Terms & 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 email@example.com
Ownership of a share or shares
1. By placing your order for shares or vouchers on our website www.raceshare.com, you offer to purchase a given number of shares in a racehorse subject to the following terms and conditions, and that offer will only become a binding contract once RaceShare has issued to you, an order acknowledgement that confirms the number and percentage of shares and the name or names of the racehorse or racehorses.
2. The ownership of each RaceShare horse is divided into a set number of shares and 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. The costs payable by you for your share, relate to the same percentage as your ownership of that horse, and is put towards the annual costs for training and running the horse. There will be no further costs to pay during the term. There is a clear breakdown of costs on each horse page on our website.
5. Each share is valid for a period of one year from the date of purchase until the set end date stated in the order acknowledgement. There is no commitment to pay for another share term after the Share Period has expired.
6. By renewing and paying any annual fees you expressly agree to renew your ownership of that share or shares for another year. subject to these terms and conditions.
7. The maximum number of shares per owner in a single horse will be 100; and shares must be owned outright by an individual; with horses being divided into between 2,000 and 5,000 shares, but this detail will be very clearly presented on the horse page on the website. This means that the maximum percentage ownership of any horse will be no greater than 5%.
8. All owners must be aged 18 or over, and by placing an order you certify that you are over the age of 18.
9. If you don’t want to continue as an owner in the horse after your term is up, RaceShare will try our best to find a new owner for your share/s and we will refund you the equity amount that someone is prepared to pay for that share. If after a reasonable time and having done our best to promote the shares available, we can’t sell your shares, we determine that they have no market value and RaceShare takes on the equity (and running costs) of those shares.
10. Owners who have not renewed their share(s) before the end of their syndicate period will cease to receive any share of prize money won by that horse in races after that date and will not have any liability for, nor involvement in the relevant share(s) in the new syndicate period. RaceShare will endeavour to sell any relinquished share(s) on an owner’s behalf and where successful, will credit the owner’s account with a sum representing the relevant pro-rata sum of the achieved whole capital value of that horse.
11. If you want to continue as an owner at the end of the term or your ownership, before the
syndicate period is due to expire, RaceShare will give an opinion as to whether or not the horse should be retained and a new syndicate formed. Owners will then be invited to make a decision whether or not to continue into the next syndicate period.
12. The quantity of shares being sold in the new syndicate will always be the same as the previous one, save for occasions when an insufficient number of shares are renewed and a new structure with fewer shares is formed for the new syndicate.
13. If a significant number of owners in a syndicate decide not to renew their shares, RaceShare will decide if the syndicate is still viable. If RaceShare determines that the syndicate is not viable, any owners who have renewed will receive a pro-rata refund.
14. If RaceShare determines that a syndicate is viable, and that RaceShare is prepared to stand the financial liability of the unsold shares and market them for sale where practicable, then RaceShare will endeavour to restructure the syndicate.
15. To restructure a syndicate to cater for a reduced quantity of owners, RaceShare would estimate how many unrenewed shares it believes can be sold. For example, if a horse is split into 2,000 shares, if 1,250 shares are unrenewed, RaceShare will estimate how many it thinks it can sell. If it estimates 250 shares, then RaceShare would bear the value of the 250 shares. The syndicate would then become half its original size and RaceShare will purchase the relinquished shares of those owners who choose not to continue, at whatever the percentage reduction of the extended syndicate period size should be. For example:-
(a) if the new syndicate size is 50% less than the previous, RaceShare’s payment for the capital value of each relinquished share shall be reduced pro-rata, in accordance with the quantity of shares not renewed; and
(b) if the capital value of the horse is currently set at £10,000 and there are 2,000 shares, instead of each relinquished share being offered for sale at £5, because there are only 250 for sale at £5 each (total £1,250), the capital value payment is reduced pro-rata; £1,250 divided by 1,250 shares = £1.00 for each relinquished share.
16. In the event of a syndicate restructure, this may include a reduction of the syndicate period but at the same time, because the number of shares have been reduced, the renewed share percentage will increase at no extra cost to the owner.
17. Using the examples above, a syndicate that was previously 2,000 shares and then reduced to 1,000 shares, the percentage of the renewed share would double.
18. RaceShare 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.
19. If a RaceShare horse fails to race or dies there is no refund of the capital value, but there will be a pro-rata refund of the running costs that remain unused.
20. RaceShare horses do not have mortality insurance.
21. Each horse that runs outside the UK is at the additional expense of the syndicate that owns shares in it. But RaceShare’s position is that no horse is expected to run outside the UK unless that race has enough prize money to cover the additional costs.
22. Each horse that runs in a race with an entry fee of more than £750 (high-level races such as heritage handicaps, Listed and Group races) will use any prize money in its account to cover the additional expenses. If there is not enough money in a horse’s account but RaceShare feel it’s an opportunity not to be missed, then RaceShare will cover the additional entry fee costs.
23. You will be entitled to request a refund of the monies paid by you for any share or shares in a horse subject to RaceShare receiving your written request to that effect within 14 days from the date you have purchased such share or shares, and such refund will be processed within 21days after receipt by RaceShare of such notice. After the 14-day period elapses, owners will automatically be deemed to enter into a fixed term contract and cannot choose to leave the syndicate or transfer their ownership to a third party.
24. 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 held by you in any horse). 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;
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, thereby ensuring those with a bigger investment will have a greater chance of attending whilst also allowing single shareholders the chance to attend.
a pro-rata share in 100% of net prize money won by the horse and any net proceeds from the sale of the horse.
25. Prize money and any associated amounts, will be deposited into an owner’s RaceShare account in the 11th month of the syndicate term, 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.
All net prize money earned by any horse during the syndicate term applicable to that horse will be distributed as follows:
26. Prize money for each syndicate will be distributed once a year per, unless a horse wins £200,000 or more RaceShare will review the position and potentially look to distribute funds earlier.
27. The sum allocated to you or any other owner will be the pro rata share for the share held by such owner, 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.
28. Net prize money also includes any appearance money contributions and bonuses won.
29. There can never be any guarantee of a horse being successful and winning prize money.
30. If prize money is not withdrawn or collected within 2 years, it will be donated to either Racing Welfare or the RoR.
Sale of a horse
Sometimes an offer to buy a horse will be made, or RaceShare will suggest to the syndicate for that horse, that it should be sold in which case the following will happen:-
31. Owners in the syndicate will be asked to vote on whether to sell or keep the horse and each share in that horse entitles the owner to one vote. If the vote is split equally, RaceShare will be entitled to exercise a casting vote and its decision shall be final and binding on all owners of that horse.
32. Owners are liable for all costs associated with the sale of their horse, and on such a sale, RaceShare will charge and deduct a commission of 8% + VAT of the sale price. 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 that horse pro rata to the number of shares held by them.
33. Where a horse is sold or re-homed after the start of the new syndicate period, Owners will receive a pro rata refund of the management and racing costs for the remainder of the syndicate period. The refund period will be calculated from the date the horse moves to its new home.
Valuing a horse
34. RaceShare will purchase the majority of horses through public auction, at thoroughbred auction houses such as Goffs and Tattersalls. The price is public knowledge and this price will be the capital value that all the shares in a horse represents. If RaceShare ever buy a horse privately, it will always only ever syndicate a horse for the capital value paid for it. Additionally, RaceShare will make available in an owner’s account section on its website, all invoices relating to the private purchase of a horse.
35. In its conduct of any sales, RaceShare will abide by the Bloodstock Industry Code of Practice.
36. If RaceShare needs to value a 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
37. If a trainer recommends that a horse is not fit for the job of being a racehorse, either through injury or a lack of aptitude, RaceShare will have the final decision as to whether to retire, sell or re-home the horse.
38. 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.
39. 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.
Each registered owner of a horse will have the following responsibilities and obligations which will be enforced by RaceShare where necessary:-
40. Any person banned or ‘warned off’ from any racing authority may not become an owner.
41. 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.
42. 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).
43. Ownership is not an investment opportunity. It is a fun hobby from which you should not expect to make any financial return.
44. 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.
Buying gift shares or vouchers
45. A RaceShare gift voucher represents the monetary value which can be exchanged for a share or shares in one or more specific horses during a fixed period with the holder having the right to choose which horse(s).
46. A RaceShare gift share is the specific gift of share or shares in one or more specific horses that have been nominated by the donor.
47. When purchasing a RaceShare gift share or voucher the donor must nominate a recipient who (at the time of payment), shall be a person over the age of 18.
48. All ownership rights shall belong to the nominated recipient of the share or vouchers.
49. Where a share is due for renewal at the end of a syndicate period, this shall become a matter entirely for the recipient of the gifted share and not the donor of the gift.
50. If by the end of the 11th month of the syndicate term a gift share has not been registered with RaceShare, then because this can have an impact on the renewal process in a horse and the number of shares available, that share will be deemed to have lapsed and will be returned to the ownership of RaceShare. RaceShare will endeavour to make contact with both the purchaser of the gift and the recipient to ensure this situation doesn’t arise.
51. For vouchers, the nominated recipient must create an account on www.RaceShare.com in order to activate and redeem their gift voucher. The email address used by the donor on behalf of the recipient at purchase will be recognised on the RaceShare system and the value of the gift voucher will be credited to the recipient’s RaceShare account.
52. The value of gift vouchers unclaimed after 2 years will be donated to Racing Welfare or the RoR.
53. 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 any horse, any logo or racing colours associated with that horse and in any documentation or other material produced by RaceShare is and shall remain legally and beneficially owned and vested in RaceShare only.
54. 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.
56. BHA and Weatherbys may require your personal details to allow us to register the syndicate and list all the owners for each 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.
57. 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
58. No one other than a party to the contract between RaceShare and an owner, shall have any right to enforce any of its terms.
59. Any dispute or claim (including non-contractual disputes or claims) arising out of or in connection with agreement between RaceShare 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 firstname.lastname@example.org 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