Diamond Racing LTD Terms & Conditions
(1) Racehorse ownership shall be automatic upon an individual / companies purchase of a minimum 1% up to a 5% share in a racehorse. (Note “share” means a division of a partnership arrangement). It must NOT be regarded as an investment or security. DIAMOND RACING LTD reserves the right to cancel any share/s at anytime without notice, with no payment of monies of prize money or re-sale.
(2) Each horse will be owed and registered in the name of DIAMOND RACING LTD and carry’s its registered colours and each horse remains the sole property of DIAMOND RACING LTD, no legal claim of ownership can be made for/against the horse/s or DIAMOND RACING LTD.
(3) The trainers will be appointed by DIAMOND RACING LTD, all race plans and decisions will be made by DIAMOND RACING LTD and/or the appointed trainer.
(4) Failure to honour the fixed monthly payment on the due date shall result in suspension/cancellation of the share(s)/ ownership and no entitlement of prize monies & re-sale monies. If payment is not rectified within 7 days, ownership will be cancelled and a month’s payment will be charged, together with any bank charges levied by our bankers.
(5) The share holding of a racehorse will be for 36 months from its initial period of issue (A lease agreement may be subject to a different term which shall be published on the DIAMOND RACING LTD website and share certificate when issued). At the end of 36 months the racehorse maybe sold at auction with the proceeds distributed among the shareholders at that time (Diamond Racing can choose to extend the syndicate term). Shareholders who have held their share for the 36 months will receive the full value of their share. Shareholders holding their share for a shorter period will receive a pro-rata amount (e.g. if a shareholder joins a syndicate 6 months after inception of that syndicate and pays 30 monthly contributions, they will receive 30/36ths of their share value. Any sale monies due to the shareholder will be paid upon request. If an offer is received to purchase a racehorse/s during the syndicate term DIAMOND RACING LTD will make the decision to accept or decline the offer, if accepted the amount received minus fee’s etc will be distributed based on the above procedure. However, if it is felt the horse/s should be retired at anytime (not to race under rules) no re-sale/s will be due. DIAMOND RACING LTD will take a 5% bloodstock fee off all sale/s. (No re-sale payment/monies with LEASE syndicate/s)
(6) When a trainer decides a horse is no longer suitable to race, the shareholders should accept such decision and shall attempt to sell via DIAMOND RACING LTD at a value recommended by the trainer. Likewise, if the trainer decides to enter the horse in a selling/claiming race and if the horse is subsequently sold, the shareholders shall accept such a situation and the resultant sum shall be distributed equally amongst the shareholders (subject to above pro-rata basis of calculation). Your share/s will then be transferred to another DIAMOND RACING LTD horse if it is sold, die, claimed, retired etc.
(7) In the unlikely event of a horse dying during the period of ownership, the resultant sum paid by the insurance company shall be distributed equally amongst shareholders (on a pro-rata basis as calculated in paragraph 5) if any insurance is taken out on the horse/s. Your share/s will then be transferred to another DIAMOND RACING LTD horse.
(8) All win and place prize money (place money, first four placings) shall be distributed according to share holding within a period of 14 days of receipt of Weatherby’s statements. Resultant sums less than £100 will be held over in the shareholders account, once the prize money exceeds £100 it can be requested by the shareholder. If a person/s cancels their ownership in line with the agreed terms and conditions any claim for prize money must be made within 30 days of cancelling their agreement, after 30 days if no claim is received no prize money shall be paid. Weatherby’s automatically take 23% from any prize money won, 10% to the trainer, 10% to the jockey and 3% to the stable, this is industry standard. For example, if a horse wins £10,000.00, DIAMOND RACING LTD receives £7,700.00 and it is this amount that the prize money is paid from.
(9) One month will be deemed to be one calendar month.
(10) Racecourses provide four/six complimentary passes. These will be provided on a rota basis. Other shareholders will still have access to racecourse facilities but some form of entry fee to the racecourse will be payable. Subject to an individual racecourses’ approval badges may be provided for owner’s guest/s with a fee payable to the racecourse.
(11) The monthly fixed payment is guaranteed not to increase for the shareholding period and covers horse purchase costs, all vet fees, UK transport costs, entry fees and some racecourse hospitality.
(12) The first instalment must be in the form of a cheque, postal order or PayPal. Standing Order forms should commence from the second month/instalment.
(13) To cancel a share/s, 30 days written notice must be given for flat horses and 60 days notice for national hunt and dual purpose horses in writing (BY RECORDED/SIGNED FOR MAIL). This notice must be confirmed by DIAMOND RACING LTD.
(14) The advice service for personal use only. Any person/s found to be abusing the service will be found to be in breach of contract and have his/her ownership cancelled.
(15) The fixed monthly cost covers all racing costs in the UK. Should a horse run abroad any additional costs are met from the prize money account.
(16) Any owner/s found/thought to be recruiting/starting their own syndicate or recruiting or inciting DIAMOND RACING LTD owner/s to join alternative syndicates will have their shares holding/s cancelled and no prize/resale money will due. This may also result in legal action being taken.
(17) If at the end of the syndicate term DIAMOND RACING LTD or the trainer feel that the horse will not reach a reasonable price at the sales then DIAMOND RACING LTD can invoke the following: (1) – The horse is sold privately via Racing Post adverts etc – (2) – Continue to race the horse/s in claimers, sellers etc until the horse is claimed or bought – (3) – Retire the horse.
(18) The racehorse remains the property of DIAMOND RACING LTD.
(19) If the horse is on LEASE – there will be no re-sale payments/monies – on syndicates 131, 139, 140, 142, 143, 148, 149, 150 & 151.
(20) If an annual upfront payment option is taken, the 30-day notice period (flat horses) or 60-day notice period (national hunt horses) to cancel a share is not valid. If you choose to cancel, then there is no refund.
(21) When making a first payment via PayPal (purchasing a share/s) you are confirming you agree to DIAMOND RACING LTD terms and conditions and bound by them.