T’s & C’s
TERMS & CONDITIONS
The objective of Rogues Gallery Racing is to own race horses collectively, for the purposes of racing subject to trainers/vets’ advice, for enjoyment and does not guarantee any financial return.
The shareholder is liable for financial obligations which arise from this ownership.
The shareholder is subject to and regulated by certain provisions of the rules of racing for the duration of my ownership.
The trainer will be appointed by the syndicate manager and may be changed at any time.
If practical the shareholder will be consulted wherever possible regarding racing plans, but in the event of any dispute, the Syndicate Manager, in consultation with other owners within the syndicate and the trainer, will be empowered to make executive decisions.
All entries in the press and at Weatherby's will be made in the name of the Syndicate.
The racehorse remains the property of ROGUES GALLERY RACING
OWNERS BADGES & VISITS
Racecourses provide six/eight complimentary passes. These will be provided on a rota basis. Other shareholders will still have access to racecourse facilities but some form of entry fee to the racecourse will be payable. Subject to an individual racecourse’s approval badges may be provided for owner’s guest/s with a fee payable to the racecourse. In most cases we can get more than quoted.
The WhatsApp group is for personal use only. Any person/s found to be abusing the service will be found to be in breach of contract and have his/her ownership cancelled.
Any owner/s found/thought to be recruiting/starting their own syndicate or recruiting or inciting ROGUES GALLERY RACING owner/s to join alternative syndicates will have their shares cancelled and no prize/resale money will be due. This may also result in legal action being taken.
The Owner shall be entitled to regular visits to the horse but appointments should be made through the Syndicate Manager.
At no time should shareholders contact trainers directly.
ADDITIONAL COSTS
The only additional monies the shareholder may have to pay would be an increase in state money to enter races should the horse be running in top class events.
Vets’ fees - Any Vets fees considered higher than usual will be discussed with the Syndicate before undertaken.
Increase in training fees subject to individual trainers.
Because no additional requests for payment from the shareholder will be entered into, regardless of the financial circumstances of The Syndicate, the only monies returned from any bank account held by the Manager in the name of the syndicate will be those entitlements specified on monthly bills.
SALES & PRIZE MONEY
If an offer is received to purchase a racehorse/s during the syndicate term the syndicate manager will make the decision to accept or decline the offer. If accepted the amount received minus 10% will be distributed equally based on a pro-rate basis. However, if it is felt the horse/s should be retired at any time (not to race under rules) no re-sale/s will be due.
When a trainer decides a horse is no longer suitable to race, the shareholders should accept such decision and shall attempt to sell via ROGUES GALLERY RACING at a value recommended by the trainer. Likewise, if the trainer decides to enter the horse in a selling/claiming race and if the horse is subsequently sold, the shareholders shall accept such a situation and the resultant sum shall be distributed equally amongst the shareholders (subject to above pro-rata basis of calculation).
In the unlikely event of a horse dying during the period of ownership, the resultant sum paid by the insurance company if insured shall be distributed equally amongst shareholders (on a pro-rata basis).
All prize money shall be distributed according to shareholding within a period of 6 months of receipt of Weatherby’s statements. Resultant sums less than £100 will be held over in the shareholders account, once the prize money exceeds £100 it can be requested by the shareholder. If a person/s cancels their ownership in line with the agreed terms and conditions any claim for prize money must be made within 30 days of cancelling their agreement, after 30 days if no claim is received no prize money shall be paid. Weatherby’s automatically take 23% from any prize money won, 10% to the trainer, 10% to the jockey and 3% to the stable, this is industry standard.
INSURANCE
At this time the horse is not insured against the risks of injury or mortality and the syndicate members accept this risk.
Individual owners are responsible for insuring their interests in the horse for such values and against such risks as they see fit.
If Rogues Gallery Racing decide to insure a horse at a later date payment of this will be at your own discretion, you will not benefit from any insurance claim with Rogues Gallery Racing unless insurance payments are shown on your monthly bill.
In the event of the horse sustaining life threatening injury, the trainer and Manager shall be employed to make decisions, where necessary. These decisions will be made in consultation with owners wherever practicably possible.
CANCEL OR SELL SHARES
Interest of the shareholder in the horse may not be assigned to a third party without the express written consent of the Syndicate Manager. Similarly, sub-leasing of a shareholder’s share may not be conducted without the express written consent of the Syndicate Manager.
The procedure when a shareholder wishes to terminate his/her association is as follows:
If a shareholder wishes to leave the syndicate shares cannot be re-sold to 3rd parties and must be sold back to Rogues Gallery Racing, unless agreed by Rogues Gallery racing. Any management fees will be kept to an absolute minimum.
This agreement will automatically terminate once the Horse is sold at auction, or when the Horse is retired and leaves full training. A decision on whether to retain or sell the horse will be made by the syndicate manager.
If a shareholder wishes to terminate their association with the Horse at any time 120 day written notice must be given in writing (BY RECORDED/SIGNED FOR MAIL). This notice must be confirmed by the syndicate manager.
The shareholder will receive no sale value from relinquishing their share.
The horse may be entered for 'selling' or 'claiming' races. The Syndicate Manager will attempt to provide prior consultation with shareholders, although the Syndicate Manager does reserve the right to make executive decisions on this matter if all shareholders are not in accord.
In the event of the shareholder terminating this agreement and therefore their association with the syndicate and horse there will be no refunding of any monthly charges. Owners will be paid any monies pertaining to their percentage share outstanding from their entitlements. For the avoidance of doubt the Owner will have no entitlement to any other monies held in the bank account in the name of Rogues Gallery Racing other than those previously mentioned. If, however the Owner can secure a replacement owner on their behalf, then that transaction becomes personal to them. Replacement owners have to be notified to and approved by the Syndicate Manager.
DISPUTES
Should any dispute arise, the horse will continue to race without objection.
Should the Owner default on any upfront or monthly payments, without the prior consent of the Syndicate Manager, then they will become liable to forfeit their shareholding and its attributed entitlements at the discretion of the Syndicate Manager. All invoices are payable within 14 days.
If no payment is made within 28 days the Owner will forfeit their ownership in the horse and no longer be part of The Partnership
and will be liable to a severance payment equalling three months training fees.
Jade Orwell
Racing Club Secretary
07799746548