Omega Racing T&C's
TERMS AND CONDITIONS SYNDICATE – “Omega Racing”
MANAGERS – Jessica Harrington, Richie Galway
Objective – To provide affordable access to racehorse ownership with one of the worlds leading racehorse trainers, Jessica Harrington.
The “OMEGA PARTNERSHIP” is a horseracing partnership formed in accordance with and under the Rules of Racing in Ireland. The partnership will comprise of equal fractional interests (“Shares”) and those who acquire a membership are referred to as the “Shareholders”. An applicant for one or more memberships will become a member only when his/her application for any membership has been accepted and the full purchase price has been paid. Payment confirms acceptance of the conditions outlined in this document.
The managers shall have the sole discretion to decide upon all matters of management, training and time and method of sale of the horses. Each manager will also be a shareholder in every horse partnership. All horses will be trained by Jessica Harrington. The managers will keep the shareholders informed as to their progress in training and the races for which they are entered on a regular basis.
All horses will be purchased by the managers. Managers will be present at all major thoroughbred sales through the season and will also research and purchase horses in training based on performance and value. Any horse deemed with potential to yield a return on investment will be considered.
SALES The syndicate will be run on a commercial basis and any worthwhile offers for the horses will be considered. The managers will have sole discretion in relation to the sale of any horses during the term of this agreement. Any horse not sold privately will be offered at the most suitable public auction sale when a decision is made to sell. The managers will review all stock at the end of each season. Future plans for all horses will be considered and outlined to all shareholders at that time. If felt necessary, some horses may be placed in a public auction sale at that time.
• There will be 5% agent commission on all purchases
• There will be a 5% syndicate commission on all purchases
• There will be a 2.5% administration fee on all purchases
• There will be a 7.5% management commission on all sales
• There will be a 10% commission on all sales of horses throughout the term of the agreement where profit equates to sale price less purchase price for each individual horse. NO other management fees will be charged to the shareholders.
IDEMNITY The partnership, and the manager on its’ behalf, shall exercise normal care in carrying out their respective roles under these terms and conditions but cannot be held responsible for matters beyond their immediate control. No shareholder shall have any claim against the syndicate, against the manager/trainer or against any member of the syndicate in respect of any loss or injury sustained by the horse/s however it may be caused. Each individual horse will NOT have mortality cover included from the time of purchase set at the price realised – individual shareholders can decide to insure their percentage privately.
COSTS AND DISTRIBUTION OF PARTNERSHIP FUNDS
• Initial payment for your share will include the total purchase price and all outlined acquisition fees as well as training fees for a set period indicated on the website (training fees will include all farrier costs).
• Monthly fees will commence on the date outlined at time of purchase and will be paid in bulk payments with three or six month options available for purchase on jessicaharringtonracing.com. Monthly fees are due to be paid for the whole period of time in which the horse is owned by the partnership.
• Should you fail to pay any single monthly payment on the due date (1st of each month) you will be issued a 10-day payment reminder warning. Failure to make payment after this tenday warning period will see all prize money and equity interest in the horse be foregone and your share will be no longer active.
• Normal vet costs are included in the monthly fees. Vet fees in excess of €1,000 will result in additional cost. This will either be taken from the HRI prizemoney account or levied by way of share dilution, i.e. offering more shares to cover the cost of the vet fees.
• Transport and raceday fees will be levied to the HRI prizemoney account.
• If any horse is sold privately during the term of the partnership, the funds will be transferred to the shareholders as soon as practically possible. Proceeds from any horse sales traded through public auction will be dispersed when proceeds have been processed through the relevant sales company.
• A Horse Racing Ireland account will be set up on commencement and all shareholders must provide personal details for HRI client identity verification.
• If the horse/s earn any prize money during its racing career all funds will be deposited into this account and prize money will accumulated will be distributed amongst the members once annually.
• All racing expenses related to each horse are at the syndicates cost and will be deducted from the horses HRI account. Racing expenses include but are not limited to HRI registration and entry fees, pre-race vet fees, travel and stable staff expenses, jockey and trainer costs and all travel costs (travel cost schedule can be provided on request).
• Payment of the initial acquisition cost and the monthly fees confirms acceptance of the terms and conditions outlined above.
• Please note that upon purchase of your share, you are only associated with the horse in question, not with any other horse that will run under “Omega Racing” as a whole.
• The managers shall, as soon as reasonably practicable after the horse/s have been sold, prepare a set of accounts and any remaining funds will be distributed to the shareholders.
Omega Racing reserves the right to amend these Terms and Conditions at any time subject to notice.