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Hintlesham Racing
EXPLANATION AND
RULES
FOR MANAGED PARTNERSHIPS
AND INDIVIDUAL OWNERSHIP
- Management of Hintlesham Partnerships and of managed
individual ownership is provided by Allan Bloodlines ("the Manager").
- The purpose of a Hintlesham Partnership and of managed
individual ownership is to create and sustain the opportunity for investment in
a racehorse or racehorses for the principal purpose of enhancement of lifestyle
and the possibility of return on investment (see Para 3 below).
Enjoyment through action, fun and good communication is supplemented by the
goal of competitiveness and success and by the possibility but not certainty of
financial gain.
- It should be clearly understood that, whereas it is
suggested that racehorse ownership provides excellent levels of interest and
excitement, the financial aspect of owning racehorses has a high risk/reward
ratio. In contrast to many alternative lifestyle pursuits, the possibilities of
major or minor financial gain or of partial or complete recovery of costs exist
through winning prize money and/or on-selling horses. However, there is also
the possibility of there being no financial gain or recovery of costs and no
reliance should be placed on financial return.
- Hintlesham Partnerships race under the name and colours
of Hintlesham Racing with each partner having his/her beneficial interest
recorded. A group of people may ask the Manager to register an unique
partnership name prefixed by "Hintlesham" and to arrange colours unique to that
partnership within the guidelines of the British Horseracing Board ("BHB").
The Manager welcomes groups of people who wish to form a Hintlesham
Partnership amongst themselves or individuals who prefer to be introduced to
other partners.
- The Manager will recommend the most appropriate trainer
for consideration. A horse or horses will generally be purchased as yearlings
during the Autumn at first class public bloodstock auctions including but not
limited to those operated by Tattersalls Ltd in England and Ireland, Goffs in
Ireland, Keeneland Inc. in U.S.A, Doncaster Bloodstock Services in England and
L’Agence Francaise in France and offered immediately or after a period of
pre-training.
Selection will be made by the Manager through an
exhaustive process of inspection and pedigree analysis of many hundreds of
yearlings, employing complementary research and veterinary services, often also
in cooperation with the appointed trainer.
The customary initial period
is two years (but see below for earlier crystallisation), commencing as at
Autumn of the horse's yearling year, or a commensurately shorter period if
offered after pre-training. It is hoped but not guaranteed that the
horse(s) will perform on the racecourse at the age of both 2 and 3 years.
An individual owner will determine sale policy in consultation with the
Manager and may be guided by the remainder of this clause as to the options
available and in the case of a partnership, unless otherwise agreed, the
horse(s) will be entered at a main sale at the end of the 3 year old turf
racing season (usually October) subject to the precise dates of the various
public auctions. Any partners who wish to retain part or complete
ownership of a horse or horses may do so by buying out the other partners by
buying in the horse at public auction thus establishing the price or, if
acceptable to all partners concerned, based on an independent valuation.
Should all partners wish to continue to keep the
horse(s) in training beyond the approximately two year period, the operation of
the relevant Hintlesham Partnership will continue uninterrupted.
Sale of the horse(s) may take place at
an earlier date in the event of an offer being received that is acceptable to
the majority of the partners or of a recommendation of earlier sale which is
agreed to by the partners.
Provision for earlier sale at public
auction may be made if deemed appropriate in consultation between the partners
and the Manager.
In consideration of all possible
eventualities, the Manager will provide analysis, commentary and
recommendation.
- If not already named, partners may choose the name of
the horse(s) purchased as yearlings by majority agreement under the guidance of
the Manager and in accordance with BHB rules.
- An alternative to purchasing the horse(s) as yearlings
vis to purchase a horse who has already been trained and/or raced and
therefore already named, based on the form and prospects of that horse.
- The Manager will place mortality insurance on the
horse(s) with the benefits of any claim accruing to the owner or partners as
the case may be.
The Manager will be responsible for all communication
and will endeavour to maintain its own standards of good and frequent
communication. Included in communications will be news of and commentary on the
horse(s) and the intended racing programme compiled in close liaison with the
appointed trainer together with arrangements and recommendations for attending
races and/or viewing them from elsewhere.
The Manager will coordinate
with racecourses in the issue of Owners’ badges** when a horse is
running. If the racecourse allocation of complimentary badges (typically
6 but sometimes more or less) exceeds the number of owners or partners and
guests attending, all those attending will receive complimentary badges.
If the number of partners and guests attending exceeds the racecourse
allocation of complimentary badges, partners are to receive priority over
guests in that allocation. In the event of the number of partners
attending exceeding the racecourse allocation of complimentary badges, the
Manager will pay for any additional badges required for partners.
**An
Owners’ badge provides access to the Members’ Enclosure, the paddock
when the horse is parading and to any and all exclusive Owners’ areas that
the racecourse provides such as Owners and Trainers Bar and Owners and Trainers
reserved viewing area.
Partners will be called upon to communicate
through the Manager in all respects and not directly with the appointed trainer
however the Manager is dedicated to achieving a good relationship between the
appointed trainer and partners in Hintlesham Partnerships through individual
and group gallop visits, time spent on the racecourse, at sales and on other
arranged occasions.
The Manager will arrange for individual or
group visits to see the horse(s) in training and to experience in-depth the
life of a racehorse and those who care for him or her.
The Manager
confirms that there will be no further call for funds beyond the initial and
regular fixed payments irrespective of any additional unbudgeted expenditure
such as major veterinary costs with the exception of costs attributable to
major entry fees and racing outside Great Britain which will be undertaken
subject to the approval of the owner or partners. (See Para 11 below).
- Decisions requiring the approval of the partners will be
reached by a simple majority vote amongst the partners with the Manager
providing recommendations but not having a vote however in the event of
deadlock the Manager will then have a casting vote.
- Payments as set out in the relevant schedule (shown
separately) may be made by bank remittance (standing order in the case of
monthly payments) or by credit or debit card or by cheque.
Categories
of expenditure covered by such payments are:-
Training fees and
associated expenses
Gallop fees
Veterinary fees, routine and otherwise
Chiropractor/physiotherapist
Vitamin and nutritional supplements
Blacksmith charges
Transport charges to/from racecourses (within GB
only)
Resting time at grass and associated transport costs
Race entry
fees (up to £200 per race)
Jockey riding fees
BHB / Weatherbys
administration charges which include registration fees for ownership, colours,
name and naming, authority for the trainer to act and applying for and
achieving VAT registration, opening and maintaining a Weatherbys account and
all relevant renewals
Accounting including VAT returns
Arrangement of
a sponsorship contract
Racing silks
Paddock rugs
Partnership
management expenses and fee
Optional insurance premium will be charged
separately.
Prize money will be credited in full, without deduction
other than the statutory fixed deduction of the trainer’s, jockey’s
and stable staff’s share, net of VAT.
Proceeds from the sale of a
horse or horses will be credited after the deduction of sale entry fee, auction
house fee and any statutory industry levy and of sale consignment expenses. In
the event of an acceptable private sale taking place, there would be no such
expenses but there may be commissions to be paid to independent intermediaries.
Trainers may take a commission in the event of a sale subject to prior
arrangement case by case.
There will be no charge payable to the
Manager in respect of the sale at auction of a horse or horses but in the case
of the arrangement of a private sale the Manager may receive a commission
subject to the approval of the owner or partners. In the case of an owner
or partnership achieving a profit of greater than 25% (cash) on payment(s) made
irrespective of when the sale takes place the Manager will receive a success
bonus of 25% of any profit achieved over and above the aforementioned 25%.
The Manager does not undertake that the funding provided by fixed
payments will cover the cost of (a) entry fees in excess of £200 per race
and/or (b) the cost of entering and running in a race outside Great Britain. In
the event of additional funding being required for either or both of these
cases, a proper presentation will be made to owners or partners for their
decision as to whether or not to provide any necessary additional funding.
- Accountants
Macnair Mason Chartered Accountants
John Stow House
18 Bevis Marks
London EC3A 7ED
Allan
Bloodlines, Thoroughbred House, 11 Old Woking Road, West Byfleet, Surrey, KT14
6LW
Tel: 01932 350660Fax:
01932 350665Email:
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