We have ironed out our details for Boudica Racing and our first venture. The 2 year old filly is Volant. Here are the details from our managing partner, Terri West. Terri also made the initial investment of $50,000 to purchase the filly. We are going to have a lot of fun with this. The health, care and welfare of Volant are the first priority. Having fun and enjoying the sport are second. And since making a profit can be enormous fun, thats third. The money from the sale of the shares will cover the cost of Volant and all future expenses relative to the horse, such as training, clerical, veterinary and legal bills, as well as shipping and insurance. All monies will be placed in the account of Boudica Racing. The managing partner will not be paid a fee. All purse earnings -- that is, money Volant earns for racing, minus the mandatory trainer and jockey commissions -- will be first used to cover the costs associated with her racing. Earnings, in other words, will be applied to expenses. Should Volant be so successful that the Boudica account overflows, the managing partner, at her discretion, can make a distribution. That will be done only if, in the judgment of the managing partner, Boudica Racing is adequately funded to pay training expenses and all other costs relative to the horse for at least one year. All distributions will be made in accordance with the number of shares a partner has purchased. Each share represents a 4- percent interest in the partnership, or 4 percent of the horse, and so each share will be rewarded with 4 percent of any distribution. If any partner decides to sell her shares, she must first offer them to the existing partners. The value of a share could vary according to Volants success. At the end of a year, in September of 2015, the partners are to meet (this can be done electronically, but it could also be an occasion for a party) for purposes of determining Boudicas future. This will, in effect, be a shareholders meeting. The partners might decide to proceed as they have with Volant and Boudica Racing. Or they might decide to sell the filly and dissolve the partnership. If thats the choice, then the filly is to be placed in a sale of racing and breeding stock. Any monies derived from her sale, minus fees and commissions, will be distributed to each partner accordingly, 4 percent for each share. The partners, of course, also might decide to purchase another horse. In the case of any unexpected setbacks or if the Boudica account becomes so precariously depleted that it cannot meet expenses, the managing partner can call for a meeting before September, 2015. The initial investment, however, is intended to cover all expenses for at least a year. Volant is a well-bred 2-year-old filly who seems to possess considerable potential, and her pedigree (shes a handsome daughter of Belmont Stakes winner Birdstone and a half-sister to the stakes winner Extravaganza) suggests she would have value as a broodmare once her racing career has ended. But partners should be aware of the risks involved and should not invest more than theyre prepared to lose. Few racehorses earn enough in their careers to cover the costs of their care and training. Partners shall be responsible for getting a license when necessary. The requirements for partnerships vary from state to state. In Texas, anybody who owns 5 percent or more of a horse must be licensed. In other words, anybody who has multiple shares in Boudica would have to get an owners license in Texas, but anybody who has only one share would not. Volant is currently in Florida, stabled at Gulfstream Park. She has had several workouts, most recently breezing five-eighths of a mile, or five furlongs, on Aug. 27, in 1:02.11, and so is nearly ready to race. Since shes in Florida, thats where shes likely to debut. But where she races in the future will depend on her talent level and preferences.
Posted on: Mon, 01 Sep 2014 12:24:16 +0000
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