1. How do I access up to date information on my horse?
Clanbrooke’s website incorporates a variety of communication options for Members. Customised individual horse pages, accessed via individual passwords, are a great resource. Updates, photos, noms and acceptances, as well as a variety of additional information is provided on these pages, and members can elect, in addition, to receive email or SMS updates, nominations and scratchings etc.
2. Does Clanbrooke insure my horse and what does equine insurance cover?
In an effort to reduce the overall risk to Partnership members, our horses are insured (Leased horses excepted) from the moment of purchase for a period of twelve months, with a reputable Equine Insurance Company (Logan Equine Insurance).
At the end of the twelve month period, Members may elect to either;
-continue to insure their share with Clanbrooke's existing insurance company (owners may vary the amount for which they are insured), or
-choose an independant insurance company, or
-elect not to continue insuring their share.
Members should be aware, however, that horses may only be insured against death or destruction.
At the expiration of the insured period, Logans Equine Insurance sends a letter to all Members to advise when insurance cover will expire. It is at that point that Members nominate their preferred course of action as outlined above.
Does this apply to a lease also?
As Members do not actually purchase leased shares, insurance does not apply to Leased Syndicates (as past and future earnings are not insured). Instead, it is the owners’ responsibility to insure the horse.
3. Do horses often return their purchase price?
Whilst it is true that many horses do not recover their purchase price at the track, in our experience it has not been necessary to outlay a large sum of money to race a successful racehorse. Horses that have been purchased for relatively small sums have won prize money that far exceeds their purchase price:
One of our current band of runners, Allanthus, purchased for $22K and syndicated for $45K has returned over $180K prizemoney in his career to date, is Group 2 placed and the recent winner of the 2010 Bairnsdale Cup. Close Encounter, a horse Syndicated for $15,000 (purchased for $6K) amassed over $145K in his career, was a Group winner who placed fourth in the 2004 SAJC Derby. Emission, purchased for $22K, amassed over half a million dollars in winnings throughout his career whilst Ask the Music, a Leased horse, accrued almost $50K prizemoney in her first two preparations.
4. Who decides what races the horse should be nominated for?
Nominations for all Partnership horses are ultimately made by the Trainer and Manager. The Manager may, in some cases, ask for Members opinions before making a final decision. Members are consulted if the horse is to be nominated for a race that demands a large acceptance fee, or a race that involves greater than normal travel expenses, as Members may be billed for such expenses in addition to their monthly fee (see below).
5. What are monthly fees and what do they cover?
`Monthly fees’ refer to the Calendar Monthly expenses payable in respect of the Partnership horse.
Fess include but are not limited to: breaking in, stabling, training, racing, floating, spelling, agistment, veterinary services, farrier, racing colours, bulletins and other communication, postage, management, accounting expenses and many other costs associated with the Partnership.
6. Can monthly fees increase?
From time to time it is necessary to increase monthly fees. Increases in daily training rates are passed on to Members when Clanbrooke can no longer absorb such increases. In this situation, Members are given 30 days notice in writing.
7. Can I be liable for any extra charges pertaining to the horse i.e. vet bills?
Although vet bills, freight and all other incidental charges pertaining to the week to week training and caring for your horse are incorporated into the monthly fee, there are a couple of scenarios where Members may be liable for extra charges. These include vet bills where the Partnership majority has agreed on a particular course of action, larger than normal acceptance fees (usually for Group races), or freight charges where a horse is required to travel interstate.
8. Are monthly fees payable when the horse is spelling?
Clanbrooke’s monthly fees are calculated on a per annum basis. As such, monthly fees are payable even while a horse is spelling.
9. What happens to monthly fees if the horse is injured for an extended period?
On occasion, horses are sent to the paddock for an extended period of time. In such a situation, Members have been consulted and a decision has been made, based on seventy five per cent majority that the Partnership should continue despite this setback. If this occurs, monthly fees may be amended for the period that the horse is in the paddock, but the decision to do so remains entirely at the Manager’s discretion.
10. Why am I invoiced quarterly?
The decision to invoice quarterly is a time saving mechanism. As most monthly fees do not change from month to month, we felt it unnecessary to send monthly invoices. Members are fully aware of the monthly fee payable when they join the Partnership and this amount can be amended only in writing.
11. Must I pay quarterly?
Although we invoice quarterly, Members are not required to pay quarterly. Training fees are payable on the 15th of every month.
12. If I pay by Credit Card or Direct Debit, do I still receive an invoice?
Yes, we send all Members a quarterly invoice.
13. How and when is prizemoney paid to Members?
All prizemoney is accumulated in the Partnership Bank Account and distributed when the Partnership horse goes for a spell, as long as the total distribution exceeds $200 per Member and, of course, subsequent to the receipt of the cheques/payment from the race clubs and the reconciliation of the Partnership bank account.
14. What is the duration of the Partnership?
The duration of a Partnership is essentially open-ended. A decision to retire or sell the horse is made once Members have been consulted, the options outlined, and a seventy-five per cent consensus amongst Members has been achieved. Sale proceeds are distributed to Members once all expenses have been paid and all Members have paid any outstanding monthly fees.
On occasion, although a decision has been made to retire a horse, it may be decided to retain the horse for breeding purposes, keeping Partnership intact. In such a situation, new monthly fees will be calculated and Members advised accordingly.
15. Does this apply to a lease?
The standard duration of a lease is three years. In some situations, extensions can be negotiated with the owner.
16. What if I decide I no longer wish to remain in the Syndicate? Can I sell my share?
Where shares are owned (not leased) by the Member, that Member has the right to sell the share to any prospective purchaser for whatever consideration the two parties agree upon. However, any purchaser must be approved by Clanbrooke Racing and the new owner must abide by existing Clanbrooke Terms and Conditions.
If a Member chooses not to leave the Syndicate until they have sold their share, that Member remains liable for monthly fees.
17. Who decides when to retire a horse?
Although injury may necessitate that a horse be retired immediately, the decision to retire a horse is generally made when seventy five per cent of Members agree to the proposal. Sometimes, where a horse has not fulfilled expectations, an alternate trainer may be proposed. The decision to change trainers rests once again with the majority.
18. What happens to the horse?
Horses are sometimes sold to Members or even the current trainer of a horse. Sometimes we send horses to an appropriate William Inglis Sale, although the substantial fees required in order to do this may be prohibitive, particularly where a horse has failed to excel on the track. Ultimately, the Partnership will accept the highest monetary offer.
19. Do Members meet the Trainer? Other Members of the Syndicate?
Clanbrooke encourages Member involvement in Partnerships and attempts to organize stable visits on a regular basis. Members are advised of these visits in advance and encouraged to attend to meet both the trainer and other Partnership Members.