Syndicate Contract And Exit Terms Compared

Unraced 2- and 3-year-olds are generally campaigned for two seasons; older or leased horses for a shorter term set out per horse. source ↗

At the end: Sent to a horses-in-training sale unless all members agree to extend. source ↗

Retirement policies compared

Free to leave at the end of your contract; it can't guarantee to buy back a share if you leave early. Lease shares: two months' notice. source ↗

Sale vote: 65% of owners to accept an offer during the term. source ↗

No commission on prize money. source ↗

Says a sample agreement can be viewed on its site. page ↗

Fixed term, normally annual, with renewal. source ↗

Retirement policies compared

Owners of bought horses can leave at the end of the term, with their share sold on at market rates. source ↗

At the end of the term a leaving owner's share is sold on at market rates. source ↗

10% administration fee (and VAT) deducted from owners' prize money. source ↗

Retirement or sale: Explains that at the end of a lease the horse goes back to its legal owner (the lessor). source ↗

Retirement policies compared

12-month membership, with the option to renew. source ↗

Retirement policies compared

New members can cancel in writing within 14 days. source ↗

Membership can't be sold, gifted or transferred. source ↗

Sale vote: A sale before the end of the membership period needs 75% or more of members in favour. source ↗

The membership fee covers the club management fee and training fees; money left after prize money is paid out is kept by the club. source ↗

Club agreement (PDF) ↗

Retirement or sale: Lists a share of prize money and any sale proceeds as a member benefit. source ↗

Retirement policies compared

Three months' written notice to leave; you pay the costs during the notice period. source ↗

Shares are personal and non-transferable. source ↗

Terms and conditions, plus a refund policy ↗

36 months from issue unless stated otherwise; a lease may have a different term. source ↗

60 days' written notice by signed-for mail; no refund if you paid a year upfront. source ↗

Fees: If you paid a year upfront, the 60-day notice doesn't apply and there's no refund; prize money must be claimed within 30 days of cancelling. source ↗

You can transfer your shareholding to another person, who is then bound by its terms. source ↗

No syndicate management fee. source ↗

Terms and conditions ↗

Fixed terms set per horse, for example a 24-month term; club memberships usually 12 months. source ↗

Retirement policies compared

A share can't be sold or transferred, except to one named representative or beneficiary on a member's death. source ↗

Syndicate agreement text on each horse's share page ↗

6 or 12 months, with no obligation to renew. source ↗

Retirement policies compared

New members can cancel within 14 days. source ↗

Terms and conditions ↗

Lease shares can be ended with 31 days' notice; you keep prize money won up to that date. source ↗

Capital-share owners must sell their share to leave; Emris can help, but you pay upkeep until it's sold. source ↗

Retirement policies compared

A management fee per horse per season, stated in its terms; no commission on buying or selling horses. source ↗

Terms page says 'Content to follow'. page ↗

Retirement or sale: Depending on circumstances, a retiring horse may go to the sales to keep racing or be rehomed. source ↗

Retirement policies compared

Retirement policies compared

7.5% commission on the sale price at the end of the syndicate term is the only admin cost. source ↗

Retirement or sale: Has a Retired Horses page; a named member of staff places retired horses in suitable homes. source ↗

Retirement policies compared

Retirement policies compared

You can leave; it pays out your share at fair market value rather than you giving it up, and asks for some notice. source ↗

Fees: Your share isn't forfeited if you leave. source ↗

On a sale: sales-house commission plus 5% to the trainer and Hambleton. source ↗

Retirement or sale: Has a 'Racehorse Retirement Promise'. Some horses (especially fillies with broodmare potential) go to the sales; others are matched to homes through trusted people, former owners and rehoming contacts. One of Imperial Ruby's own owners gave him his home. source ↗

Retirement policies compared

Most Flat horses are sold by the end of their three-year-old careers; some race on at four. source ↗

A management fee on each share, stated on the agreement form, plus 10% of the sale price of a horse that sells for more than twice its purchase price. source ↗

Membership covers a whole Flat or Jumps season, renewed at the end of it. source ↗

At the end: Leased horses go back to their owner when the trainer or manager decides. source ↗

Membership is personal and can't be sold or transferred. source ↗

Sale vote: Members have no management role; decisions are made by the syndicate's management. source ↗

A management charge of £825 per member, included in the membership price; members share 90% of owners' prize money. source ↗

Terms and conditions of membership ↗

At the end: If most members want to end it, the horse goes to the sales or is sold privately; net sale money is shared pro rata. source ↗

Retirement policies compared

A member who wants to leave tells the Racing Manager, who offers the share to the other members first. source ↗

Fees: No further funds asked for in the first 12 months; any deficit at the end is met by members, per its agreement. source ↗

If no other member wants it, you can sell the share outside the syndicate; finding a buyer is mainly your job. source ↗

Sale vote: A horse is sold by a majority vote of members. source ↗

Retirement or sale: All income, including eventual sale money, goes into the syndicate account; costs come out, and anything left at the end is shared between owners. source ↗

Retirement policies compared

Share price covers all costs and management fees to the end of October 2027; a second year is estimated. source ↗

Lease syndicates run for a set period, e.g. a two-season lease to 30 April 2028 with the option to extend. source ↗

Retirement policies compared

Retirement or sale: Each share comes with the same percentage of sale proceeds, for example 25% of sale proceeds for a 25% share. source ↗

Retirement policies compared

Minimum 12 months for Flat horses and 18 months for jumps horses, from your first payment. source ↗

At the end: It can close a contract with at least 6 weeks' notice; you then get prize money and sale money due after fees. source ↗

Retirement policies compared

After the minimum term, one month's notice. source ↗

Fees: Leavers give up their upfront payment and any sell-on money; missing two monthly payments forfeits your share. source ↗

Sale vote: The syndicate decides on management, training and time of sale. source ↗

5% commission on gross prize money; managers paid from the syndicate account based on hours worked. source ↗

Owners' terms and conditions ↗

Retirement or sale: Has a rehoming page: horses at the end of their racing career are offered for rehoming, and applicants are asked about their experience and for a reference. source ↗

Retirement policies compared

Minimum 12 months (Flat) or 24 months (jumps) from when your funds clear; it ends when the horse is sold or retired. source ↗

Retirement policies compared

You can release your share and leave once the 12 or 24 months is up. source ↗

Fees: Leavers give up the upfront payment. source ↗

Sale vote: 65% of the syndicate vote to accept an offer. source ↗

5% commission on gross prize money; sale commissions and fees apply, and a fee if a horse is withdrawn from a sale. source ↗

12 to 24 months: an initial term set per syndicate, then the horse is sold unless owners renew. source ↗

At the end: At the end of the initial term the horse is sold, unless renewed; owners are asked whether to continue. source ↗

Retirement policies compared

Its FAQ says three months' notice can be given. source ↗

Its terms add that to leave early you notify it in writing, and you're released once your share is sold to a new owner. source ↗

Fees: Your upfront horse cost is given up. source ↗

A share can only be sold or transferred with its agreement, and it has first refusal; the price is based on the horse's fair market value. source ↗

Sale vote: An early sale needs 75% of owners in favour; otherwise decisions to sell are made by vote, with Mills Racing holding the casting vote on a tie. source ↗

Management fee of 15% of the initial subscription; a commission of no more than 15% of sale proceeds may be taken. source ↗

Full syndicate terms and conditions ↗

Retirement or sale: A racing manager service that includes 'Sale / Retirement / Disposal' and helps owners find a retirement home. source ↗

Retirement policies compared

Club membership runs for 12 months from joining; syndicate shares run for a set duration, with a new contract for any extra term. source ↗

At the end: The horse may be offered for another term, with previous shareholders getting first refusal. source ↗

Retirement policies compared

14 days to cancel for a full refund; after that, no refund if a shareholder leaves before the end of the term. source ↗

Shareholders get 90% of owners' prize money; the company keeps 10%. source ↗

Terms and conditions (club and syndicates) ↗

Lease syndicates: an initial 2 years with the option to extend; pinhooking syndicates: a 3-year term. source ↗

At the end: A lease can be ended by Nick Brown Racing at any stage, but not by the horse's owner; pinhooking syndicates are wound up after the last horse is sold. source ↗

Retirement policies compared

Two-year contract. source ↗

Two-year contract with a break clause at the end of year one. source ↗

Fees: No prize money or surpluses for early leavers, except at management's discretion; surplus training fees credited at the end of the contract. source ↗

Syndicate: an agreed two-year term (payments June 2026 to May 2028); micro-shares: a first term to the end of May 2027; Racing Club: monthly, no long-term commitment. source ↗

Retirement policies compared

14-day cooling-off with full refund; after that, cancel any time with 30 days' written notice. Racing Club: cancel any time. source ↗

Fees: On cancelling, your share reverts to OLBG, monthly payments stop, and amounts already paid (including the initial payment) are forfeited. source ↗

Shares can't be sold or transferred to a third party. source ↗

At the end: Renewal at the end of the term costs less than the original fee; otherwise the horse is sold and the money shared, less sales fees. source ↗

Retirement policies compared

Sale vote: If fewer than 51% of members renew by the end of the term, the horse goes to the sales. source ↗

Minimum six months; terms set per horse, e.g. ten months (1 July 2026 to 30 April 2027). source ↗

Retirement policies compared

Sale vote: After the minimum term, owners decide together whether to sell or keep the horse for another twelve months. source ↗

Duration of each syndicate is stated in its agreement. source ↗

A management fee stated in the agreement, plus 10% of sale proceeds if the horse sells for more than its purchase price. source ↗

A set syndicate term, usually about 12 months, though it can vary; renewal is optional. source ↗

Retirement policies compared

A new share can be returned within 14 days for a full refund; there are no further payments to stop during the term. source ↗

Shares can't be transferred, given or sold except as its terms allow; unrenewed shares are released for sale at the end of the term. source ↗

Sale vote: 55% or more of votes received to sell when it recommends a sale; one vote per share. source ↗

10% + VAT commission on the sale price. source ↗

Terms and conditions ↗

24-month contract. source ↗

Retirement policies compared

10% commission only if a horse sells for more than its purchase price (on the difference), plus 5% of prize money. source ↗

Retirement or sale: If a horse has to be retired rather than sold, it looks for a good home. source ↗

Retirement policies compared

Club memberships run for 12 months. source ↗

Retirement policies compared

Racing services: set-up fee from £499 and a monthly management fee from £215 plus VAT for a single horse. source ↗

Retirement or sale: Part of each share price goes into the horse's post-racing pension fund (£0.16 of a £44 share in its example), used for retirement or retraining; if it isn't needed it's donated to RoR. When the trainer recommends retirement, its team reviews it and expects to agree, and it works with its contacts and RoR on each horse's next step. The syndicate runs until the horse is sold or retired; private offers need 55% of votes cast. source ↗

Retirement policies compared

A 12-month Syndicate Term with fixed start and end dates; a share bought part-way through still ends on the same date. source ↗

At the end: At the end of each term it ends or renews the syndicate; if not renewed, fees paid in advance are refunded and the horse is sold or retired. source ↗

Retirement policies compared

Full refund within 14 days of buying. source ↗

If you don't renew, it will try to sell your share on its website and pass on the sale price, which may be higher or lower than you paid. source ↗

Sale vote: If there isn't enough interest to renew, it decides at its absolute discretion whether to sell the horse to another racing home or retire it. source ↗

Terms and conditions ↗

Retirement policies compared

Sale vote: At the end of every season owners vote to continue, change trainer or sell; the majority decides. source ↗

At the end: Unless other arrangements are made, horses are entered for public auction at the end of their 3-year-old campaign. source ↗

Retirement policies compared

Retirement or sale: Horses are usually sold at the Tattersalls Horses in Training Sale at the end of October; owners who want to carry on can buy out one who wants to sell. Sale money usually arrives 4 to 6 weeks after the sale. source ↗

Retirement policies compared

Club membership runs 12 months from purchase, with the option to renew. source ↗

Club contract (PDF) ↗

12 months from your first payment, with no commitment to stay on and an automatic right to renew. source ↗

14 days to cancel a new membership; after that, 90 days' written notice. source ↗

Fees: Money paid for the period after the notice is repaid, but leavers give up prize money due at the end of the contract. source ↗

Members share 80% of net owners' prize money; the other 20% goes to the horses' owners, who lease them to the club. source ↗

Racing club terms and conditions ↗

Committed until the horse is sold; the agreement can't be ended by the shareholder in the first 12 months (the Initial Term). source ↗

Retirement policies compared

After the first 12 months, at least one month's written notice. source ↗

Fees: On resigning, your interest in the horse reverts to The Horse Watchers for £1. source ↗

A share can only be sold or transferred with its written consent, and the buyer must sign the same terms. source ↗

A £200 management fee when you buy, included in the share price. source ↗

Share agreement (PDF, dated 2020) ↗

Retirement or sale: Lists a proportional share of prize money and sale proceeds; a team member's role includes rehoming and retraining its horses. source ↗

Retirement policies compared

Retirement policies compared

3 months' notice to leave your contract. source ↗

Retirement or sale: Owners get their share of prize money and any future sale money, under the syndicate agreement. source ↗

Retirement policies compared