FAST TRACK RACING
Terms & Conditions
The terms and conditions form the basis of the contact between the company and the subsidiary. The application completed by an individual will be deemed to be an offer to become a subsidiary pursuant to the Terms and Conditions. The application will then be deemed accepted once acknowledged by the company. This will be done by providing written confirmation, such as a certificate of ownership. This is confirmation that the syndicate partnership has been agreed and formed.
The Syndicator/s
The Syndicate will be managed by the registered UK Limited company Dukes Group Ltd.
The Company’s bank account will be in the name of “Dukes Group Ltd”
All remuneration paid to the syndicator/s, Directors and Company Employees will be made totally transparent in the company’s annual accounts, along with full financial statements.
The Syndicate
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).
In the unlikely event of any dispute between a Member and the Syndicator, the Member should in the first instance raise it with the Syndicator who will make all endeavours to settle the dispute with the Member. If no satisfactory outcome is agreed, then each party may at their own expense, seek further legal advice.
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
A share buys you into the life of a racehorse for a fixed period of time. Some racehorses could perform well and may increase in value, the majority do not and therefore the purchase of a share must not be treated as an investment opportunity. You are purchasing this share solely for enjoyment as an entertainment and not for financial return. 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. We offer no guarantee of success on any racehorse, any such success that occurs does not guarantee any future success.
A Share cannot be sub-divided.
A Share cannot be purchased by a person under the age of 18.
The company alone determines how many Shares are to be offered in a horse or horses.
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.
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.
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.
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.
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 Fast Track Racing terms and conditions. All ownership rights shall belong to the nominated recipient of the gift. This means that payments from Fast Track Racing, 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.
Where the syndicate is in the process of being formed and the number of Shares allocated to Members is less than the number required to form the syndicate (as determined by the company), the company reserves the right not to proceed with forming the syndicate and shall return all monies paid by the applicants. Alternatively, the company may decide to re-advertise the syndicate, and or to change the structure/financing of the proposed syndicate. No person shall own a Share or have any other right to or interest in the horse until the company notifies that person that he is a Member and that the syndicate has been formed.
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.
Horses
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 Fast Track Racing).
Each horse will be covered by an insurance policy, the premium will be paid by Fast Track Racing. In the event of a claim upon a horse’s death or loss of use deemed unfit (due to injury or illness) to continue its racing career, during the syndicate fixed period, any pay-outs on the policy will be split equally among st the syndicate members.
(Note ii: there is a very small chance that an Fast Track Racing 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 endeavors 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 favored distance and ground, hugely important).
Members
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.
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.
Consumer Legislation gives the Member the right to cancel a new contract they enter into with Fast Track Racing 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 Fast Track Racing will refund their payment in full.
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.
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.
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.
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.
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.
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.
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).
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.
Where a horse is sold, re-homed or retired 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.
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 Note: decisions to retire a horse shall also remain with the company alone.
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.
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 bank transfer and subject to the deduction of a £2 fee (inc. VAT) to cover the cost of administration and bank charges.
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.
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).
The Trainer
Choice of trainer shall be vested with the company alone. The company may decide to change trainer for any reason whatsoever.
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).
Laws & Jurisdictions
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
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
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.
All syndicate Members will be subject to, and regulated by, certain provisions of the Rules of Rules of Racing for the duration of the fixed Syndicate period with specific reference to the following Chapters (which may be subject to change from time to time on notice by the BHA to the Syndicator): (J) Integrity and (L) BHA Investigations and Disciplinary Action.
Any person who is banned from entering a racecourse and/or 'warned off' by the British Horseracing Authority, cannot become a member of Fast Track Racing.