CLIVE COX RACING LIMITED –
SYNDICATE TERMS AND CONDITIONS
2023 Sergei Prokofiev Ex Kaiulani Colt
To form a partnership of fourteen people who each own 1/14th shares of the 2023 Sergei Prokofiev Ex Kaiulani Colt
The Sergei Prokofiev colt will be trained by Clive Cox who has the authority to act on behalf of the partnership. The colt will be insured (against mortality) for his purchase price for the specified term of the partnership.
The partnership will open a Weatherbys Bank Account & register for VAT. All monthly payments will be paid into the account, reclaimed VAT and prize money will be credited to the account.
Each partner will pay £1,782.86 (inc VAT) for the purchase of the 1/14th share of the Sergei Prokofiev colt
Each partner will also make a total of 13 monthly payments of £430.00 (inc VAT) by standing order into the Syndicate Bank Account or a one-off payment of £5,310.50 (eligible for a 5% discount) by cheque or transfer. The monthly payments include all training costs, entry fees, jockey fees, transport and expenses when the colt runs, insurance and administration costs.
Group or Listed race entries, and costs for travelling abroad (with the exception of the Tattersalls sales race entry fees) are not included in the above charges. Any additional entries for races valued at £100,000+ may be deducted from reclaimed VAT or prize money.
Each 1/14th share will be entitled to 2 race-day badges if the racecourse allocation will support this. Where possible, additional badges will be purchased on behalf of syndicate members wishing to attend and we will do our best to accommodate you all. Badge requests cannot be guaranteed as this is always dependent on the individual racecourse allowances – should the total badges requested exceed that available, a ballot will be performed for ticket allocation Owners’ hospitality will also be as per the individual racecourse allowance, so this is also not guaranteed.
The partnership shall run until the Tattersalls HIT Sales in October 2025. In October 2025 the horse will be sold at this public auction unless all 14 partners agree to continue for a further term or the remaining partners buy out those who wish to terminate their involvement either by an agreed valuation or the horse being bought back on their behalf at the sales. If at least 75% of the partners wish to continue, the horse shall be valued by a bloodstock agent whose valuation shall be final and binding on the partners. If the partnership is renewed for a further year - monthly payments as appropriate will be calculated and commence from 1st November 2025 with these terms and conditions carried over.
When the horse has been sold, fully paid-up members shall be entitled to an equal share of the sales proceeds less 7.5% (+VAT) commission if the horse is sold for a sum greater than the original purchase price. Paid up members shall also be entitled to an equal share of any prize money won and VAT refunded less Group/Listed race entry fees, and all costs associated with racing the horse overseas.
The intention is to run the partnership until the Tattersalls HIT sales in October 2025; however, a decision can be made to sell the horse at any time if it is considered in the partners’ best interests and all partners agree in writing. At the dissolution of the partnership, any over payment of costs will be credited to the partners to whom it is due.
Signed…………………………………………. Clive Cox
Dated……………………………………. Signed……………………………………………
Dated……………………………………………