THE ASSINIBOIA RACING CLUB (2017)
MEMORANDUM OF UNDERSTANDING
A One Time Share Purchase of $500 per share will be used to
purchase a horse and pay for training fees & expenses. There will
be No Additional Cost to the shareholder. You will receive regular
financial and racehorse updates via email.
Racing Decisions will be made by the Trainer or Manager on
behalf of the Assiniboia Racing Club. The welfare of the racehorse
is of the highest priority.
Send your $500 dollar cheque, payable to the Horsemen's Benevolent
& Protective Association, to: HBPA c/o Assiniboia Downs, 3975
Portage Avenue, Winnipeg, MB., R3K 2E9, no later than November 4,
2017, along with a signed copy of the last page of the MOU.
I HEREBY APPLY TO BECOME A MEMBER OF THE ASSINIBOIA RACING CLUB
AND I UNDERSTAND AND AGREE AS FOLLOWS:
GENERAL:
The purpose of the Assiniboia Racing Club (2017), hereinafter referred to as the “Club”,
is to provide the exciting experience of Thoroughbred racehorse ownership through
participation in a partnership which will race a Thoroughbred racehorse at Assiniboia
Downs, Winnipeg, Manitoba, during the 2017 racing season.
The Club is organized as a partnership with each partner investing $500 dollars by way
of a membership share fee. Each partner may purchase a maximum of four shares.
Shares are transferrable to friends and relatives on the understanding that the
transferee obtains an Owners Licence prior to May 1, 2017, and executes all necessary
documents and is bound by this Memorandum.
The Club is designed to be informative as well as exciting for its members while
exposing them to limited and minimal risk. The Club is generally structured as a
not-for-profit educational association meaning you should not join the Club
with any expectation of profit. Understand that you may not receive back any
of your $500 membership fee. I understand that any potential return on my
investment is dependent upon a number of factors including how well the Club's horse
performs.
Racing can be a very risky venture which could result in the loss of the initial investment
but with this partnership agreement under no circumstances will there be any further
charges to the members over and above the initial membership fee of $500 dollars.
Conversely, any funds remaining at the end of the racing season from purses, the sale
of the horse, or otherwise will be distributed to the members on a per share basis
OPERATIONAL:
The Club will acquire one (or more racehorses) with the intention of racing during the
2017 racing season at Assiniboia Downs, Winnipeg, Manitoba.
Approximately 40 memberships in the club will be sold at $500 each. A reasonable
increase in the number of Club memberships sold may be allowed, depending upon
circumstances. In any event, no shares will be sold after the first racehorse is acquired.
The funds raised from the sale of memberships (shares) will be used to pay for the
purchase and stabling of a Thoroughbred racehorse(s) as well as for the training,
veterinary, blacksmith, and other fees and expenses normally associated with
racehorse management.
Membership fees will be deposited into an account with the Horsemen's Benevolent and
Protective Association of Manitoba, hereinafter referred to as the HBPA, which is a nonprofit organization designed to help owners, trainers and others.
Once the race track opens for the 2017 racing season and the Club has acquired a
trainer and paid for a horse from the fees, the remaining membership fees will be
deposited into the Horsemen's Bookkeeper account to the Club’s credit. This account is
one supervised by the Manitoba Jockey Club. Expenses and purchases will be paid for
out of either of the two above-mentioned accounts as circumstances dictate.
THE RACING MANAGER:
The HBPA will appoint a Club Manager, hereinafter referred to as the “Manager”, from
its Board of Directors or otherwise. No management fee will be charged for the services
of the Manager. The Manager will be responsible for the retention of a Club trainer, for
communication between the Club members and the Club’s Trainer and will generally
manage the interests of the Club,.
The Manager will also provide information with respect to the Club's racehorse and will
provide members with a monthly statement of income and expenses originating from
the horsemen's bookkeeper and otherwise.
The Club will be dissolved at the end of the racing season after all expenses have been
paid. The Manager will be responsible for the disposition of the horse at the end of the
season in their absolute discretion. The horse may be sold for no or a small price
depending on market conditions, an assessment of the horse, and the necessity of
ensuring a good home for the horse. Some Club members may wish form their own new
partnership to purchase or take possession of the horse, to board the horse over the
winter and race the following racing season. Club members will have first option to
acquire the horse and if more than one interest is expressed, the interest selected will
be decided by chance. In any event, all reasonable steps will be made to ensure that
the racehorse is responsibly dealt with and every effort will be made to find the horse a
good home even if such involves donating or selling the horse for a minimal sum.
From time to time exceptional meetings or consultations through e-mail may be
necessary to deal with extraordinary or fundamentally important changes in
circumstances which sometimes arise in racing. For example, if the Club’s horse is
claimed the membership will be consulted as to whether a new horse should be
obtained or the Club wound up, depending upon a number of factors including how
many racing days are left in the season. The Manager may also have to make decisions
in circumstances where time constraints make calling a meeting or consulting is
impractical, such as a requirement to change Trainers because of the Trainer’s illness
or an inability to continue to train. In those cases every effort will be made to consult
and to keep the members fully informed.
THE TRAINER:
A Canadian Trainer licensed by the Manitoba Horse Racing Commission and lawfully
entitled to train racehorses in Manitoba, will be retained as the Club's Trainer. The
selection of a trainer will be based, in so far as is possible, upon objective criteria.
Such criteria may include, for example, requiring that the trainer rank in the top 10
trainer standings from the previous season and hold the highest “in the money
percentage” with over 40 starts. Another criteria may include the trainer’s willingness to
reasonably assist in the educational aspects of the industry or in that trainer’s access to
racehorses. The Trainer should be prepared to provide the Manager with monthly
invoices, to advise of work outs in advance and to inform the manager generally as to
the status and training of the horse.
These criteria will be discussed at the initial 2017 Club meeting.
The Trainer along with the Manager will be responsible for purchasing a horse(s) to
compete during the 2017 racing season at Assiniboia Downs. The Trainer will also be
responsible for all typical racing and training decisions and shall consult with the
Manager as may be necessary from time to time. It is understood that Trainer will enter
the horse into races where the horse will have a reasonable chance of success,
including claiming races at such levels as he or she sees fit.
LICENSING AND OTHER NECESSARY DOCUMENTS:
To become a member of the 2017 Club you must send a cheque in the amount of $500
dollars per share, payable to the Manitoba HBPA, to the Horsemen's Benevolent &
Protective Association, c/o Assiniboia Downs, 3975 Portage Avenue, Winnipeg,
MB., R3K 2E9, no later than November 4, 2017. Membership in the Club will be based
upon the order in which cheques are received, with priority being given to 2016 Club
members.
Only the last signature page of this Memorandum should be returned to the office of the
HBPA with your cheque. By sending your cheque and that completed page you
acknowledge your understanding of and being bound by the Memorandum.
As is the case with any other racehorse owner in Manitoba, Club members will be
required to obtain an Owner's License from the Manitoba Horse Racing Commission,
as a condition of continued membership in the Club. This will necessitate obtaining a
criminal record certificate from the Winnipeg City Police Department or relevant
detachment of the RCMP. This should be obtained as soon as possible. Members who
do not have their owner’s licences or who fail to execute any other Commission
document by May 1,2017, agree to be struck from the Club membership at the
discretion of the Club manager. The $ 500 will be returned in those cases. The club
cannot race or claim unless all members obtain an owner’s licence.
There will be an initial meeting of paid up Club members at Assiniboia Downs, possibly
in early December 2016, to discuss a method of selecting a trainer and to generally
discuss the operation of the Club going forward, and to try to answer any questions
which may arise. Notice of the details of this meeting will be given to paid up members.
At this initial meeting members will execute the various documents necessary to obtain
the necessary licences and complete the necessary forms.
These documents include an owner's license application. The owner’s license
application will cost each individual member approximately $35 payable to the
Commission and obtainable when the race office opens in the spring of 2017.
Other licensing fees will be paid from the proceeds of the membership fees.
Assistance will be provided at the initial meeting, and otherwise as necessary, in the
completion of these documents. For example, the Partnership Registration Form, the
Appointment of Agents Forms and the Registration of Stable Name Form will be
prepared by the Manager for signature by all members.
It is recognized that from time to time unforeseen circumstances or difficulties may arise
and all parties agree to deal with these reasonably and with respect.
THIS IS TO CERTIFY THAT I HAVE READ, UNDERSTAND AND AGREE TO THE
TERMS SET OUT ABOVE.
NAME ________________________
DATE______________
SIGNATURE
______________________________________________________
MAILING ADDRESS_____________________________________________________
______________________________________________________
Telephone/Cell phone _________________________________________________
E-Mail ADDRESS
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PLEASE RETURN ONLY THIS PAGE WITH YOUR CHEQUE