Terms & Conditions

DEFINITIONS

1. The following words shall have the meanings set out below:

   "business"

   the business of forming, marketing and managing racehorse syndicates as carried on by the company under the trading name Elite Syndicates.

   "company"

   Axom Limited (company no: 3319164)

   "general terms and conditions"

   the terms and conditions set out in this document which govern all syndicates.

   "horse" or "racehorse"

   any horse acquired by the company for the purpose of forming a syndicate.

   "Intellectual Property"

   all industrial and intellectual property rights now or subsequently owned by or licensed to the company (including without limitation) domain names, patents, trade marks and service marks (whether registered or unregistered), registered designs, unregistered designs and copyrights (and any applications for any of the same) which are used in connection with the business and all confidential information so owned and used.

   "Members"

   all such persons in one syndicate who own shares in the same horse for whom that syndicate was formed. The term "Member" shall relate to one person in such a syndicate.

   "Share"

   means an equal division of the ownership of a racehorse as determined by the company at its absolute discretion.

   "syndicate"

   a racehorse syndicate formed, marketed or managed by the company for the purpose of the business.

   "syndicate terms and conditions"

   all such terms and conditions issued by the company that govern one specified syndicate alone and are described by the company as being specific to that syndicate.

   "Terms and Conditions"

   means both the general terms and conditions and syndicate terms and conditions in relation to any one syndicate.

THE COMPANY

2. The company carries on the business of forming, marketing and managing racehorse syndicates under the trading name Elite Syndicates.

CONTRACT

3. The Terms and Conditions herein form the basis of the contract between the company and the Member. An application by a person (consumer) to join a syndicate shall be deemed to be an offer to purchase a share, pursuant to the Terms and Conditions. The issuing of a share certificate with its unique share number, shall be confirmation of the company's acceptance of the consumer's offer to purchase.

THE SYNDICATE

4. The syndicate and all matters associated with it shall be managed by the company whose decisions shall be final, binding on the syndicate's Members and not open to query or appeal. If any person considering becoming a Member is not happy with this, they should please not proceed with their application to become a Member. (Note: The company will, from time to time, seek advice and guidance from such persons as trainers/vets/stud managers to help reach decisions).
5. It is intended that all Elite Syndicate horses will race in the name of, and colours of Elite Racing Club.
6. The company owns the business and the Intellectual Property. The company derives its income from managing the syndicate. The Members are the valued clients of the business and all client information is strictly confidential. The data relating to the company's clients are protected by, and subject to The Data Protection Act 1998. Any attempt to access the client database or to obtain any personal information relating to the Members (including for example names, addresses or other personal information) by any means is prohibited. (Note: it is important that the company protects itself from any possibility of any person or persons taking the syndicate away. It also helps protect clients from being approached by anyone who offers a personal view, claiming expertise in matters relating to the business of training, racing and keeping, a racehorse).

THE SHARES

7. A share buys you into the life of a racehorse for a fixed period of time. Whilst some racehorses turn out to be star performers and increase in value, the majority do not and therefore the purchase of a share must not be treated as an investment opportunity. It is an entertainment. Furthermore, because a racehorse is a living creature, there can never be any guarantee that he or she will perform sufficiently well enough to win races or to even make a racecourse appearance.
8. A Share cannot be sub-divided.
9. A Share cannot be purchased by a person under the age of 18.
10. The company alone determines how many Shares are to be offered in a horse or horses.
11. When the company accepts an applicant's offer to purchase a Share, it shall grant the ownership of that Share to that applicant, subject to the Terms and Conditions.
12. Shares shall not in any way be transferred, transmitted, given, offered for sale or offered as a gift or otherwise disposed of except as expressly provided in the Terms and Conditions. The Shares may not be charged or offered or granted as security to anyone other than to the company. The Shares may not be subject to any third party rights or interests.
13. In acquiring a Share a Member does not acquire a share in the company or the company's business. The legal and beneficial ownership of the business shall at all times remain vested with the company absolutely.
14. A Member must only use his/her Share for personal enjoyment and must not use the Share for any commercial purpose, regardless of whether or not it is a profit-making venture.
15. Where a share is being purchased as a gift for someone else, the donor of the gift is required to nominate a recipient (at the time of payment) who shall be a person over the age of 18 and at the point of purchase, the nominated recipient shall automatically become the owner of the share and shall be bound by the Elite Syndicates terms and conditions. All ownership rights shall belong to the nominated recipient of the gift. This means that payments from Elite Syndicates, including, for example; share of prize money and VAT refunds (where applicable) will become due to the recipient, even though the recipient did not make the purchase. 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. Therefore, if the donor wishes to pay for the renewal, he/she may wish to advise the recipient to contact him/her at the point the recipient receives the renewal notice.
16. The offer for new owners to join a syndicate, is not dependent on the company finding a suitable number of people to join. The syndicate period begins immediately, regardless of how many people decide to join.
17. Where the company decides to proceed with the syndicate but not all of the shares have been sold, the company, at its absolute discretion, may sell shares at a higher or lower sum than the original offer price. (Note: there are a number of factors that can affect the value of a horse, including but not limited to; illness and/or poor performance on the racecourse. The value may increase if the horse performs well on the racecourse or other horses related in the family perform well). (Note: that any changes to the value of the horse will be reflected in the share price at the earliest available opportunity, but may not be changed immediately (the exact date of change will be at the discretion of Elite Syndicates)).(Note ii: there is a very small chance that an Elite Syndicates horse may be good enough to be retired to stud with a high value attached and where so, the current terms and conditions contained herein will still apply and if enough shareholders wanted to continue, then we would exercise our best endeavours to continue the syndicate. However, whilst there is a possibility of this happening, very few horses become commercial stallions or top class broodmare prospects. The horse would normally have to be a Group 1 winner at least and be considered a commercial prospect, with pedigree as well as favoured distance and ground, hugely important).
18. In the event of the death of a Member, prior to the dissolution of the syndicate, all rights and liabilities attached to that Share shall pass to the personal representatives of that Member's estate.
19. The price payable by the Member for the Share, covers all costs associated with racing and training the racehorse, for the duration of the term of the syndicate.
20. Consumer Legislation gives the Member the right to cancel a new contract they enter into with Elite Syndicates within 14 days of the date it is concluded (agreed). A Member can cancel their new share purchase by returning their ownership share within 14 days of purchase and Elite Syndicates will refund their payment in full.
21. Before the syndicate period is due to expire, the company will give an opinion (a guide) as to whether or not the horse should be retained and a new syndicate formed. Members will then be invited to make a decision whether or not to continue into the next syndicate period.
22. Where management decides that the quantity of owners wishing to renew into the next syndicate period has reached a sufficient quantity to warrant continuation, the syndicate may be restructured to cater for a significantly reduced quantity of owners, rather than sell the horse and disappoint those who chose to renew. For example, in a 2,000 share syndicate, if 750 shares are renewed, we then estimate how many of the other 1,250 relinquished shares we think we can re-sell, for example, we may estimate 250 shares. The Company then 'stands' (takes on) the 250 shares. The syndicate would then become half the size (in this example). We 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, if the new syndicate size is 50% less than the previous, our payment for the capital value of each relinquished share shall be reduced pro-rata, in accordance with the quantity of shares not renewed. So, for example, 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 each relinquished share. In the above scenario, a syndicate structure change 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. Using the example above, a syndicate that was previously 2,000 shares and then reduced to 1,000 shares, the percentage of the renewed share would double.
23. The quantity of shares being sold in the new syndicate will be the same as the previous one, save for occasions when an insufficient number of shares are renewed and a new structure is then formed for the new syndicate.
24. Members who opt to retain their ownership interest in the horse will often pay a lower price than the original cost, per share (because the ownership capital element has already been paid).
25. Where a Member wishes to continue into the new syndicate but owns more than one share, there will be no obligation to retain all of the shares owned in that particular horse.
26. Members who have not renewed their share(s) before the end of the syndicate period will cease to receive any share of prize money won by the horse in races after that date and will not have any liability for, or involvement in, the relevant share(s) in the new syndicate period. The company will endeavour to sell any relinquished share(s) on their 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 the horse, save for the scenario specified at term xxii.
27. Where a share and/or offer period is active, the sale of shares may, at the company's discretion, be suspended or offered on a limited basis. For example; when a horse is being rested for whatever reason.
28. Where a share of prize money is due to the Member, this sum will be specified in the Member's general account and can be claimed in the normal way at any time, or used in whole or part towards the purchase of extended syndicate share(s) or, new syndicate(s).
29. Existing members of the syndicate will be given the opportunity to purchase relinquished shares, subject to availability.
30. In the event of all of the relinquished shares not being purchased by the existing syndicate owners, the company will make a commercial decision whether or not to stand the financial liability of unsold shares and market them through its normal commercial channels. Normally, where a recommendation to retain a horse for a further syndicate period has already been made by the company, it follows that unless the company deemed that there was an unacceptably large number of unsold relinquished shares, the renewed syndicate period will continue as normal and the horse will not have to be offered for sale.
31. Where a syndicate is recommended for extension and owners are invited to renew their interest by joining for the new syndicate period, any renewal payment made will be refunded in the event that there is insufficient interest and the company decides, at a later date, not to continue with the extended period for this, or any reason.
32. Where a horse is sold or re-homed after the start of the new syndicate period, Members 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.
33. The decision whether or not to recommend that a horse is sent to the sales (or to offer for sale privately) shall be the company's alone and then subject to a vote amongst the relevant shareholders. (see term xl). Note: decisions to retire a horse shall remain with the company alone and not open to voting.
34. The company alone will determine the capital value of the horse at any point in time. This will not be open to negotiation or debate.
35. A Member can request the company to pay the whole or part of any eligible credit held in the Member's account at any time. Such payment shall be made by cheque and subject to the deduction of a £2 fee (inc. VAT) to cover the cost of administration, postage and bank charges. Note that some credits ('Future purchase credits') cannot be withdrawn (they can only be spent on a future share purchase). 'Future purchase credits' will be specifically stated on a Member's account statement. 'Future purchase credits' will be removed after 18 months of a Member not owning a current share with the company.
36. The company reserves the right to offer the horse for sale at public auction for any reason whatsoever and at any time; and the company is deemed irrevocably appointed as the Member's agent to carry out the above.
37. Where a horse is offered for sale by auction, on behalf of the existing Members and then bought-in by the company on behalf of the Members, the new value of the horse will be the total sum incurred in purchasing the horse (e.g. price paid for the horse itself, auction house commission and incidentals plus transport costs).
38. For the avoidance of doubt, where any one or more Shares are offered for sale and have not been purchased upon the expiry of such period of time specified by the company, the company reserves the right to do any of the following at its discretion:
    (a) where the company offered the Share on its own behalf (for example because it has purchased the Share or the horse) it may retain that Share and or sell it at a future date;
    (b) where a Member offers a Share to the company, the company may choose to purchase it in accordance with the Terms and Conditions and the company may then retain it and/or re-sell it at a future date.
39. When a horse is sold, the company will charge and deduct a commission of 10% + VAT of the sale price. The remaining balance will then be distributed equally amongst the owners proportionate to the number of shares held. This sum will be distributed (after deductions) among the Members who owned valid share(s) in the horse. (Note: Deductions from the sales sum includes auction costs and transport. Plus training fees accrued outside of the syndicate period).
40. Where a private offer is made to purchase a horse during a syndicate period and management consider the offer to be sensible, owners will be asked to vote on whether or not to accept the offer and sell the horse. OR where the company recommends that a horse is offered for sale (at a sum specified by the company) privately or by public auction, a vote amongst the relevant shareholders shall be called for. Where 55% or greater of votes received by the specified deadline are in favour of selling, the company will proceed and if a sale is made, the company will deduct a commission of 10% + VAT of the sale price. The remaining balance will then be distributed equally amongst the owners proportionate to the number of shares held, together with a pro rata refund of the management and racing costs for the remainder of the syndicate period. Note: Each share held by an owner in the relevant horse counts as 1 vote. Therefore, as an example, 5 shares owned would count as 5 votes. Whilst many syndicate shares are sold, the company may be standing shares for whatever reason and where so, each unsold share held, shall in all circumstances entitle the company to one vote per unsold share held. Where a tie occurs and a casting vote is required, this shall be decided by the company. (Note: votes will be conducted by post and online, save where a quick decision is needed, then this will be online only).

BREEDING SYNDICATES

41. Syndicates formed for breeding purposes will have defined periods set by the company and all decisions relating to the relevant horses will be determined by the company, including choice of stud and choice of stallion.
42. At the end of the syndicate period, the broodmare may either be (a) not in foal, or (b) in foal or (c) have a foal at foot. Where (a) or (b), the next syndicate period (where applicable) will continue as one entity, however, where (c), there will be two syndicates (where applicable) one for the broodmare and one for the foal. The values of (a) (b) and (c) will be determined by the company and renewal procedures shall follow the same principles as any other Elite Syndicate. Where (c), any owner who had bought into the syndicate prior to the mare having the relevant foal at foot, will not be charged for the capital value element of the foal, as this was already paid for in the nomination. Note: 'foal at foot' means 'the foal that the broodmare has given birth to'.
43. Where a breeding syndicate includes a fee for a nomination that is either not executed or is executed at a reduced fee or is refunded in whole or part by the stud, the relevant pro rata sum will be credited to the Member's account.
44. Syndicates formed for homebred foals will be offered to Members of the relevant broodmare syndicate as a priority option but without any obligation to join.
45. Where a Member had bought into a relevant nomination (because it was part of a broodmare syndicate offer) then chooses not to join a resultant foal syndicate, the company will automatically endeavour to sell the Member's share(s) in the foal, at a value determined by the company. Where a buyer is found, any credit arising will be added to the Member's account.
46. Where a broodmare syndicate period ends and a new one formed, the Member is not obliged to buy into the new syndicate period for the broodmare even if the Member has chosen to buy into the relevant foal syndicate period.
47. Progeny from a breeding syndicate will normally be registered under the name of the syndicate current at the time of registration. Any income/rights associated with the progeny produced from this breeding will be linked to the current syndicate and not any previous syndicate linked to the progeny. Where the progeny is sold and is raced under a new ownership, any income (for example, GBB bonuses) arising from the breeding will be paid into the Elite Syndicates Racehorse Retirement fund.
48. The purchase of a share in a broodmare or foal syndicate is not to be treated as an investment opportunity.

THE COSTS

49. Where the company's fees relating to syndicate management and racing/training, amount to a sum greater than the company's actual costs, the Members shall not be entitled to any refund. Conversely, Members are not asked for any additional payments where the company incurs costs greater than the price paid by the Members during each term of the syndicate. The price payable by the Member for the share, covers costs associated with racing and training the racehorse, for the duration of the term of the syndicate, save for any costs involved in racing outside of Great Britain (racehorse transport, race entry fees/supplements, trainer/jockey/groom/Elite Syndicates representative expenses) and Group/Listed/Graded/Premier Handicap race entry fees in Great Britain, which shall be deducted (at cost price) from the total net prize money accrued by the horse. In the event that the costs for Group/Listed/Graded/Premier Handicap races are not covered by overall prize money won by the relevant horse in the syndicate period, the loss will be absorbed by Elite Syndicates and therefore no further payment will be required from any Member, in any event.
50. The price of each horse share sold by Elite Syndicates, includes an equal division of the following:
    1. Capital purchase price of the horse. This is the sum Elite Syndicates originally paid for the acquisition of the horse, including any commission. (Note: Where the capital value of the horse is deemed, by the company, to have increased or decreased since the date the company purchased the horse, the price of a share may be adjusted prior to the sale of a share.)
    2. 'Vetting cost' relates to a veterinary examination of the horse prior to purchase. 'Transport cost' relates to the cost of transporting the horse from its location at the point of sale. It may sometimes be necessary to use estimated sums for the transport/vetting costs. If an estimated sum is used and the actual cost billed to the company is higher, the company absorbs that higher cost and where less, no refund is given.
    3. 5% capital risk. Note: When Elite Syndicates purchases a horse, a considerable financial risk is taken by the company. If the horse should no longer be in a fit enough state to remain in racing, Elite Syndicates stops selling shares before they have all been sold (meaning that the liability for the remaining unsold shares continues to be that of the company). The capital risk is set at 5% of the capital purchase price paid for the horse (points 1/2 above) and is non-refundable if this particular share sale does not result in a loss for Elite Syndicates.
    4. All racing costs. This includes training fees, entry/declaration fees (see xlix), veterinary fees and all other racing/horse costs. This amount is usually set at around £28,000 per syndicate, per annum. Note: Where Elite Syndicates actual costs incurred are greater than the set sum, no extra payment is sought and, conversely, where the actual costs are less than the set sum, no refunds are made.
    5. Management and service costs. This figure includes managing, servicing and marketing the syndicate and is usually set at £10 per share, per term.
    6. Mortality insurance. The insured sum varies per horse, usually related to the valuation at the commencement of the syndicate period OR the valuation on the date that the renewal payment period opens (whichever is the earlier). This sum can be approximately £2,000-£10,000 per syndicate, per annum. (Note: in the event of the horse acquiring a much higher capital value overnight, for whatever reason, the mortality insurance will not be increased until the next new syndicate period, save where the renewal payment period has already commenced).

7. Elite Syndicates Horse Retirement Fund. The per-share contribution is calculated pro rata at £500 per syndicate, per annum.
8. Value Added Tax (VAT). Items 1 to 7 above are subject to VAT and this is currently set by the Government at a rate of 20%. (Note: VAT represents a significant amount of the cost of each share and this sum MAY be refundable (see term liv)). (Note: Any Member renewing a share is only paying for items 4 - 8 in any subsequent terms, as the capital purchase price is only paid in the Syndicate Member's initial term.)
51. Owners will be entitled to a credit of £10, when joining ERC or renewing an existing ERC membership. This credit will be paid into an ES account and cannot be withdrawn. Only current ES shares will count towards the credit given. For clarity, the syndicate term must not have passed the relevant 'end date'. The credit from each ES share can only be used once. However, each time an ES share is renewed, a new credit will be provided.
52. Elite Syndicates has a public and products liability insurance policy in place, with a £15,000,000 limit of indemnity, designed to protect the syndicate owners against compensation claims and legal costs if a horse causes injury/death to a third party and/or damage to property. The cost of this policy is met by the company. Note, if a claim is made against a specific owner or set of owners, this policy is designed to respond for UK residents only (only in relation to a specific Elite Syndicates horse). Residents outside of the UK are at liberty to seek their own insurance, should they wish to obtain cover.
53. ii. The all-inclusive cost includes mortality insurance cover for the horse during the syndicate period. The insured sum shall normally amount to the valuation at the commencement of the syndicate period OR the valuation on the date that the renewal payment period opens (whichever is the earlier). The sum insured shall not be adjusted upwards during a syndicate period regardless of whether or not the value of the horse is deemed to have increased. However, in some cases, where the company decides that a horse's value has significantly reduced, the insured sum may be reduced for the remainder of the syndicate period and any rebate of the premium obtained from the insurance company will be credited to the owner's account. (Note: In the event of a horse value significantly increasing, owners may choose to make their own insurance cover arrangements to cover the increased value difference, if they wish).
54. All Members of racehorse syndicates can apply to have the VAT element of their share payments to Elite Syndicates refunded, but are NOT obliged to participate in the scheme. If a Member wishes to be part of the VAT refund application, they must submit their National Insurance number to Elite Syndicates within 14 days of purchasing a share, unless they have already done so. A National Insurance number can be submitted by using the secure Elite Syndicates website or by completing the form included with the welcome pack. By submitting a National Insurance number, a Member agrees that their data will be shared with HMRC. Whilst Elite Syndicates will go through the procedure of requesting a refund on behalf of participating Members, Elite Syndicates cannot guarantee that HMRC will provide a refund, or the time period involved, as this is purely dependent on how busy the HMRC are, and could even be 12 months+ after the syndicate period has ended. If a refund is successfully received, it will be added to a Member's Elite Syndicates account within a few working days of being received (possibly after the current syndicate period ends). Note: the VAT refund scheme does not include syndicate periods where the horse enters a breeding programme, even if being transferred from a current racing syndicate period.

MISCELLANEOUS

55. Most racecourses impose restrictions on the number of people allowed into the paddock and winner's enclosure, for health and safety reasons. The number of Elite Racing Club Members/Elite Syndicate owners, who want to enter the paddock, more often than not, exceeds the racecourse's figure. The ballot is open to both Elite Racing Club Members AND Elite Syndicate owners (one chance per membership/share). In such cases a ballot is held by Elite Racing Club to determine the 'owners badge' allocation. This may or may not be on a complimentary basis but whatever the case, applies to the one race on the card for which the relevant Elite Racing Club horse is running. Members may not enter the pre-parade ring area, even if they are in possession of an 'owners badge'. Entry costs to the racecourse are normally the responsibility of the Member. If an owner is successful in obtaining an owners' badge but is subsequently unable to attend, they must inform the Elite Racing Club office as soon as possible, so that the badge can be offered to an alternative owner. If a successful owner fails to show (without letting the Elite Racing Club office know in advance), this will have a negative impact on their chances of obtaining an owners' badge during the following 12-month period. Note: the pre-parade ring is the area where horses are saddled and then paraded, before they make their way into the paddock area. Persons entering any area of the racecourse on an unauthorised basis may be reported to the Stewards and this could result in a racecourse ban.
56. Any person who is granted a racecourse 'owners badge' agrees to abide by the racecourse dress code. Gentlemen to wear shirt and tie. Ladies suitably smartly attired. Note: some prestigious race meetings (e.g. Royal Ascot) have extended requirements and these will normally be published in the magazine.
57. Stable visits to the relevant trainer's yard are organised from time to time and are published in advance on the website ('Events' page). These stable visits can become oversubscribed, particularly with the top trainers. A ballot will usually be held for each visit. Therefore, no guarantee of a place can be made. In a ballot, there will be no priority for early applications, so you can apply up until the published ballot closing date. An owner can bring one guest (more at some visits) but there is an entrance charge for each guest. In addition, occasional visits are organised to EquiPrep (Devizes, Wiltshire) where some horses are resting or on holiday. The EquiPrep visits may include hospitality and where so, a charge is made for both Owner and guest. Note: Some stable visits are not entirely suitable for disabled visitors and therefore accessibility needs to be checked prior to booking.
58. Elite Syndicates may from time to time take photographs or video footage at the racecourse or at a stable event. By attending such an event, Members accept that such photography may take place and that it may be used by the company in the public domain with no payment made to any participant. Members not wishing to appear, need to position themselves behind the camera but there are still no guarantees of exclusion. Members also need to be aware that various television companies will show live or recorded scenes at the racecourse or at a trainer's yard.
59. Where a declared horse becomes a non-runner in a race, Elite Syndicates will endeavour to relay this information to owners as soon as possible, but there could be occasions where we are unable to do this. All decisions relating to entries and declarations are made by the trainer, meaning a horse becoming a non-runner is beyond the control of Elite Syndicates. Therefore, Elite Syndicates cannot accept any responsibility or liability in relation to a horse not running in a race. A horse can be withdrawn from a race for a number of reasons, including the health/fitness of the horse, or a change to the 'official going' (ground conditions).
60. All Intellectual Property, including, without limitation, all intellectual property rights relating to the image and name of any horse, the Elite Syndicates name, logo and racing colours are and shall remain legally and beneficially vested with the company alone.
61. A printed magazine will only be posted to Members based in the United Kingdom upon payment of an additional sum. However, all owners are able to view the magazine online. The printed magazine has to be compiled and then typeset before it is sent to the printers. After printing, it then has to be collated and bound. Then the process of mailing it out can begin. Finally, it is likely to be in the post for several days before it is delivered. Consequently, because situations can change at a moment's notice, some of the content of the magazine may be out of date by the time you receive a copy.
62. The name of the horse is subject to change, usually in situations beyond the control of Elite Syndicates (for example, if the chosen name is rejected after the application is submitted).
63. Syndicate periods beginning on or after 1st May 2020 will qualify for a share of a £1,000 per annum sponsorship arrangement (excluding breeding syndicates) between the company and the shareholders, regardless of whether or not the horse makes a racecourse appearance. Your share will be credited at the end of the syndicate period but will be reduced on a pro-rata basis if the syndicate period is terminated prematurely. Note: the 'sponsorship' refers to promotion of the company name on horse blankets etc., at racecourses.
64. Under the Rules Of Racing, a person holding an ownership share in a racehorse is permitted to place bets on that horse, in the same way that any other punter does. This is known as ‘backing the horse’. However, it is against the Rules to act in a ‘bookmaker’ capacity for that horse, for example, on a betting exchange, this is known as ‘laying the horse’.

RACE PRIZE MONEY / TROPHIES

65. Race prize money (the sum paid by Weatherbys in accordance with the rules of horse racing) is distributed amongst the Members of the syndicate concerned at the end of each syndicate term, save where a sum in excess of £200,000 accrues, in which case distribution shall be made within a reasonable period from the date of the company's receipt from Weatherbys.
66. Where a perpetual trophy is won by a winning horse, it shall be awarded to one Member by means of a draw conducted by the company, regardless of whether or not that person was presented with it at the racecourse. (Note: some perpetual trophies are charged for by the racecourse. It is the company's policy not to pay a racecourse for a trophy, and indeed such sales are becoming less common. An annual trophy may be awarded by draw, depending on the value and whether or not the recipient is prepared to insure it for the period.)

THE HORSE

67. Where applicable, a colt may be gelded, normally upon the advice of the trainer. The company will make the final decision following such advice without calling for a vote from the Members. Furthermore, a racehorse may be switched between different disciplines (Flat and Jumps) at the company's discretion.
68. Occasionally a racehorse may fail to reach a reasonable racing standard and the company may recommend entry in claiming or selling races. Such a decision will require approval from the Members of that syndicate. Where more than 50% of votes are against such entry, the option shall be discounted. Votes may be repeated at future intervals at the company's discretion. (Note: Entry in a claiming or selling race will mean that any member of the general public may offer to purchase the horse after the race and, save for an instruction from more than 50% of votes for the syndicate to make a friendly claim (i.e. an attempt to buy the horse back) or to bid at auction after winning a selling race, the syndicate will close prematurely and (subject to the Terms and Conditions) the sum received by the company for the horse will be distributed equally amongst the Members). As well as any returned capital value (if applicable), Members will receive a pro rata refund of points 4 and 6 from term L.
69. Where a horse does not live up to expectations on the racecourse, or fails to make it to the racecourse, the Members shall not be entitled to any refund. Where prolonged training is not in the best interest of the welfare of the horse, the horse will be retired. If the horse is re-homed prior to the scheduled syndicate end date, the syndicate will end prematurely. At that point, Members will receive a pro rata refund of 4 and 6 from term L above. If the horse is sold, the sum achieved will be divided equally in accordance with the shareholding. (Note: when a retired horse is deemed to have little or no residual value, the horse is usually gifted for re-homing.
70. If the company decides to retire a horse (normally with little or no residual value) to a rehabilitation centre (or anywhere), full legal and beneficial ownership in all shares in the racehorse (i.e. all rights of ownership) shall pass from all Members of that syndicate to the new owner. The company is deemed to be appointed as the Member's agent irrevocably to transfer the legal and beneficial ownership in the horse to the rehabilitation centre (or new owner). In this event, Members will receive a pro rata refund of points 4 and 6 from term L.
71. When an Elite Syndicates horse is retired, it will either be sold or gifted, depending on the circumstances. Priority is normally given to the owners of the syndicated horse. If any syndicate Member wishes to be considered for the gifting or purchase of any particular horse that is being retired, an application needs to be made in writing, specifying the facilities available for keeping the horse and details of the applicant's experience with horses. The premises will need to be checked out and a non-racing agreement signed with the BHA, barring the horse from ever participating in horseracing again.
72. Unless specifically stated in the offer, the company offers no guarantee that a yearling will be registered under the Plus 10 scheme or any replacement scheme.
73. Whilst Elite Syndicates is often able to re-home a retired racehorse through its own network, there are times when a retired horse will be passed to a specialist Rehabilitation Centre, and also times when there are additional keep costs/vet bills etc. to be paid after the syndicate has finished, before the horse can be re-homed. Such costs are met by including a sum within each syndicate period share fee. This sum is currently set at £500 per annum, per entire syndicate (approximately 13p per annum, per 0.025% share). This sum shall be described as the 'rehabilitation contribution', however, if the sum of the pot is insufficient to cover the costs, Elite Syndicates (the company) shall meet the additional costs. Retired horses are re-homed on the basis that they cannot participate in races again. Once re-homed, the ownership of a horse passes to the new owner, who is asked to provide updates on the horses from time to time and if/when these are received, the company endeavours to relay such information to previous owners (the syndicate ex-members). Previous owners of the relevant retired syndicated horses are not provided with new owner's names and addresses for obvious reasons, including data protection law.

THE TRAINER

74. Choice of trainer shall be vested with the company alone. The company may decide to change trainer for any reason whatsoever.
75. All decisions relating to training and racing are normally placed in the charge of the trainer whilst the horse is in his/her care. (Note: the company believes that an appointed trainer will be best placed to make assessments relating to racing and welfare issues. Indeed, the company pays the trainer for his or her professional services and therefore normally does not interfere; however, the company reserves the right to override any decision made by the trainer).

VOTING / DECISION MAKING

76. When a vote relating to a syndicate is called for and a Member's vote is not received by the company by the deadline date specified by the company, the Member's right to vote is forfeited in that instance.
77. When all votes received result in a split vote, the company will have the right to make a casting vote.

ENFORCEABILITY

78. If at any time one or more of the provisions of these Terms and Conditions becomes invalid, illegal or unenforceable under any law or is held by a court to be invalid, illegal or unenforceable, the validity and enforceability of the remaining provisions hereof shall not in any way be affected or impaired thereby.

VARIATIONS

79. The company reserves the right at its discretion to amend or vary the Terms and Conditions from time to time and will supply the syndicate Members with copies of the latest revised version which shall apply with effect from the date stated in that latest version.

LAW AND JURISDICTION

80. The contract (including for the avoidance of doubt the Terms and Conditions) shall be governed by and construed in all respects in accordance with the laws of England, and the Member and the company hereby agree to submit to the exclusive jurisdiction of the English Courts.

WAIVER

81. The failure by the company to enforce at any time or for any period any one or more of the Terms and Conditions shall not be a waiver of them or of the right at any time subsequently to enforce any or all Terms and Conditions.

PREVAILING TERMS

82. If any provisions of the general terms and conditions at any time conflict with any provisions of the syndicate terms and conditions, the syndicate terms and conditions shall prevail.
83. Any person who is banned from entering a racecourse and/or 'warned off' by the British Horseracing Authority, cannot become a client of Elite Syndicates.
84. All text created by Elite Syndicates (including, but not limited to, all horse reports and these terms and conditions), as well as all photographic images, both still and moving, including written and spoken words, are subject to copyright law and cannot be copied or transmitted in any format. The image and/or name of any Elite Syndicates horse, in any format, cannot be exploited for any commercial purpose (whether or not for profit). These restrictions include the placing of material within social media sites, such as, but not limited to, Facebook, Instagram and Twitter.
85. Force Majeure - whilst Elite Syndicates is in the fortunate position of providing a large number of services online, there may be some occasions during an unexpected event (such as, but not limited to, outbreak of a disease or bad weather), that renders the company unable to provide some or all services. For example, events held at racecourses, stables etc. may be subject to postponement or cancellation, the supply of the Elite Syndicates magazine hard copy may be disrupted and/or the website, emails and other services may be interrupted. However, Elite Syndicates has contingency plans in place so will do everything possible to continue to provide as many services as possible and keep owners updated.
86. Any personal information you provide to Elite Syndicates including and similar to your name, address, telephone number and email address will NOT be released, sold, or rented to any entities or individuals outside of Wentrow Media Limited, unless explicitly stated below:
    • To HMRC (ONLY if you request to be part of the VAT reclaim application, see term liv).
    • To manufacturers of mail order items (ONLY if a relevant order is placed). This data will only be stored for the purposes of manufacturing/sending the item.
    • To an event host, such as a racecourse (ONLY if you make a booking for an event and the data release is absolutely essential, for example due to Covid-19 regulations).
87. Whilst these terms and conditions are comprehensive, and we believe, compliant with fair trading practices prescribed by Consumer Protection Legislation, if you dispute any element of our service, your recourse is to write in the first instance, detailing the nature of your complaint and we will attempt to resolve the issue. Write to; Contracts Department, Elite Syndicates, PO Box 100, Devizes, Wiltshire, SN10 4TE. Or email: info@elitesyndicates.co.uk
88. Elite Syndicates is owned by Wentrow Media Ltd, which has processes in place to comply with GDPR. For full information, please refer to the 'Privacy Policy' on our website, or available by request.

Updated 10/12/24