CLAIMING PARTNERSHIP AGREEMENT
The agreement is between MJ
DeVita Stable Management and
shareholder signed below.
The purpose of this agreement is to set forth the terms
under which MJ DeVita Stable Management will manage a Thoroughbred Racehorse
Claiming Stable called Trans Atlantic Racing Stable located at Charles Town Race & Slots in Charles Town, West Virginia of which the shareholder is part. This agreement also sets forth the requirements to be a shareholder.
WHO IS ELIGIBLE TO BE A SHAREHOLDER
can live anywhere in the world and be a partner in one of our racehorses.
However, you just must be able to obtain an owner’s license from the State
of West Virginia Racing Commission.
- We are a simple partnership that brings together people throughout
the world to be part owners in a thoroughbred racehorse.
- For each horse partnership there are 20 shares. Each share is
equal to 5% ownership. Each horse represents a partnership.
- Minimum purchase is just one share in a horse partnership. The
maximum purchase is 19 shares in a horse partnership.
D. An owner can own shares in as many different
horses as they chose.
FINDING A HORSE FOR THE PARTNERSHIP
- Once all twenty shares are sold and paid for the training and
management team will choose a horse to claim.
- Each shareholding partner will be notified a minimum 24 hours
before a possible claim.
- If the claim is successful, the partnership now owns a horse of
which you are a registered part owner.
- To insure that each partner enjoys his or her experience as a
racehorse owner, we understand that communication is so important.
- Each partner will have an open line of communication with the
manager of the training and management team.
- E-mail will be sent out at least three times of week detailing
your horse’s activity.
- We will also establish a group forum for each partnership, where
partners from around the world being brought together by the experience of
sharing a race horse can get to know each other, share ideas, etc.
- No partner is obligated to participate in any of the forum
activity. If you choose not to that is your right. However, for those that
choose to participate we ask that you be respectful to all while
expressing your views.
YOU BECOME A SHAREHOLDER/OWNER
- The first cost will be your purchase of your share(s) in the horse
- Each share costs only $275. Each share represents 5% of the horse.
- Each shareholder will need a West Virginia Owners License. The
current license is $15 per year plus a one-time of $34 for finger print
cards. After you purchase your share(s) and return this signed agreement
we will mail you the forms required or you may register directly with the
West Virginia Racing Commission. If you already have a West Virginia
Owners License you can skip this step.
- There is a one-time fee regardless of how many shares you own of
$25 for administrative costs to set up the partnership. This is to set up
the record and bookkeeping for the partnership.
& MANAGEMENT COSTS
- There are no monthly costs to you.
- When the partnership’s horse earns purse money,
70% of the money earned is retained for expenses. This 70% pays for all
the bills. If the horse doesn’t earn money, the training and management
team pay all the bills. You are never responsible for any of these bills.
That is why it is important for the trainer and management team to pick
good horses to claim and race them where they will make money because if
the horse doesn’t earn the trainer and management team have to pay for the
bills out of their pocket.
- Because the training and management team are responsible for all
expenses, they will choose which horse is claimed for the partnership and
decide which races to enter.
PURSE AND OTHER MONEY PAYMENTS TO OWNERS
- While 70% of the horse’s earnings are retained for expenses. The
remaining 30% of any earnings is paid out every 30 days to the
partnership owners. Each share will receive 5% of any money earned by the
partnership for the month. You will receive 5% for each share you own in
B. When the partnership horse is sold or
claimed by another stable. Each share will receive
5% of the proceeds received.
CLASS OF HORSE WE RACE
racing is broken up into different race classes these being stake races
allowance races and claiming races. In stake and allowance races no horses
are for sale, however in a claiming race every horse entered is for sale
for a price listed prior at the time of entry. We race claiming horses.
look to claim horses that are entered for the sale price of $5,000 for our
HOW WE PURCHASE A HORSE FOR THE PARTNERSHIP
- We sell 20 shares at $275 each. This gives the partnership
$5,500 for a racehorse.
- Our training and management team is always looking for the
“right” horse for the partnership. Remember the training and management
team has the risk of paying all the bills if the horse doesn’t earn money.
So they cannot afford to make many mistakes. Once that horse is found the
trainer will put in a claim before the horse races. Sometimes there is
more than one claim entered for a horse. When this happens the first claim
drawn from the box owns the horse.
- The $5,500 covers all the costs. $5,000 for the horse, $300 West
Virginia sales tax and $200 for the groom to pick-up the horse and stall
equipment such as a new water bucket and feed tub.
HOW MUCH CAN A HORSE EARN
- Horses can run up to three times a month. This is determined by
the soundness of the horse and the number of races available for that
horse during a certain month. But more commonly a horse will race 12-18
times a year. However, MJ DeVita
Stable Management makes no claims or guarantees of how much money any one
horse or partnership can or will make or how often a horse will race.
- The minimum purses at Charles Town Race & Slots are some of
the highest in the USA for the class of horses that race there.
- Because the purses are very high at Charles Town Race & Slots,
the horse doesn’t have to race many times to make money.
- Races purses are distributed to the horses in the following
manner: 1st – 60% 2nd -20% 3rd – 10% 4th- 5%; 5th – 3% and 6th- 2%. So even a
horse finishing 6th in the race is earning some money. You will
receive your share of the 30% that is not retained for expenses,
regardless of if the horse finishes first or sixth.
- Below is a chart on current purses at Charles Town
$2500 Claiming Races
$11,000 and up
$3500 Claiming Races
$12,500 and up
$5000 Claiming Races
$15,000 and up
$7500 Claiming Races
$18,000 and up
$10,000 Claiming Races
$19,000 and up
Allowance & Stake Races
$20,000 to $250,000
WHEN DOES THE PARTNERSHIP END
- Each 20 shares sold is used to claim a horse and form a
partnership. The partnership ends when the horse is sold, claimed by
another person or for some reason the horse cannot race any longer.
- At that point any money made by selling or having the horse
claimed will be distributed along with any partner share purse earnings
that have not been distributed to date.
- Partners then can choose to join another one of partnerships.
- If you are partners in more than one horse, only the one
partnership, in which the horse was sold, claimed or otherwise couldn’t
any longer race will be ended. All other partnerships with horses will
still be in effect.
RISK OF SHAREHOLDER
- The shareholder risk is limited to their initial
investment in the partnership. The shareholder must understand that there
are certain risks in thoroughbred racing including but not limited to
injury to a horse that they may no longer race or sometimes-even death.
This partnership will not carry insurance on any horse they claim.
Therefore, if the partnership’s horse is no longer able to race, the
partnership may lose its entire initial investment.
- The shareholder agrees that MJ DeVita Stable
Management will not be held liable
injury, death, sickness or any other reason that the horse is unable to race.
- Each shareholder will be responsible for any taxes
due to their local, county, provincal, state or federal governments or
any other taxing authority to which the shareholder is responsible.
I have read, understand and hereby agree to abide by the above terms
set forth in this agreement.
SIGNED________________________ NUMBER OF SHARES OWNED ______
DeVITA STABLE MANAGEMENT