TERMS AND CONDITIONS

Welcome to Peter Clarke Racing!

These Terms and Conditions set out the basis upon which racing partnerships are formed and operated. They should be read carefully before joining a Partnership.

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1. Definitions

In these Terms and Conditions:

• “Company” means Peter Clarke Racing Partners LTD.

• “Partnership” means the racing partnership formed in relation to a named racehorse.

• “Partner” means an individual or entity acquiring a partnership interest.

• “Horse” means the racehorse identified in the Partnership documentation.

• “Term” means the duration of the Partnership as specified at the outset.

• “Trainer” means the licensed racehorse trainer appointed in respect of the Horse.

• “One-Off Cost” means the total amount payable by a Partner in respect of their partnership interest.

• “Nominated Partner” means the Company acting as liaison, administrator, and authorised representative of the Partnership.

 

2. Formation of the Partnership

2.1 The Partnership is formed upon acceptance of a Partner’s application and receipt of the required initial payment in accordance with these Terms and Conditions.

2.2 The Partnership is established for the sole purpose of owning and racing the Horse.

2.3 The Company is appointed as Nominated Partner for the duration of the Term.

 

3. Ownership of the Horse

3.1 The Horse shall be owned by the Partners as tenants in common in proportion to their respective partnership interests.

3.2 All Partners shall be registered as owners with the British Horseracing Authority (BHA) and Weatherbys in accordance with applicable rules.

3.3 Upon the formation of each Partnership, the Company shall automatically hold one partnership interest.

3.4 The Company may also retain any additional partnership interests which are not sold to third parties.

3.5 In respect of any partnership interests it holds, the Company shall participate as a Partner on the same terms and conditions as all other Partners and shall be entitled to the same rights and subject to the same obligations, save as expressly set out in these Terms.

3.6 Any partnership interests held by the Company shall carry voting rights in the same manner as other partnership interests.

3.7 The Company, as Nominated Partner, shall act as the authorised liaison between the Partnership, the Trainer, the BHA, Weatherbys, and other relevant third parties.

3.8 No individual Partner shall have authority to bind the Partnership or give instructions to the Trainer other than in accordance with these Terms and Conditions.

 

4. Underwriting of Costs

4.1 The Company shall underwrite all ordinary and anticipated costs associated with the training, racing, and care of the Horse for the duration of the Term.

4.2 The One-Off Cost represents the Partner’s entire financial commitment for the Term, subject to any agreed instalment arrangement.

4.3 No Partner shall be required to make any additional financial contribution beyond the One-Off Cost.

4.4 The Company’s underwriting does not extend to:
(a) personal tax liabilities of Partners;
(b) losses arising from a Partner’s failure to meet payment obligations;
(c) liabilities outside the normal course of racing operations;
(d) costs incurred after termination, save as expressly provided for in these Terms.

4.5 Nothing in these Terms constitutes a guarantee of performance, value, or prize money.

 

5. Calculation of the One-Off Cost

5.1 The One-Off Cost is calculated by reference to:
(a) a capital contribution attributable to the acquisition or valuation of the Horse; and
(b) an allowance for the anticipated costs of training, racing, and care of the Horse for the duration of the Term.

5.2 Where the Horse is acquired by public auction or private purchase, the capital contribution shall be calculated as a proportionate share of the actual purchase price paid.

5.3 Where the Partnership relates to a homebred Horse, the capital contribution shall be calculated by reference to valuation evidence available at the time the Partnership is formed.

5.4 The anticipated costs element of the One-Off Cost is based on reasonable estimates and does not vary by reference to actual costs incurred.

5.5 The One-Off Cost is a fixed, all-inclusive amount.

 

6. Deposit and Instalment Payment Option

6.1 The Company may offer a payment option whereby a Partner pays an initial 50% deposit, with the balance payable in six (6) equal monthly instalments.

6.2 Any partnership interest acquired under an instalment arrangement shall remain conditional until the One-Off Cost has been paid in full.

6.3 Failure to pay any instalment within 14 days of the due date may result in written notice being issued, allowing a further 14-day grace period.

6.4 If payment remains outstanding after the grace period, the defaulting Partner’s interest may be relinquished, reallocated, or resold.

6.5 Any sums already paid may be forfeited, subject to deduction of reasonable administrative costs and losses incurred.

6.6 Upon relinquishment, the defaulting Partner shall have no further rights or claims in respect of the Partnership.

 

7. Partnership Bank Account

7.1 A partnership bank account shall be established and maintained with Weatherbys.

7.2 The Company shall administer the partnership bank account on behalf of the Partners.

7.3 All income and expenditure relating to the Partnership, including prize money, shall pass through the partnership bank account.

7.4 Partners shall have no authority to operate the partnership bank account.

 

8. Accounts and Reporting

8.1 The Company shall provide bi-annual partnership accounts to the Partners.

8.2 Accounts shall summarise income and expenditure for the relevant period.

8.3 Accounts are provided for information purposes only and are unaudited.

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9. Decision-Making, Authority and Voting

9.1 Delegated Decisions
Day-to-day decisions relating to training, race entries, jockey bookings, routine veterinary treatment, transport, and logistics shall be delegated to the Trainer acting via the Nominated Partner.

9.2 Key Decisions Requiring Approval
Key Decisions include:
(a) sale or disposal of the Horse;
(b) permanent retirement of the Horse;
(c) appointment or change of Trainer;
(d) extension or early termination of the Partnership;
(e) matters materially affecting ownership interests.

9.3 Matters Not Requiring a Vote
Race selection, training regimes, tactics, temporary treatment or rest, and administrative matters do not constitute Key Decisions.

9.4 Voting Rights and Quorum
Voting rights are held in proportion to partnership interests.
A quorum requires Partners representing at least 60% of total partnership interests.

9.5 Voting Procedure
Votes may be conducted electronically. A reasonable voting period shall be specified and shall not be less than 72 hours, unless urgency requires otherwise.
Failure to respond shall be deemed an abstention.

9.6 Casting Vote
The casting vote exists solely to resolve deadlock and shall not be exercised so as to override a clear majority of partnership interests.

9.7 Emergency Decisions
Urgent action may be taken by the Nominated Partner in the best interests of the Horse or the Partnership, with notification to Partners as soon as reasonably practicable.

9.8 Good Faith
All Partners agree to act in good faith in exercising voting rights.

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10. Prize Money, Trophies and Awards

10.1 Prize money shall be paid into the partnership bank account.

10.2 Net prize money shall be distributed to Partners in proportion to ownership interests, provided payment obligations have been met in full.

10.3 Any trophies, prizes, or physical awards won by the Horse shall be allocated to Partners by ballot.

10.4 A Partner who has previously received a trophy or award shall be excluded from subsequent ballots until all other eligible Partners have had an opportunity to receive a trophy or award.

10.5 The Company shall administer the ballot process.

 

11. Term and Termination

11.1 The Partnership shall operate for the Term specified at the outset.

11.2 The Partnership may be terminated early following a vote in accordance with clause 9.

11.3 Upon termination, final partnership accounts shall be prepared and any surplus balance distributed in proportion to ownership interests.

11.4 No Partner shall be required to contribute additional funds upon termination. Any deficit shall be met by the Company in accordance with clause 4.

 

12. Transfer of Partnership Interests

12.1 No Partner may transfer their interest without the consent of the other Partners, such consent not to be unreasonably withheld.

12.2 Any approved transfer shall be subject to reasonable administrative requirements.

 

13. Risk, Liability and Indemnity

13.1 Partners acknowledge that racehorse ownership involves inherent risks.

13.2 The Company shall not be liable for losses arising from the performance or condition of the Horse, save for negligence, fraud, or wilful misconduct.

13.3 Each Partner agrees to indemnify the Company against losses arising from the proper performance of its duties, excluding negligence or fraud.

13.4 This indemnity shall survive termination.

 

14. Conflicts of Interest

14.1 The Company may have interests in other horses, partnerships, trainers, breeders, or related activities.

14.2 Such interests shall not invalidate decisions taken in good faith and in accordance with these Terms.

 

15. Copyright and Use of Materials

15.1 All text, reports, communications, images, videos, and audiovisual materials created by the Company, including these Terms and Conditions, are protected by copyright and other intellectual property laws.

15.2 Such materials may not be copied, reproduced, distributed, or published without prior written consent.

15.3 This includes posting or sharing on social media platforms, including but not limited to Facebook and X.

15.4 This clause does not prevent sharing factual race results or publicly available information.

 

16. Intellectual Property

16.1 All intellectual property rights, including rights relating to the name, image, likeness, and branding of any Horse, the Company name, logo, racing colours, and associated goodwill, are and shall remain legally and beneficially vested in the Company alone.

16.2 No Partner acquires any right or interest in such intellectual property by virtue of participation in the Partnership.

16.3 No such intellectual property may be used without prior written consent.

 

17. No Guarantee and No Reliance

17.1 Racing is inherently uncertain and no guarantee is given as to performance, prize money, or value.

17.2 Partners confirm they have not relied upon representations outside these Terms.

 

18. Notices

18.1 Notices shall be given in writing by email or such other method as the Company reasonably determines.

18.2 Notices sent by email shall be deemed received at the time of transmission unless delivery failure is notified.

 

19. Data Protection

19.1 Personal data shall be processed in accordance with UK GDPR and the Company’s Privacy Policy.

 

20. Governing Law

20.1 These Terms and Conditions shall be governed by the laws of England and Wales.

 

21. Acceptance

21.1 By joining the Partnership, each Partner confirms that they have read, understood, and accepted these Terms and Conditions.

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