Please read all these terms and conditions.
- The following words shall have the meanings set out below:
the business of forming, marketing and managing racehorse syndicates as carried on by the company The Racing Emporium Ltd.
The Racing Emporium Ltd (company no:12319776 )
“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.
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.
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.
means an equal division of the ownership of a racehorse as determined by the company at its absolute discretion.
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 carries on the business of forming, marketing and managing racehorse syndicates The Racing Emporium Ltd.
- The Terms and Conditions form the basis of the contract between the company and the Member. An application by a person to join a syndicate shall be deemed to be an offer to become a Member pursuant to the Terms and Conditions and such application shall only be deemed to be accepted when the company issues a written acknowledgement (such as the issuing of a certificate of ownership) confirming that the person is a Member and that the syndicate has been formed.
- All purchased gift shares will be delivered to customers within 7-10 days from the date of purchase. All deliveries will be made to the address given when purchasing unless otherwise advised via firstname.lastname@example.org.
- 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).
- The choice of racing silks and syndicate name will be the company’s decision alone.
- 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 General Data Protection Regulation (EU) 2016/679 GDPR. 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).
- 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. The fact that in the past, the majority of The Racing Emporium horses have a good record of making it to the races and becoming a winner, does not offer a guarantee of the future success of any horse.
- 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.
- 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 Racing Emporium terms and conditions. All ownership rights shall belong to the nominated recipient of the gift. This means that payments from The Racing Emporium , 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 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 (see iii).
- 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 The Racing Emporium )).
- 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 The Racing Emporium 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 The Racing Emporium will refund their payment in full. (The cooling off period)
- 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. 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 2000 shares and then reduced to 1000 shares, the percentage of the renewed share would double.
- 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.
- 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 has already been paid).
- 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. 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.
- 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).
- Existing members of the syndicate will be given the opportunity to purchase relinquished shares, subject to availability, in first position.
- 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.
- 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 or rehomed 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. This refund will cover the period after the horse has moved to its new home.
- The decision whether or not to send the horse to the sales (or to offer for sale privately or to retire) shall be the company’s alone and not open to negotiation or debate.
- 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 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.
- The company reserves the right to offer the horse for sale at public auction for any reason whatsoever and at any time. A horse is a balance sheet asset of the company alone.
- 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 (eg price paid for the horse itself, auction house commission and incidentals plus transport costs).
- 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.
- When a horse is sold, the sales sum received will be distributed (after reasonable 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).
- Where a private offer is made to purchase a horse during a syndicate period and the company consider the offer to be sensible, 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, together with a pro rata refund of the management and racing costs for the remainder of the syndicate period.
- BREEDING SYNDICATES
- Syndicates formed for breeding purposes will have defined periods set by the company.
- 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 The Racing Emporium syndicate. Note: ‘foal at foot’ means ‘the foal that the broodmare has given birth to’.
- 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.
- 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.
- 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.
- 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.
- 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 arising from the breeding will be paid into the The Racing Emporium Racehorse Retirement fund.
- The purchase of a share in a broodmare or foal syndicate is not to be treated as an investment opportunity.
- Reasonable access to any horse is available at 22 hours notice.
- 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/ The Racing Emporium representative expenses) and Group/Listed/Graded 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 races are not covered by overall prize money won by the relevant horse in the syndicate period, the loss will be absorbed by The Racing Emporium and therefore no further payment will be required from any Member, in any event.
- The price for each share sold by The Racing Emporium includes the following:
- Capital purchase price of the horse. This is the sum The Racing Emporium originally paid for the acquisition of the horse, including any commission and initial vetting/transport.
(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.
- 10% capital risk.
Note: When The Racing Emporium purchases a horse, a considerable financial risk is taken by the company. The Racing Emporium stops selling shares in a horse if the horse should no longer be in a fit enough state to remain in racing. The capital risk is set at 10% of the capital purchase price paid for the horse (point 1 above) and is non-refundable if this particular share sale does not result in a loss for The Racing Emporium .
- All racing costs, which include training fees, entry/declaration fees, vets fees and all other racing/horse costs. This amount is usually set at around £28,000 per syndicate, per annum.
Note: Where The Racing Emporium 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.
- Management. This figure includes managing, servicing and marketing the syndicate and is usually set at £14 per annum per share. It also includes the social media/PR costs.
- Mortality insurance. This amount varies per horse, depending on its capital value at the beginning of the syndicate period and can be approximately £2,000-£10,000 per syndicate, per annum.
- The Cottam Grange Retirement Fund contribution is £1 per share, per annum.
- All sums stated above are subject to VAT at 20%.
(Note: VAT represents a significant amount of the cost of each share and this sum MAY be refundable (see term lii)).
(Note: Any Member renewing a share is only paying for items 3 – 7 in any subsequent terms, as the capital purchase price is only paid in the Syndicate Member’s initial term.)
- The all-inclusive cost includes mortality insurance for the horse during the syndicate period. The insured sum shall amount to the value attributed to the horse by the company at the start of the relevant syndicate period. This sum shall not be adjusted upwards during the syndicate period regardless of whether or not the value of the horse is deemed to have increased. However, 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 received from the insurance company will be credited to the owner’s account.
(Note: In the event of a horse value significantly increasing during a syndicate period, owners may choose to make their own insurance cover arrangements to cover the increased value difference, if they wish. Owners are invited to contact the The Racing Emporium office for guidance or to refer to any information that may be published in the magazine).
- All Members have the opportunity to apply to have the VAT element of their share payments to The Racing Emporium refunded. Owners are NOT obliged to participate in the VAT refund application. If a Member wishes to be part of the VAT refund application, they must submit their National Insurance number to The Racing Emporium within 14 days of purchasing a share, unless they have already done so. A National Insurance number can be submitted by using the secure The Racing Emporium website. By submitting a National Insurance number, a Member agrees that their data will be shared with HMRC. Whilst The Racing Emporium will go through the procedure of requesting a refund on behalf of all participating Members, The Racing Emporium cannot guarantee that HMRC will actually provide a refund. If a refund is successfully received, the refund will be added to a Member’s The Racing Emporium account after the current syndicate period ends. Note: the VAT refund scheme does not include horses in the breeding programme.
- Most racecourses impose restrictions on the number of people allowed into the paddock and winner’s enclosure for health and safety reasons. When the number of Members who want to attend exceed the racecourse’s figures, a ballot will be held to determine place allocation and any complimentary badges supplied by the racecourse will be given away to Members. The quantity of persons permitted to enter the paddock area is controlled by the racecourse and is limited to those persons who have been allocated an ‘owners badge’ for that particular race only. Entry costs to the racecourse are normally the responsibility of the Member. Members may not enter the pre-parade ring area, even if they are in possession of an owners badge. 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.
- Any owner 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 (example Royal Ascot) have extended requirements and these will normally be published in the monthly digital newsletter. Owners badges are limited to first come first served.
- Stable visits are organised from time to time and are published in advance in the digital newsletter. These can sometimes become oversubscribed, particularly with the top trainers. Early application is therefore advised but no guarantee of a place can be made. An owner can bring one guest (more at some visits) but there is an entrance charge for each guest. Some stable visits are not entirely suitable for disabled visitors and therefore accessibility needs to be checked prior to booking.
- The Racing Emporium 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 Racing Emporium 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.
- Where a declared horse becomes a non-runner in a race, The Racing Emporium 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 The Racing Emporium. Therefore, The Racing Emporium 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).
- All Intellectual Property, including, without limitation, all intellectual property rights relating to the image and name of any horse, The Racing Emporium name, logo and the racing colours are and shall remain legally and beneficially vested with the company alone.
- Any printed or other product will be sent out in the United Kingdom. However, all owners are able to view content online.
- The name of the horse is subject to change, usually in situations beyond the control of The Racing Emporium (for example, if the chosen name is rejected by Weatherbys, after the initial registration is submitted).
RACE PRIZE MONEY / TROPHIES
- 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, private banking.
- 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.)
- 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.
- 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 3, 4 and 5 from term l.
- Where a horse does not live up to expectations on the racecourse, or fails to ever make it to the racecourse, the Members shall not be entitled to any refund. However, where prolonged training is not in the best interest of the welfare of the horse, the company will recommend premature closure of the syndicate and in rare cases may decide to call for a vote amongst the Members of that syndicate. (Note: when a horse is deemed to have little or no residual value, or, when in our opinion, it’s in the best interests of the horse, to be retired from racing, the current policy is to gift the horse for re-homing to a racehorse rehabilitation centre or anywhere). If the syndicate is prematurely closed, as well as any returned capital value (if applicable), Members will receive a pro rata refund of points 3, 4 and 5 from term l.
- 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. In this event, Members will receive a pro rata refund of points 3, 4 and 5 from term l.
- When an The Racing Emporium 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.
- Unless specifically stated in the offer, the company offers no guarantee that a yearling will be registered under the Plus 10 scheme.
- Whilst The Racing Emporium is often able to re-home a retired racehorse through its own network, there are times when a retired horse will be sent to a Rehabilitation Centre. Any cost is met by including a sum within each syndicate period share fee. This sum shall be £1 per share per annum). This fee shall be described as the ‘Cottam Grange Rehabilitation contribution’.
- 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).
VOTING / DECISION MAKING
- When a vote relating to the 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 rights to vote is forfeited in that instance.
- When all votes received result in a split vote, the company will have the right to make a casting vote.
- 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.
- 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
- 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.
- 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.
- 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.
- Any person who is banned from entering a racecourse and/or ‘warned off’ by the British Horseracing Authority, cannot become a client of The Racing Emporium.
- All text created by The Racing Emporium (including, but not limited to, all horse reports and these terms and conditions), as well as all photographic images, transmitted both still and moving, including written and spoken words, are subject to copyright law and cannot be copied or transmitted in any format. This restriction includes the placing of any such copyrighted material within social media sites, such as, but not limited to, Facebook and Twitter.
As part of this Service we may provide access to certain graphical and textual information, email communications, video and audio footage, photographs, text images, statistics, logos and other media and intellectual property related to The Racing Emporium or the company’s licensees. All design, text, graphics, footage and the selection or arrangement thereof are the copyright of us or our respective licensees. We reserve the right to refuse to accept your purchase request.
You warrant that the information which you provide when you register is true, accurate and complete in all respects, and that funds are not derived from anything other than lawful activity.
In order to use this Service or access the content, you must (a) obtain access to the World Wide Web and pay any service fees associated with such access; (b) provide all equipment necessary to make such connection to the World Wide Web, including a computer and modem or other necessary access device: we recommend that you login to our demo account area to ensure that you can access content satisfactorily; (c) have Windows Media Player (the “Software”) installed on your terminal. Your use of the Software is subject to the terms of the licence granted to you by the relevant licensor. We are not providing and are not responsible for the Software, or for any problems caused by the Software, computer hardware or computer operations systems.
Your right to access the Service is personal to you. You are wholly responsible for your access to the Service by any person using your terminal or point of presence and you are responsible for ensuring that any such person also fully complies with these Terms and Conditions. You agree to access the Service in a manner consistent with any and all applicable laws and regulations in the country from which you have accessed this Service.
You must not (nor authorise or permit any other party to):
(a) abuse your access to the Service or use it for any unlawful purpose;
(b) access the Service in a way that may cause the set, software, applications and other equipment used by us to provide this Service (the “System”) to be interrupted, damaged, rendered less efficient or impaired;
(c) access or record the Service in any manner which violates or infringes the rights of any person, firm or company (including without limitation rights of intellectual property, confidentiality or privacy);
(d) reproduce, modify, distribute or publish the whole or any part of the content of this Service without our prior written permission;
(e) sell, assign, transfer or delegate to another person or entity all or any of your rights and obligations in the Service or any part of it;
(f) access the Service from any computer terminal installed at a licensed betting office in the UK and/or Ireland.
(g) access the Service from an internet cafe or somesuch
2. Particulars Of Shares
By accepting these terms and conditions you acknowledge the following:
You have decided to participate in The Racing Emporium purely for the purposes of fun and enjoyment, and to meet with like minded racehorse owners.
You recognise that any involvement in Racehorse ownership cannot be regarded as an investment and, although an involvement can be profitable, that the risks of loss are high and that you might lose a significant proportion or even the full amount of your initial outlay.
You recognise that, while your involvement will confer upon you many of the characteristics of racehorse ownership, it will not confer upon you any proprietorial interest in any Horse(s) but a right to participate (pro rata with any other participants in the same arrangement) in the amount by which any prize money surpluses generated by the horse during the period of your involvement exceed the costs to The Racing Emporium of acquiring the use of the horse during that period.
You acknowledge that ownership of the Horse for the purposes of the Rules of Racing shall, throughout the period of my involvement, remain with The Racing Emporium whose proprietorial interest in each Racehorse may, in turn, be a leasehold or other temporary interest only and that The Racing Emporium may not necessarily be the legal owners of the racehorse.
You acknowledge that, for the purposes of the Rules of Racing, the registered owners, or successor in title, of each Racehorse throughout the period of your involvement shall be The Racing Emporium Ltd. – a Limited Company formed in accordance with the Rules of Racing.
You accordingly acknowledge, in relation to the Racehorse, that complete authority in relation to the Racehorse shall be vested in The Racing Emporium who shall manage those horses during the Share Period, for the rateable benefit of you and all others involved in the racehorse and so that you and the other participants in the racehorse will share pro rata, according to your respective entitlements.
For every Horse The Racing Emporium lease or purchase from an owner, The Racing Emporium will give you access to information regarding the Horse and may give you a percentage of winnings, but the Service does not provide for any claim to ongoing ownership of any Horse;
When attending yard visits at trainers premises or attending the races with The Racing Emporium as an Owner The Racing Emporium will not be liable for any personal injury. You attend these events at your own risk. Racecourse rules state that Children under 16 are unable to be admitted to the parade ring at any racecourse.
We have some simple rules regarding general behaviour, badge allocation and racecourse attendance. You agree to behave in an orderly and respectful manner when communicating with The Racing Emporium, at the races, to our Helpdesk or attending yard visits. Disregard of reasonable safety instructions and requests, or disruptive behaviour at the races or yard visits will result is your share and the service being suspended without notice. Any threatening, slanderous or abusive communications will result in your Account being terminated without notice. Further details are posted in the ‘Help’ area of the ‘Horse Manager’.
Each share is valid from the date of purchase until the set end date stated on purchase. There is no commitment to pay for another share after the Share Period has expired. There is no commitment by The Racing Emporium to provide more shares in the same Horse after the Share Period has expired;
In view of the unpredictable nature of the industry, no specific guarantees can be made in any respect. For example; whilst the intention of each Horse we advertise is to provide runs in races, and an interest for the full length of the Share Period, there are no specific guarantees. The spread of runs, the results and finishing positions of racehorses and the cessation of racing by the horse for whatever reason, at whatever time during the share period, cannot be controlled or guaranteed. Shareholders take the chance that their Horse will perform to the trainers expectations when purchasing a share, but if expectations are not met The Racing Emporium are unable to compensate shareholders in any way. This is all part of the ownership experience. Horses – and particularly racehorses in training – are prone to injury, accident and illness and may become unable to race for periods of time and share periods may finish early as a result. Yard visits may be postponed, re-scheduled or cancelled;
Some The Racing Emporium horses may run in selling or claiming races and may therefore be sold in accordance with the race conditions. If this is likely it will be stated within the Horse’s profile in the ‘View the Horses’ area of the web site. Alternatively, an The Racing Emporium horse may break down or become injured and may be unable to race any further during the Share Period. If either of these events occur before your Horse has met the conditions of our ‘Value Guarantee’, stated in each Horses individual online profile, The Racing Emporium will set the Horse status to ‘Transferred’ and will allocate an alternative Horse, of The Racing Emporium’s choosing, to your account for the remaining Share Period. The substitute Horse will not attract any winnings to your account but you will be able to request owners raceday badges and attend any yard visits;
All decisions relating to the Horses, trainers, administration, and general management, shall be vested in The Racing Emporium.
You must pay the share purchase fee (the “Fee”) applicable to the specified horse in accordance with the fee notified to you at the time of purchase. Fees are exclusive of VAT.
The Fee will be automatically billed via PayPal against the credit/debit card number that you provide in the registration form. PayPal will notify you by email that we have debited your credit/debit card and that you have been granted access to the Service. The email message will constitute our acceptance of your request to access the Service. Our acceptance of your order will be deemed complete and received by you at the time and date we send the email, which time and date is specified on the email. We accept no responsibility for you not actually receiving the email for reasons outside our control.
4. Cancellation and Refunds
Once you have paid for the Service, no refunds or cancellations are permitted.
However, if you wish to make any suggestions or notify us about any matter in respect of this Service, please contact us by sending us an e-mail at: email@example.com
B5. Disclaimer of warranties
- We are providing the Service and System on an “as is” basis and make no representations or warranties of any kind with respect to either the Service or System or their content including (without limitation) implied warranties and/or conditions as to completeness, accuracy, satisfactory quality and fitness for a particular purpose, except to the extent required by law and/or conditions. We do not warrant that the Service will meet your particular expectations or requirements or that it will be uninterrupted, timely, secure or error-free, nor do we make any warranty as to results or the accuracy of any information obtained by you through the Service, except to the extent required by law and/or conditions. Additionally, and save as required by law, no term which, but for this disclaimer, would or might be implied by law so as to constitute a term hereof shall be implied. If and to the extent that it may be applicable to these Terms and Conditions section 13 of the Supply of Goods and Services Act 1982 is hereby explicitly excluded.
The description of the Goods in our website does not constitute a contractual offer to sell the Goods. When an Order has been submitted on the Website, we can reject it for any reason, although we will try to tell you the reason without delay.
- The Order process is set out on the Website. Each step allows you to check and amend any errors before submitting the Order. It is your responsibility to check that you have used the ordering process correctly.
- A Contract will be formed for the sale of Goods ordered only when you receive an email from us confirming the Order (Order Confirmation). You must ensure that the Order Confirmation is complete and accurate and inform us immediately of any errors. We are not responsible for any inaccuracies in the Order placed by you. By placing an Order you agree to us giving you confirmation of the Contract by means of an email with all information in it (ie the Order Confirmation). You will receive the Order Confirmation within a reasonable time after making the Contract, but in any event not later than the delivery of any Goods supplied under the Contract.
- Any quotation is valid for a maximum period of 1 day from its date, unless we expressly withdraw it at an earlier time.
- No variation of the Contract, whether about description of the Goods, Fees or otherwise, can be made after it has been entered into unless the variation is agreed by the Customer and the Supplier in writing.
- We intend that these Terms and Conditions apply only to a Contract entered into by you as a Consumer. If this is not the case, you must tell us, so that we can provide you with a different contract with terms which are more appropriate for you and which might, in some respects, be better for you, eg by giving you rights as a business.
6. Limitation of liability
- Neither we nor any of our directors, employees or other representatives (nor the directors, employees or other representatives of our agents, sub-contractors or group companies) will be liable for damages, in contract, tort or otherwise including negligence, arising out of or in connection with the provision of access to the Service. You confirm that we shall not be liable to you or any third party for any modification to, suspension of or discontinuance of the Service. This is a comprehensive limitation of liability that applies to all damages of any kind, including (without limitation) compensatory, direct, indirect or consequential damages, loss of data, income or profit, loss of or damage to property and claims of third parties. We do not limit or exclude our liability for death or personal injury resulting from our negligence. In no circumstances shall any liability of The Racing Emporium hereunder to any person purchasing the service exceed the amount paid by that person.
7. Suspension and Termination
We may suspend or terminate the Service or your access to the Service at any time in our absolute discretion if:
(a) your access to the Service is considered to be in breach of these Terms and Conditions or the Website Terms and Conditions; or
(b) your behaviour or actions at yard visits or at the racetrack place other shareholders at risk or reduces other shareholders enjoyment of the Service; or
(c) a court or competent regulatory authority requires our provision of the Service to be terminated.
- From time to time, your access to the Service may be suspended in order for work to be carried out relating to the upgrading or maintenance of the System or otherwise as necessary for the provision of the Service. We shall give as much notice as is reasonable in the circumstances and shall endeavour to ensure that such works are carried out as expeditiously as is possible in the circumstances.
9. Licence to download material
- We grant you a non-exclusive, non-assignable, and non-transferable licence to use, view and display, for personal use only, one copy of any material that you may be required to download in order to access the Service, including, but not limited to, any files, codes, audio, or visual images incorporated in or generated by the software (collectively “Downloaded Material”) provided, however, that you maintain all intellectual property related and other notices contained in such Downloaded Material. You acknowledge and agree not to sublicense, assign, or otherwise transfer this license or the Downloaded Material. You also agree not to alter, disassemble, decompile, reverse engineer, or otherwise modify the Downloaded Material.
- You agree to fully indemnify us immediately on demand against all claims, liability, damages, costs and expenses, including legal fees, arising out of any breach of these Terms and Conditions by you (or any other user in your household or anyone else who may access the Service through your terminal using your password) or any other liabilities arising out of your or their use of or access to the Service and/or the System. You shall provide us with notice of such claims, full authority to defend, compromise or settle such claims and reasonable assistance necessary to defend such claims, at your sole expense.
- You may be subject to taxes on your registration, which are levied in respect of the Service. These duties and taxes plus any additional administrative charges for customs clearance must be borne by you; we have no control over these charges and cannot predict what they may be. Customs and taxation policies vary widely from country to country; you should contact your local customs or tax office for further information. Applied tax may not be used as a set off.
Any notices we send will be sent to the email address you supply during the registration process. Any notices you send us should be sent by email to firstname.lastname@example.org Notices will be deemed to have been delivered, whether dispatched by e-mail or otherwise, at the time of receipt.
If we fail to exercise or enforce any right we have under these Terms and Conditions such failure will not be deemed to be a waiver of that right nor will it prevent us exercising or enforcing that right on a later occasion.
If any provision of these Terms and Conditions is found to be illegal, devoid of legal effect or unenforceable, these Terms and Conditions shall be construed as if the relevant provision had been deleted, and the rest of the agreement remains in place.
No refunds will be made in connection with any postponement or cancellation of events, for whatever reason.
If you experience any difficulties while attempting to access The Racing Emporium, contact the Helpline by e-mailing email@example.com
The Racing Emporium may terminate the users access to the owners area immediately without notice if the user is in breach of any of these terms and conditions or may terminate the users access to the owners area if any charges for these services are unpaid. In the event of such termination, the user will not be liable for any refund of monies paid for Share Periods which have not reached their expiry date. Any member found to be acting inappropriately whilst visiting a racecourse or the stables will automatically be excluded from the syndicate. There is no right to appeal.
As required by GDPR, The Racing Emporium follows strict security procedures and takes appropriate measures to ensure that the users personal information is not damaged, destroyed or disclosed without the users consent and to prevent unauthorised access to it. However, The Racing Emporium cannot be responsible for and therefore excludes all liability for loss or misuse of personal information which is intercepted or otherwise misused by unauthorised persons, so called ‘hacking’.
Copyright in all The Racing Emporium postings is strictly reserved by The Racing Emporium and no material therein may be stored or recorded in any storage and retrieval system, mechanical, electronic or photographic and no part of it may be transmitted or reproduced in any way without written permission of the The Racing Emporium. This website is provided subject to the conditions that, when otherwise supplied, it will appear in the same form in all respects exactly as supplied by The Racing Emporium and that neither the content or the advertising material therein or any other content of The Racing Emporium may be altered, varied, added to or subtracted from without their prior consent in writing.
The Racing Emporium and its partners shall take all reasonable steps to ensure a high quality Service. However, we cannot control Internet network congestion that may occur and affect the quality of the Service. We are not responsible for any suspension of service that may occur in content that is received from other third parties.
For certain services we will accept purchases only from residents of certain geographical areas. This will be indicated clearly at the time of purchase. You are responsible for respecting this clause. If we believe you have provided false information, we reserve the right to terminate this contract and your access to the Service. We will not be liable to you for any breach of these Terms and Conditions by us due to any cause beyond our reasonable control.
We reserve the right to vary and/or update these Terms and Conditions from time to time without notifying you. Updated Terms and Conditions will be posted on this website and can be viewed by you at any time. We recommend you check back regularly to ensure you are aware of any changes. Changes to the Terms and Conditions will be deemed to have been accepted by you if you continue to access the Service from the date the updated Terms and Conditions are so posted.
We may assign or transfer all or any of our rights and obligations under these Terms and Conditions to a group company or other third party. In the Service of assignment or transfer, notification will be given to you by e-mail. This Agreement constitutes the entire agreement between us and you with respect to this subject-matter and excludes any representations or warranties previously given or made other than any fraudulent misrepresentation and it may be amended only by us on notice to you.
These Terms and Conditions and your access to and use of Service are subject to the laws of England and Wales and you submit to the exclusive jurisdiction of the courts of England and Wales.
- We have a legal duty to supply the Goods in conformity with the Contract, and will not have conformed if it does not meet the following obligation.
- Upon delivery, the Goods will:
- be of satisfactory quality;
- be reasonably fit for any particular purpose for which you buy the Goods which, before the Contract is made, you made known to us (unless you do not actually rely, or it is unreasonable for you to rely, on our skill and judgment) and be fit for any purpose held out by us or set out in the Contract; and
- conform to their description.
- It is not a failure to conform if the failure has its origin in your materials.
- We will provide the following after-sales service: Contact regarding horse performance and potential visits.
- Either party can transfer the benefit of this Contract to someone else, and will remain liable to the other for its obligations under the Contract. The Supplier will be liable for the acts of any sub-contractors who it chooses to help perform its duties.
- In the event of any failure by a party because of something beyond its reasonable control:
- the party will advise the other party as soon as reasonably practicable; and
- the party’s obligations will be suspended so far as is reasonable, provided that that party will act reasonably, and the party will not be liable for any failure which it could not reasonably avoid, but this will not affect the Customer’s above rights relating to delivery and any right to cancel, below.
- Your privacy is critical to us. We respect your privacy and comply with the General Data Protection Regulation with regard to your personal information.
- For the purposes of these Terms and Conditions:
- ‘Data Protection Laws’ means any applicable law relating to the processing of Personal Data, including, but not limited to the Directive 95/46/EC (Data Protection Directive) or the GDPR.
- ‘GDPR’ means the General Data Protection Regulation (EU) 2016/679.
- ‘Data Controller’, ‘Personal Data’ and ‘Processing’ shall have the same meaning as in the GDPR.
- We are a Data Controller of the Personal Data we Process in providing Goods to you.
- Where you supply Personal Data to us so we can provide Goods to you, and we Process that Personal Data in the course of providing the Goods to you, we will comply with our obligations imposed by the Data Protection Laws:
- before or at the time of collecting Personal Data, we will identify the purposes for which information is being collected;
- we will only Process Personal Data for the purposes identified;
- we will respect your rights in relation to your Personal Data; and
- we will implement technical and organisational measures to ensure your Personal Data is secure.
- For any enquiries or complaints regarding data privacy, you can contact the office manager at the following e-mail address: firstname.lastname@example.org.