Racing TV Member Syndicate Terms and Conditions
These are the terms and conditions upon which DLF Holdings Limited trading as RaceShare (Registered in England & Wales No. 14019440 and whose registered office is at Lushington House, 119 High Street, Newmarket, Suffolk, England, CB8 9AE (referred to as “RaceShare” or “we” or “us” or “our”) accepts the offer from any party wishing to acquire a share or shares of a racehorse as part of a “syndicate” that owns that racehorse (referred to as an “owner” or “you” or “your”), to enable such owner (and any other owner of a share in that horse (also referred to as an “owner” or in the plural as “owners”), to have a high-quality ownership experience, at an affordable price, to help grow racehorse ownership and general interest and engagement in the sport of horse racing.
If you have any questions please see our FAQs on our website www.raceshare.com or contact us by email at info@raceshare.com
Ownership of a share in the Racing TV Club & RaceShare horse named Lir Speciale (“Syndicate Horse”)
1. By opting into the Racing TV Club and RaceShare syndicate for the Syndicate Horse, you become the owner of one share in the Syndicate Horse, subject to the following terms and conditions, and that offer will only become a binding contract once RaceShare has issued to you, by email, an order acknowledgement that confirms the share and the name of the Syndicate Horse.
2. The ownership of the Syndicate Horse is divided into one share per person, who must have an active Racing TV subscription and has opted into the syndicate through the Racing TV website landing page. The total of all these shares make up 100% equity ownership of that horse. This ownership is for a fixed period of time, as set out in the order acknowledgement.
3. Owners do not have any rights to sell, lease, transfer or assign their share in a horse other than as stated in these terms.
4. You will cease to be an owner of the Syndicate Horse if at any period during the syndicate term, you fail to hold an active Racing TV subscription. If you cancel or lapse on your Racing TV subscription during the syndicate term, you will lose your share in the horse and you will be notified by Racing TV that this is the case.
5. Each share is valid for a period from the date you sign-up and complete the registration process, up to and including the set end date of October 31, 2024.
6. The maximum number of shares in the Syndicate Horse that any individual may hold, is one and shares must be legally and beneficially owned outright by an individual.;
7. All owners must be aged 18 or over, and by signing up to this promotion you certify that you are over the age of 18.
8. If the Syndicate Horse is not in full training for a period of more than two months due to injury, illness or mortality, the RaceShare will use best endeavours to supply a replacement horse on a free lease to the owners for the remainder of the syndicate term. The foregoing shall not apply where the Syndicate Horse is taken out of training due to a routine break between sessions. If a replacement horse is provided by RaceShare, this will be at no extra cost to the owners and the owners shall not be entitled to a share of sale proceeds of such replacement horse at the end of the syndicate term, although any prize money won by the replacement horse would still be distributed in respect of such replacement horse in accordance with the Prize Money section set out in these Terms.
9. Prior to the end of the syndicate term, Racing TV and RaceShare will give an opinion as to whether or not the Syndicate Horse should be retained and the syndicate continue.
10. If the syndicate continues, then as long as long you are a Racing TV subscriber, you will remain an owner in the Syndicate Horse, but if Racing TV and RaceShare decide that the Syndicate Horse is no longer viable at the end of the term, then one of the following options will be taken:
(a) If the trainer recommends that the Syndicate Horse is not fit for the job of being a racehorse, either through injury or a lack of aptitude, RaceShare, after discussing with Racing TV, will have the final decision on whether to retire, sell or re-home the Syndicate Horse. Normally in these situations the Syndicate Horse will have little residual value. If RaceShare believe that it will have value, then a sale will be progressed and full legal and beneficial ownership of all shares in the Syndicate Horse (i.e all legal and beneficial rights of ownership) will automatically pass from all of its owners of that syndicate to the new owner, and you will be required to sign appropriate documentation to give effect to such sale.
(b) If the Syndicate Horse is sold, then a pro-rata share of the net sales proceeds of the Syndicate Horse will be distributed to all eligible owners, and RaceShare shall account within 10-days of the sale.
(c) If the Syndicate Horse is not sold, but is retired and re-homed, then there will be no funds to share between the owners, and the syndicate and any ownership in the Syndicate Horse will end.
11. Owners who have not continued with their Racing TV subscription until the end of the syndicate term will cease to receive any share of sales funds from the sale of the horse.
12. If RaceShare and Racing TV determines that another syndicate term is viable, then the syndicate and your ownership will continue in the Syndicate Horse, unless you lapse as a Racing TV subscriber.
Horse management
13. RaceShare and Racing TV will make the final decisions relating to horses and their race plans, trainers, general management and operations, but we will always aim to share these proposed decisions and gather feedback from owners to inform our decision making.
14. RaceShare horses do not have mortality insurance.
15. If the Syndicate Horse runs outside the UK, then any additional expenses shall be borne by the syndicate that owns shares in it. But RaceShare’s position is that the Syndicate Horse is not expected to run outside the UK unless that race has enough prize money to cover the additional costs.
16. If the Syndicate Horse runs in a race with an entry fee of more than £750 (high-level races such as heritage handicaps, Listed and Group races) RaceShare will use any prize money in its account to cover the additional expenses. If there is not enough money in the Syndicate Horse’s account but RaceShare feel it’s an opportunity not to be missed, then RaceShare may at its discretion cover the additional entry fee costs.
Ownership management
17. RaceShare through its management service will ensure that you receive the full ownership experience that any other racehorse owner would enjoy (proportionate to the shares in the Syndicate Horse held by you). These will include:-
information on the horse through a range of communications;
the opportunity to visit the horse at the trainer’s yard and the opportunity to watch the horse run at the races as an owner;
additional events associated with the horse will be offered at cost to all its owners;
owners’ badges or tickets, provided that where more shareholder/owner wants to attend an event than owners’ badges or tickets are available, then a draw will take place with each share of each owner’s holdings being put into a draw; and
a pro-rata share in any net proceeds from the sale of the horse.
18. Any money from the sale of the Syndicate Horse and any associated amounts, will be deposited into an owner’s RaceShare account within 10-days of the sale of the Syndicate Horse, and that amount can either be withdrawn or re-used. A full financial statement of the syndicate term will be distributed to all owners in the syndicate at the end of the term, and this will comprise a full Profit & Loss account showing income and outgoings such as prize money, jockey and training fees, appearance fees etc.
Prize money
All net prize money earned by any horse during the syndicate term applicable to that horse will be distributed as follows:
19. For every race that the Syndicate Horse competes in, an owners ballot will take place between all the owners who have chosen to apply for a badge in the ballot, to attend the race day and watch the Syndicate Horse run. Those owners who win an owner’s badge, and attend the race day, will then receive a pro-rata share of the prize money won in that race. Prize money won for each race will be distributed within 10-days of the prize money reaching the Syndicate Horse’s Weatherbys bank account.
20. The sum allocated to you or each other owner will be the pro rata share for the prize money won in that race, split between the number of people who won an owner’s badge for that specific race, of the net total paid to RaceShare by Weatherbys or any similar organisation in Ireland or France. Such payment less any race day expenses such as entry/supplementary entry fees, trainer fees, and jockey fees will go directly into the horse’s bank account with Weatherbys which is held under the name of DLF Holdings Ltd (t/a RaceShare), and the signatory on the account will be one of its directors.
21. Net prize money also includes any appearance money contributions and bonuses won.
22. There can never be any guarantee of any horse being successful and winning prize money.
Sale of a horse
Sometimes an offer to buy the Syndicate Horse will be made, or RaceShare will suggest to the syndicate for the Syndicate Horse, that it should be sold in which case the following will happen:-
23. Owners in the syndicate will be asked to vote on whether to sell or keep the Syndicate Horse and each share in that Syndicate Horse entitles the owner to one vote. If the vote is split equally, RaceShare and Racing TV will be entitled to exercise a casting vote and its decision shall be final and binding on all owners of the Syndicate Horse.
24. Owners are liable for all costs associated with the sale of the Syndicate Horse and on such a sale of the Syndicate Horse, RaceShare will charge and deduct a commission of 8% + VAT of the sale price in respect of such costs associated with the sale of the Syndicate Horse. The deductions from the sale sum are to cover RaceShare’s costs including auction fees and commissions, transport, and any training fees accrued outside of the syndicate period. The remaining balance will then be distributed amongst the owners of the Syndicate Horse pro rata to the number of shares held by them.
Valuing a horse
25. In its conduct of any sales, RaceShare will abide by the Bloodstock Industry Code of Practice.
26. If RaceShare needs to value the Syndicate Horse (e.g. when a syndicate is up for renewal), RaceShare will follow a process of asking the horse’s trainer and a bloodstock expert independent of the trainer, for their valuation of what they think the horse would achieve at a public auction. RaceShare will then notify owners in the syndicate of this information for transparency. This is the fairest process available without putting a horse through the sales ring.
Retiring and re-homing a horse
27. If a trainer recommends that the Syndicate Horse is not fit for the job of being a racehorse, either through injury or a lack of aptitude, RaceShare and Racing TV, will have the final decision as to whether to retire, sell or re-home the horse.
28. Normally in these situations a horse will have little residual value. If RaceShare believe that it will have value, then a sale would be progressed and full legal and beneficial ownership in all shares in that racehorse (i.e. all rights of ownership) will automatically pass from all of its owners of that syndicate to the new owner.
29. If, however, RaceShare believe that it will have no value, then RaceShare will be deemed to be appointed as the owners’ agent irrevocably for the purpose of transferring the legal and beneficial ownership in the horse to a rehabilitation centre (or new owner) and the only entitlement of its owners will then be a pro rata refund of any unused funds relating to that horse.
Owner responsibilities
Each registered owner of the Syndicate Horse will have the following responsibilities and obligations which will be enforced by RaceShare where necessary:-
30. Any person banned or ‘warned off’ from any racing authority may not become an owner.
31 . You may not use information given about the horse to take advantage of potential poor performance of the horse (e.g. betting on the horse to lose). Additionally owners will be subject to, and regulated by, certain provisions of the Rules of Racing (which may be subject to change from time to time on notice by the BHA to the Syndicator); but specifically the chapters (J) Integrity and (L) BHA Investigations and Disciplinary Actions.
32. Owners are expected to behave respectfully and politely when at any events or race days. Any owner in persistent breach of this may be removed from the syndicate and will then forfeit their share(s).
33. Ownership is not an investment opportunity. It is a fun hobby from which you should not expect to make any financial return.
34. When attending yard visits at trainer’s premises or attending the races with RaceShare as an owner, RaceShare will not be liable for any personal loss or injury. You attend these events at your own risk.
Intellectual Property
35. All Intellectual Property, including, without limitation copy right, design rights, know how or any other intellectual property rights relating to the image and name of the Syndicate Horse, any logo or racing colours associated with that horse and in any documentation or other material produced by RaceShare and Racing TV is and shall remain legally and beneficially owned and vested in RaceShare and Racing TV only.
General matters
36. RaceShare reserves the right to amend these Terms and Conditions at any time subject to notice being published on its website and given to each registered owner.
37. Any personal details of an owner held by RaceShare will be held and dealt with in accordance with our privacy policy, a copy of which is on our website.
38. BHA and Weatherbys may require your personal details to allow us to register the syndicate and list all the owners of the Syndicate Horse. You therefore authorise us to disclose such personal details to them and these will be held and dealt with in accordance with their own respective privacy policies.
39. Any notice or other communication given to either an owner or RaceShare shall be in writing, addressed to that party at its registered office (in the case of RaceShare) or such address of an owner as is notified in writing to RaceShare, and shall be sent by pre-paid first class recorded delivery post and be deemed to have been received on the second working day after posting
30. No one other than a party to the contract between RaceShare and an owner, shall have any right to enforce any of its terms.
41. Any dispute or claim (including non-contractual disputes or claims) arising out of or in connection with the agreement between RaceShare, Racing TV and any owner shall be governed by and construed in accordance with the law of England and Wales and dealt with as follows:-
(a) the parties should initially use reasonable endeavours to try and resolve the same between themselves;
(b) failing such resolution, each party should make written submissions of their position on that dispute to the Ownership department of the BHA (British Horseracing Authority) either by email to ownership@britishhorseracing.com or by post to British Horseracing Authority, 75 High Holborn, London, WC1V 6LS, and the BHA shall provide its determination on that dispute in writing to the parties; And
(c) if either party has reasonable grounds to challenge such determination, then they may refer that dispute to courts of England and Wales PROVIDED THAT if such challenge and referral are deemed by the Court to have been unreasonable, then the party issuing such proceedings shall bear the costs of both parties in connection with such proceedings.