What happens at the end of a syndicate term?
There really is no obligation at all after the initial one-off purchase!
All horses have a set syndicate term, which usually lasts for approximately 12 months, although this can vary.
Towards the end of the term, owners will receive a report from the trainer and the team, specifying the horse's prospects going forward and a recommendation on whether we believe the horse should continue into a further term, giving everyone the chance to renew for a further term.
The renewal price is very likely to be cheaper than the price paid to purchase the share(s) in the first instance, as owners will have already paid for their share of the capital of the horse. Therefore, the renewal price just includes the ongoing racing/training fees, management fees, insurance, VAT and the contribution towards the Horse Retirement Fund.
Owners are not obliged to renew their share(s) if they don't wish to, it's completely their choice. Once the syndicate term ends, any relinquished share(s) will automatically be released for sale and if those share(s) sell elsewhere, owners will receive the relevant share capital value of the horse, credited to their account.
If a low number of owners decide to renew their shares, the syndicate may be re-structured (see Terms and Conditions), or the horse may potentially be sold. If a horse is sold, the net sale price will be divided by the number of shares in the syndicate and all owners will receive their share of the net sale price to their account. If the syndicate does not continue into an extended period, any renewal payment for that new period, will be refunded.
Racehorse welfare is our top priority. If a horse has a setback in training or is deemed not to be fit enough to race for any reason, then the horse will rest until fit and ready. Our business also runs a not-for-profit organisation called Xracehorse Club, dedicated to the re-homing of retired racehorses. We are extremely passionate about the welfare of all of our horses, and will always endeavour to ensure that any horse retired from is given a loving home, when they retire from racing.