The Club's Rules
Cheltenham Trail and Cleeve Racing Club Governance document
(this document has been lodged with Weatherbys)
- Cheltenham Trail and Cleeve Racing Club is the name of the Racing Club.
- The Club will be managed by Nick McKenna (Cleeve) and Andrew Gibson (The Cheltenham Trail).
- The Club Managers addresses are 3, Quince Orchard, Hamstreet, Kent, TN26 2HB and 6 Redvers Street, Lancaster, Lancs LA1 5EA
- Initial subscriptions to the Club is a one-off payment of £3,000 and membership is valid for two calendar years starting 17th August 2020.
- Members will be asked to pay a £150 contingency payment on or before October 1st 2020 to cover unforeseen costs.
- No further costs will be levied on members for the full two-year term of the Club.
- A deduction of £7,000 per horse will be set aside from initial funds raised to cover 1) club set-up costs, 2) all normal racing costs (based on 6 races per season per horse).
- A schedule fully detailing the costs above will be published to all members.
- Any funds not spent will be returned to members at the end of the 2 year period
- The Club has agreed with Micky Hammond that no training fees will be levied on any of the Club horses for the full two-year period of the Club's operation.
- In lieu of training fees, Micky Hammond will receive 60% of the total net prize money won and 33% of any net resale value of the Club's horses.
- Once the membership has closed the exact % share of each member will be calculated and formal proof of ownership issued.
- The maximum number of shares allowed in a single ownership is 6.
- After the initial subscriptions have closed, the Club will apply for VAT registration to be able to levy VAT on racing costs and income.
- The Club will publish a monthly schedule of income and costs that will be sent to all members in the effort to be completely transparent.
- There will be a Club AGM that all members will be invited to participate in.
- The Club's AGM will be officially minuted and these minutes will be distributed to all members.
- An Extraordinary General Meeting can be called with the agreement of at least 80% of the total Club membership.
- All management decisions relating to the training and racing of the horse shall rest with the Club Managers alone.
- The management will ask the membership to vote on any event that is not foreseen within normal racing activity… i.e. if we receive an offer for a Club horse during the 2-year period of Club operation.
- The action is mandated if it receives 65% or more of the member's vote.
- If there is a majority of less than 65% the Club Managers will decide which action to take in the best interests of the membership.
- At the end of the two years, the Club's assets will be dissolved and the net proceeds distributed pro-rata to the members.