Terms & Conditions

These are the terms and conditions upon which The Grid Iron Company Ltd trading as Grid Iron Racing operates.

(Registered in England & Wales No. 10717230 and whose registered office is at Suite E Canal Wharf, Eshton Road, Gargrave, Skipton, North Yorkshire, England, BD23 3SE (referred to as “Grid Iron Racing” or “we” or “us” or “our”) accepts the offer from any party wishing to acquire a share or shares of a racehorse as part of a “syndicate” that owns that racehorse (referred to as an “owner” or “you” or “your”), to enable such owner (and any other owner of a share in that horse (also referred to as an “owner” or in the plural as “owners”), to have a high-quality ownership experience, at an affordable price, to help grow racehorse ownership and general interest and engagement in the sport of horse racing.

If you have any questions please see our FAQs on our website www.gridironracing.co.uk or contact us by email at [email protected]

Ownership of a share or shares

1. When you order shares or vouchers on our website, www.gridironracing.co.uk, you make a proposal to purchase a specified number of shares in one or more racehorses. This proposal is subject to the terms and conditions outlined below and will only be considered a binding agreement once Grid Iron Racing sends you a confirmation of your order, which includes details such as the number and percentage of shares purchased and the name(s) of the racehorse(s) in question.

2. The ownership of each Grid Iron Racing horse is divided into a specified number of shares, and the sum of all these shares constitutes 100% ownership of the horse. This ownership is valid for a fixed time period, as outlined in the order confirmation.

3. Shareholders are not permitted to sell, lease, transfer, or assign their share in a horse except as outlined in these terms.

4. The expenses associated with your share are proportional to your ownership percentage and cover the annual costs for training and racing the horse. There will be no additional expenses to pay during the ownership period. A comprehensive breakdown of expenses can be found on the horse page on our website.

5. Each share is valid for the share term from the date of purchase until the designated end date specified in the order confirmation. There is no obligation to purchase another share after the share period has ended. Our share terms are typically for 12 months, unless otherwise stated, with a fixed end date.  For example, if you purchase your share 3 months into the term, your end date will still be the advertised 12-month end date, 9 months from when you bought the share.

6. By paying the annual fees, you are agreeing to renew your ownership of that share or shares for another year, subject to these terms and conditions.

7. The maximum number of shares that an individual may own in a single horse is 50, and shares must be solely owned. Horses are divided into a number of shares, with this information displayed prominently on the horse page on our website. This results in the maximum percentage ownership of any horse being limited to 5%.

8. All shareholders must be at least 18 years old, and by placing an order, you confirm that you are over the age of 18.

9.If you choose not to continue as an owner of the horse after the ownership period has ended, Grid Iron Racing will make efforts to find a new owner for your share(s) and refund you the equity amount received from the sale. If, after a reasonable period of time and having done our best to market the available shares, we are unable to sell your shares, we will determine that they have no market value and Grid Iron Racing will take on the equity and running costs of those shares.

10. Owners who have not renewed their share(s) before the end of the ownership period will no longer receive a share of prize money won by the horse in races after that date and will not be liable for or involved in the relevant share(s) in the new ownership period. Grid Iron Racing will attempt to sell any relinquished share(s) on behalf of the owner and, if successful, will credit the owner’s account with a sum equal to the relevant pro-rata portion of the total capital value of the horse.

11. If you wish to continue as an owner at the end of the ownership period, before the ownership period is due to expire, Grid Iron Racing will provide an opinion on whether or not the horse should be retained and a new ownership formed. Owners will then have the opportunity to decide whether or not to continue into the next ownership period.

12. The number of shares being sold in a new ownership period will always be the same as the previous period, unless there are not enough renewed shares and a new structure with fewer shares is formed for the new period.

13. If a significant number of owners in an ownership period do not renew their shares, Grid Iron Racing will assess the viability of the ownership period. If Grid Iron Racing determines that the ownership period is not viable, any owners who have renewed will receive a pro-rata refund.

14. If Grid Iron Racing determines that the ownership period is viable and is willing to bear the financial responsibility for unsold shares and market them for sale, Grid Iron Racing will work to restructure the ownership period.

15. To restructure an ownership period for a reduced number of owners, Grid Iron Racing will estimate how many unrenewed shares it believes can be sold. For example, if a horse is split into 2,000 shares and 1,250 shares are unrenewed, Grid Iron Racing will estimate how many it thinks it can sell. If it estimates 250 shares, Grid Iron Racing will bear the value of these 250 shares. The ownership period will then be half its original size, and Grid Iron Racing will purchase the relinquished shares of owners who choose not to continue, at the reduced pro-rata percentage of the new ownership period size.

(a) If the new ownership period size is 50% less than the previous, the payment for the capital value of each relinquished share will be reduced pro-rata, based on the number of unrenewed shares.

(b) If the current capital value of the horse is £10,000 with 2,000 shares, instead of each relinquished share being sold for £5, because there are only 250 shares 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 for each relinquished share.

16. In the event of a change in syndicate structure, this may entail a shorter syndicate duration, but at the same time, due to the decrease in shares, the renewed share percentage will increase at no extra cost to the owner.

17. Using the examples, if a syndicate that previously comprised 1,000 shares was reduced to 500 shares, the percentage of renewed shares would double.

Horse Management

18. Grid Iron Racing will have the final say regarding decisions about the horses and their racing plans, trainers, overall management, and operations, but we will always aim to share these proposals and gather input from owners to aid our decision-making process.

19. If a Grid Iron Racing horse does not participate in a race or passes away, there will not be a refund of the capital amount, however a proportionate refund of unused running costs will be provided.

20. Grid Iron Racing horses are not covered by a mortality insurance policy.

21. The cost of a horse participating in races outside of the UK is the responsibility of the syndicate that holds shares in the horse. However, Grid Iron Racing maintains the stance that no horse should participate in races outside the UK unless the prize money for that race is sufficient to cover the additional expenses.

22. Each horse that participates in a high-level race with an entry fee exceeding £750 (such as heritage handicaps, Listed, and Group races) will utilize its available prize money in its account to pay for the extra expenses. However, if the horse’s account lacks sufficient funds and Grid Iron Racing considers it to be a valuable opportunity, the company will bear the cost of the additional entry fee.

Ownership management

23. You will have the right to request a return of the funds paid by you for any stake in a horse, provided that Grid Iron Racing receives your written request for a refund within 14 days from the date of purchase of such stake, and the refund will be processed within 21 days after receipt by Grid Iron Racing of the notice. Once the 14-day period has passed, owners will be considered to have entered into a fixed-term contract and will no longer have the option to exit the syndicate or transfer ownership to a third party.

24. Grid Iron Racing through its management service will provide you with the complete ownership experience that any other racehorse owner would receive (proportional to the shares you hold in the horse). This includes:

Access to information about the horse through various forms of communication.

The chance to visit the horse at the trainer’s stable and watch it run in races as an owner.

The possibility to participate in events related to the horse, at cost, to all owners.

If the number of owners wishing to attend an event exceeds the number of owner badges or tickets available, a lottery will be held, with each share held by an owner being included in the lottery. This ensures that owners with a larger investment have a better chance of attending while also giving single shareholders a chance to participate.

A proportional share of 100% of the net prize money won by the horse and any net proceeds from its sale.

25.Prize money and related funds will be credited to a shareholder’s Grid Iron Racing account during the 11th month of the syndicate period, and can be either withdrawn or reused. At the end of the syndicate period, a comprehensive financial statement will be provided to all shareholders, which will include a Profit and Loss statement that reflects all revenue and expenses such as prize money, jockey fees, training fees, and appearance fees.

Prize money

All net prize money earned by any horse during the syndicate term applicable to that horse will be distributed as follows:

26. The distribution of net prize money won by a horse in a syndicate will occur once per year. However, if the horse wins more than £100,000, Grid Iron Racing will reassess the situation and consider releasing the funds sooner.

27. The amount allocated to each owner will be proportionate to the shares they hold in the horse. This amount, which is calculated as the net total paid to Grid Iron Racing by Weatherbys or any similar organization in Ireland or France, will be paid after deducting any race day expenses such as entry fees, supplementary entry fees, trainer fees, and jockey fees. This payment will be deposited into the horse’s account with Weatherbys, held under the name of The Grid Iron Company doing business as Grid Iron Racing. One of the company’s directors will be the signatory on the account.

28. The net prize money also includes any appearance fees and bonuses won.

29. There is no guarantee that a horse will be successful and win prize money.

30. If prize money is not claimed within two years, it will be donated to either Racing Welfare or the RoR.

Sale of a horse

Sometimes an offer to buy a horse will be made, or Grid Iron Racing will suggest to the syndicate for that horse, that it should be sold in which case the following will happen:-

31. Owners in the syndicate will be asked to vote on whether to sell or keep the horse and each share in that horse entitles the owner to one vote. If the vote is split equally, Grid Iron Racing will be entitled to exercise a casting vote and its decision shall be final and binding on all owners of that horse.

32. Owners are liable for all costs associated with the sale of their horse, and on such a sale, Grid Iron Racing will charge and deduct a commission of 8% + VAT of the sale price. The deductions from the sale sum are to cover Grid Iron Racing’s costs including auction fees and commissions, transport, and any training fees accrued outside of the syndicate period. The remaining balance will then be distributed amongst the owners of that horse pro rata to the number of shares held by them.

33. Where a horse is sold or re-homed after the start of the new syndicate period, Owners will receive a pro rata refund of the management and racing costs for the remainder of the syndicate period. The refund period will be calculated from the date the horse moves to its new home.

Valuing a horse

34. Grid Iron Racing will sometimes purchase horses through public auctions held at renowned thoroughbred auction houses, such as Goffs and Tattersalls. The price of the horse will be publicly available and will determine the capital value of the shares in that horse. If Grid Iron Racing opts for a private purchase, it will syndicate the horse for the price it was acquired for plus any expenses in acquiring the horse, such as transport, vets fees etc. If the horse is a yearling when purchased, costs of breaking in, stabling and training, prior to being offered, will be added.

35. During the sales process, Grid Iron Racing will follow the guidelines set by the Bloodstock Industry Code of Practice.

36. If Grid Iron Racing needs to determine a horse’s worth (such as when a syndicate term is ending), they will consult the horse’s trainer and an impartial bloodstock expert to obtain their estimated value of the horse in a public auction setting. Grid Iron Racing will then make this information known to the syndicate owners to maintain transparency. This is the most equitable approach without having to actually sell the horse in an auction.

Retiring and re-homing a horse

37. If a trainer determines that a horse is not suitable for racing, whether due to injury or a lack of aptitude, Grid Iron Racing will make the ultimate decision regarding the horse’s future, including whether to retire, sell, or relocate it. If Grid Iron Racing assesses that the horse has limited residual value, the ownership of all shares in the horse will be transferred to a new owner in the event of a sale. On the other hand, if Grid Iron Racing determines that the horse has no value, it will act as the owner’s agent to transfer ownership of the horse to a rehabilitation centre or new owner, and the owners will only receive a pro rata refund for any unused funds related to that horse.

Owner responsibilities

Each registered owner of a horse will have the following responsibilities and obligations which will be enforced by Grid Iron Racing where necessary:-

38. Any individual who has been banned or received a warning from any racing authority is not eligible to become an owner in a horse.

39. The use of information about the horse for purposes that could result in exploiting its potential poor performance (such as betting on it to lose) is prohibited. Owners are also subject to, and regulated by, certain provisions of the Rules of Racing, which may be subject to change, and are notified by the BHA to the Syndicator. Specifically, this includes chapters J (Integrity) and L (BHA Investigations and Disciplinary Actions).

40. Owners are required to maintain appropriate behaviour and etiquette when attending events or race days. Failure to do so may result in their removal from the syndicate, along with the forfeiture of their shares.

41. It is important to note that horse ownership is a leisure activity and should not be considered as a financial investment. No financial returns should be expected.

42. Owners are advised that when visiting the trainer’s stable or attending races with Grid Iron Racing, the company will not be held responsible for any personal injury or loss. Participants attend these events at their own risk.

Intellectual Property

43. All intellectual property rights, including but not limited to copyright, design rights, trade secrets, and any other intellectual property rights related to the image and name of a horse, its associated logos and racing colours, and any material produced by Grid Iron Racing, will remain the sole property of Grid Iron Racing.

General Provisions

44. Grid Iron Racing reserves the right to modify these terms and conditions at any time by posting the updated version on its website and notifying all registered owners.

45. Grid Iron Racing will handle all personal information of owners in accordance with its privacy policy, which can be found on the website.

46. BHA and Weatherbys may require your personal details to allow us to register the syndicate and list all the owners for each horse. You therefore authorise us to disclose such personal details to them and these will be held and dealt with in accordance with their own respective privacy policies.

47. Any notice or other communication given to either an owner or Grid Iron Racing shall be in writing, addressed to that party at its registered office (in the case of Grid Iron Racing) or such address of an owner as is notified in writing to Grid Iron Racing, and shall be sent by pre-paid first class recorded delivery post and be deemed to have been received on the second working day after posting

48. No one other than a party to the contract between Grid Iron Racing and an owner, shall have any right to enforce any of its terms.

49. Any dispute or claim (including non-contractual disputes or claims) arising out of or in connection with agreement between Grid Iron Racing and any owner shall be governed by and construed in accordance with the law of England and Wales and dealt with as follows:-

(a) the parties should initially use reasonable endeavours to try and resolve the same between themselves;

(b) failing such resolution, each party should make written submissions of their position on that dispute to the Ownership department of the BHA (British Horseracing Authority) either by email to [email protected] or by post to British Horseracing Authority, 75 High Holborn, London, WC1V 6LS, and the BHA shall provide its determination on that dispute in writing to the parties; And

(c) if either party has reasonable grounds to challenge such determination, then they may refer that dispute to courts of England and Wales PROVIDED THAT if such challenge and referral are deemed by the Court to have been unreasonable, then the party issuing such proceedings shall bear the costs of both parties in connection with such proceedings.