You are required to make an upfront purchase payment for securing your share. Then monthly all inclusive ownership fees will be charged per month.
We reserve the right to raise the monthly fee by a further maximum of 20 % at any point after your first 6 months of membership. The maximum raise will only happen if the trainer raises the fees drastically or if the horse moves stables. In the event of any vets/medical fees over £500 all owners will be sent a pro rata share size invoice that must be paid within 30 days of invoice date. In the event of any transport bills exceeding £500 in a single month, the extra transport costs will be split between shareholders. Failure to pay will result in forfeit of your share including buy in cost.
Monthly fees should be paid by Direct Debit on the 1st of each month until we sell the above horse. Failure to pay for 3 months fees in a row will result in forfeit of your share including the buy in cost. Racing expenses (except BHA expenses) and Vets Fees below £500 are all included in your monthly fee.
Your contract runs from the date we receive your first payment for a MINIMUM of 12 months for flat horses and 18 months for national hunt horses. Unless we decide to sell at any point before the 12 or 18 months is up.
Let’s Be Lucky Racing reserves the right to close this contract at any time with at least 6 weeks prior notice. You will then be entitled to your share of any prize money and sale price after all fees have been paid. You can leave at any point after the 12 or 18 months with one month’s notice but you will relinquish your upfront purchase payment and any sell on fees.
Prize money will be paid every 6 months (if earned) on the first week of July and first week of January. Please note that “Lets Be Lucky Racing” will charge 5% commission on all gross prize money and BHA expenses are deducted from prize money.
Free owner’s badges will be allocated before each race day. Owners with less than 2.5% will be entitled to 1 badge if available. Owners with more than 2.5% will 2 badges if available. More badges may be available for purchase depending on availability. Small shareholders will be offered free owner’s badges that are not taken by bigger shareholders. We expect all owners to behave in a reasonable manner at the racecourse. Failure to do so may result in expulsion from all syndicates with any prize money and up-front payments relinquished.
If you have any questions regarding our terms, please get in touch.