The regulation of Syndicates and Racing Clubs is a key priority for the BHA.
Advice can be found on how to register a shared ownership here.
In addition, the BHA’s Shared Ownership Manual (a document which should be read before any new Ownership application) can be found here and below information is provided for Syndicators/Club Managers (and their members) regarding the regulation of Syndicates and Racing Clubs.
Furthermore, as part of a commitment to better proactively regulate shared ownership, the BHA has introduced a new licence for anyone wishing to manage a Syndicate or Racing Club more information on which can be found below.
LICENCE TO MANAGE SYNDICATED AND RACING CLUBS
A licence will be required by any person or company with ultimate responsibility for the finances, promotion and/or management of a Syndicate or Racing Club that advertises publicly or for which they are paid to administer will be required to apply for a licence.
Anyone wishing to apply for a licence to manage syndicates and Racing clubs can access the form here. The form will take no more than 15 minutes to complete, but you should ensure you have all relevant information needed to complete the application before you start the process. Information on what is required can be found in the guidance notes here, and is also summarised below.
Everyone wishing to manage a Racing Club or Syndicate must ensure they have a Licence in place.
For applicants WHO HAVE managed Syndicates/Racing Clubs for three or more years they will need to ensure they have access to:
1. The completion certificate from the Licence to manage Syndicates and Racing Clubs learning modules which can be accessed here and here.
2. A copy of a template Syndicate/Racing Club contract for each proposed business; and
3. The most recent accounts and/or balance sheets for your Syndicate/Racing Club business(s).
For applicants WHO HAVE NOT managed Syndicates/Racing Clubs for three or more years will need to ensure they have access to:
1. The completion certificate from the Licence to manage Syndicates and Racing Clubs learning modules which can be accessed here and here.
2. A copy of a template Syndicate/Racing Club contract for each proposed business;
3. A copy of your business plan for the Syndicate/Racing Club business (including a projected cash flow for the next 12 months as a minimum); and
4. A financial reference from your accountant or bank or a redacted image from your business account confirming a minimum of £15,000 in available capital (this is not required to submit this form, but will be requested before an application can be considered).
Detailed Guidance Notes for the licence application can be found here along with comprehensive FAQs here.
SYNDICATES
Syndicates are a form of shared ownership where the Syndicate members own, or lease, an interest in racehorses. A Syndicate is managed and administered by the Syndicator(s) and only the syndicator(s) must register as a Sole/Company owner. It isn’t necessary for members of the Syndicate to register as owners.
All Syndicates must adhere to the Syndicate Code of Conduct.
RACING CLUBS
Racing Clubs are a form of entertainment associated with racehorses, where the Racing Club Members acquire no ownership rights to, or lease an interest in, any racehorses but may acquire certain benefits such as the sharing of prize money. Instead, the horse is owned/leased by the Racing Club itself. A Racing Club is managed and administered by the Club manager(s). Only individuals who want to set up or administer a Racing Club must register as a Sole/Company owner. It isn’t necessary for members of a Racing Club to register as owners.
All Racing Clubs must adhere to the Racing Club Code of Conduct.
FORFEIT LIST
The BHA allows for the addition of Syndicate members who accumulate bad debt to the Forfeit List. Further information for Syndicators on the process, and the form to submit a non-payment report, can be found here.
