Owners T&C's

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Let’s Be Lucky Racing – Racehorse Ownership Terms and conditions.

Please note that participation in this syndicate is for enjoyment and does not guarantee a financial return.

You are required to make an upfront purchase payment, plus a monthly inclusive training fee. We reserve the right to raise the monthly fee by a further maximum of 5% at any point after your first 6 months of

membership. The maximum raise will only happen if the trainer has to raise fees drastically. In the event of any vets/medical fees over £200  in a month 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 transport and racing expenses over £350  in a month  all owners will be sent a pro rata share size invoice that must be paid within 30 days of invoice date.  

Monthly fees should be paid by Direct Debit on the 1st of each month until we sell the horse. Failure to pay for 2 months fees in a row will result in forfeit of your share including buy-in cost. Racing expenses (transport, entry, jockey, etc) 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. Should we decide syndicate members can have the choice to stay in the horse without paying a further upfront fee.

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  any prize money due 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:

Prize money will be paid once a year. Please note that “Lets Be Lucky Racing” will charge 5% commission on all gross prize money. BHA expenses are deducted from any prize money given out. IF the Prize money doesn’t cover the BHA expenses this will be included in the end of year financial statement. Free entry owner’s badges will be allocated before each race day. Owners either get an Owners Badge with food, a Free Owners Badge or a discounted Owners Badge. An annual financial statement will be sent out for each syndicate, showing all prize money collected, minus the costs for each year or money that is due less prize money.

Details of Remuneration:

5% of all prize money collected is sent as commission to ‘Let’s Be Lucky Racing’ bank account. Management fees are sent to syndicate managers from the syndicate account, based on hours worked.

Insurance:

This horse is not insured. Any significant medical bill will be split between syndicate members.

Retirement:

If a horse has to be retired during the term of the syndicate, we will work with the trainers to look for the best option to rehome the horse, so the horse can enjoy a life after racing.

Decision Making Process:

Let’s Be Lucky Racing reserve the right to make decisions relating to the management, training and time of sale of each horse. We work together with the trainers to try and create the best planning and outcomes for each horse and every syndicate member. Any dispute between syndicate members, we will hope to resolve amicably.

Stable Visits:

One stable visit will be arranged per year for each stable and all members will be welcome to join us.

Members conduct:

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. No abuse of any kind towards syndicate members or managers will be tolerated and will result in your share being terminated.

Regulations:

All syndicate members will be subject to and regulated by the rules of racing for the duration of the syndicate. This refers to racing integrity, BHA investigations and Disciplinary actions.

If you have any questions regarding our terms, please get in touch.