs = [srcpeer.lookup(r) for r in rev]
 
+    # Obtain a lock before checking for or cloning the pooled repo otherwise
+    # 2 clients may race creating or populating it.
+    pooldir = os.path.dirname(sharepath)
+    # lock class requires the directory to exist.
+    try:
+        util.makedir(pooldir, False)
+    except OSError as e:
+        if e.errno != errno.EEXIST:
+            raise
+
+    poolvfs = scmutil.vfs(pooldir)
     basename = os.path.basename(sharepath)
 
-    if os.path.exists(sharepath):
-        ui.status(_('(sharing from existing pooled repository %s)\n') %
-                  basename)
-    else:
-        ui.status(_('(sharing from new pooled repository %s)\n') % basename)
-        # Always use pull mode because hardlinks in share mode don't work well.
-        # Never update because working copies aren't necessary in share mode.
-        clone(ui, peeropts, source, dest=sharepath, pull=True,
-              rev=rev, update=False, stream=stream)
+    with lock.lock(poolvfs, '%s.lock' % basename):
+        if os.path.exists(sharepath):
+            ui.status(_('(sharing from existing pooled repository %s)\n') %
+                      basename)
+        else:
+            ui.status(_('(sharing from new pooled repository %s)\n') % basename)
+            # Always use pull mode because hardlinks in share mode don't work
+            # well. Never update because working copies aren't necessary in
+            # share mode.
+            clone(ui, peeropts, source, dest=sharepath, pull=True,
+                  rev=rev, update=False, stream=stream)
 
     sharerepo = repository(ui, path=sharepath)
     share(ui, sharerepo, dest=dest, update=update, bookmarks=False)
diff --git a/tests/lockdelay.py b/tests/lockdelay.py
new file mode 100644
--- /dev/null
+++ b/tests/lockdelay.py
@@ -0,0 +1,26 @@
+# Dummy extension that adds a delay after acquiring a lock.
+#
+# This extension can be used to test race conditions between lock acquisition.
+
+from __future__ import absolute_import
+
+import os
+import time
+
+from mercurial import (
+    lock as lockmod,
+)
+
+class delaylock(lockmod.lock):
+    def lock(self):
+        delay = float(os.environ.get('HGPRELOCKDELAY', '0.0'))
+        if delay:
+            time.sleep(delay)
+        res = super(delaylock, self).lock()
+        delay = float(os.environ.get('HGPOSTLOCKDELAY', '0.0'))
+        if delay:
+            time.sleep(delay)
+        return res
+
+def extsetup(ui):
+    lockmod.lock = delaylock
diff --git a/tests/test-clone.t b/tests/test-clone.t
--- a/tests/test-clone.t
+++ b/tests/test-clone.t
@@ -1025,3 +1025,49 @@ Test that auto sharing doesn't cause fai
   $ hg --config share.pool=share -q clone -e "python \"$TESTDIR/dummyssh\"" a ssh://user@dummy/remote
   $ hg -R remote id -r 0
   acb14030fe0a
+
+Cloning into pooled storage doesn't race (issue5104)
+
+  $ HGPOSTLOCKDELAY=2.0 hg --config share.pool=racepool --config extensions.lockdelay=$TESTDIR/lockdelay.py clone source1a share-destrace1 > race1.log 2>&1 &
+  $ HGPRELOCKDELAY=1.0 hg --config share.pool=racepool --config extensions.lockdelay=$TESTDIR/lockdelay.py clone source1a share-destrace2  > race2.log 2>&1
+  $ wait
+
+  $ hg -R share-destrace1 log -r tip
+  changeset:   2:e5bfe23c0b47
+  bookmark:    bookA
+  tag:         tip
+  user:        test
+  date:        Thu Jan 01 00:00:00 1970 +0000
+  summary:     1a
+  
+
+  $ hg -R share-destrace2 log -r tip
+  changeset:   2:e5bfe23c0b47
+  bookmark:    bookA
+  tag:         tip
+  user:        test
+  date:        Thu Jan 01 00:00:00 1970 +0000
+  summary:     1a
+  
+  $ cat race1.log
+  (sharing from new pooled repository b5f04eac9d8f7a6a9fcb070243cccea7dc5ea0c1)
+  requesting all changes
+  adding changesets
+  adding manifests
+  adding file changes
+  added 3 changesets with 3 changes to 1 files
+  updating working directory
+  1 files updated, 0 files merged, 0 files removed, 0 files unresolved
+  searching for changes
+  no changes found
+  adding remote bookmark bookA
+
+  $ cat race2.log
+  (sharing from existing pooled repository b5f04eac9d8f7a6a9fcb070243cccea7dc5ea0c1)
+  updating working directory
+  1 files updated, 0 files merged, 0 files removed, 0 files unresolved
+  waiting for lock on repository share-destrace2 held by * (glob)
+  got lock after \d+ seconds (re)
+  searching for changes
+  no changes found
+  adding remote bookmark bookA