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The framework of the yearling bonus scheme


BRITISH AND IRISH breeders and consignors have created an incentive scheme that rewards the racehorse owner.  This new stimulus package will nurture existingand generate new ownership. 

The Racing Post Yearling Bonus
This Scheme is to be known as the ‘Racing Post Yearling Bonus'.
The Racing Post Yearling Bonus is designed as a stimulus package to specifically improve demand at the yearling sales.  It will pay the participating owner a £10,000 bonus on their eligible two-year-old winning a selected ‘Racing Post Yearling Bonus' maiden race in 2010 in the UK, Ireland and abroad, with 10% of the bonuses being allocated to three-year-old maiden races to be run in 2011.


The anecdotal evidence from the Goffs, Doncaster Bloodstock Sales, Tattersalls, Goresbridge and Arqana breeze-up sales is that there have been benefits as a result of the recently launched Breeze-Up Bonus - critically with regard to clearance rates.  The Racing Post Yearling Bonus is viewed as complimenting the Breeze-Up Bonus, rather than competing with it.

The Maths
The Racing Post Yearling Bonus is voluntary and open to all yearlings catalogued in any British and Irish sale held between 1 August 2009 and 1 December 2009.  The deadline for registration and vendor payment of the £250 registration fee is 15 July 2009.  

beeby

Beeby: applauds the self-help

  PICTURE: Edward Whitaker  

Payment to the Racing Post Yearling Bonus account at Weatherbys must be received by this date so that yearling sales catalogues may be correctly stamped with the Racing Post Yearling Bonus logo in time for publication.  Horses entered in the Doncaster St Leger Sales will need to register by 1 July 2009 if vendors want their inclusion to be noted on the catalogue page.

Included on the vendor registration form is an irrevocable instruction to the sales companies to deduct the first £250 from the sales proceeds of their yearling and pay it into the Racing Post Yearling Bonus account at Weatherbys.

An owner registration fee of £250 per horse will be payable by the purchaser to the Racing Post Yearling Bonus fund at Weatherbys before 15 December 2009, or £1000 if paid between 16 December 2009 and 15 March 2010.

In the event that a yearling is not sold or is withdrawn from the sales, the vendor may keep their yearling in the scheme by making the further vendor and owner payments totalling £500 before 15 December 2009, or £1250 if paid between 16 December 2009 and 15 March 2010.

The number of RacingPost Yearling Bonus payments in the scheme will depend on income accrued through take up.

If 2500 of the approximate 3500 yearlings catalogued in the UK and Ireland are registered and 2000 owners pay to keep their horses in the schemethere will be a bonus fund of £1,750,000 in year one. 

In the event that vendors do not register at least 1000 yearlings into the scheme by 15 July 2009, then the Racing Post Yearling Bonus will be suspended and all registration payments returned.


Jimmy George - Tattersalls marketing director - Edward Whitaker

Jimmy George of Tattersalls  has given his support to the scheme

  PICTURE: Edward Whitaker  

The Role of the Sales Companies
Sales companies, as beneficiaries of the scheme are to contribute to the scheme by assisting with promotion, administration, fund collection and financial contribution. 

Racing Post Yearling Bonus registration forms will be mailed or will be available for download from www.racingpost.com/yearlingbonus. The sales companies will liaise with the scheme co-ordinator to ensure registration forms and payments are collected. 

The sales companies will be responsible for the collection of the second £250 per yearling vendor payment.

The sales companies will also contribute a figure equal to 10 per cent of the vendor's contribution per yearling.

Racing Post Yearling Bonus winning horses will carry a success box in the Racing Post results section highlighting the bonus.

In the event that a registered horse wins a bonus and the relevant Sales Company has not received full payment for that horse, the bonus will be withheld for 14 days from the start time of the race. If at this time payment for the lot has still not been made to the satisfaction of the Sales Company the bonus will be forfeited without refund.

Geographic split
The £10,000, Racing Post Yearling Bonuses will be paid proportionally to accurately reflect the market share of all countries that have purchased horses at the yearling sales between 2006 and 2008.

This aspect of the schemewill be actively promoted by both ITM and BBM prior to the yearling sales to demonstrate how the scheme will reward foreign investment. 

On the basis of historical export data supplied by Weatherbs to identify the percentagesfor accurate distribution, the fund will be divided as follows:

60% - United Kingdom.  Bonuses to be attached to maiden races.
18% - Ireland. Bonuses to be attached to maiden races.
22% - Rest of the World.  To be paid out in £10,000 bonuses on a first come first served basis until each country's share of the pot is used up.

doncasterbloodstock spl

It's not long now until the 2009 yearling sales season is upon us

  PICTURE: Edward Whitaker

Distribution of fund
UK bonuses will be attached to open maiden, fillies maiden, maiden auction and median auction maiden races to be spread throughout the turf flat season over the full range of distances to be raced over by two-year-olds in 2010, with 10% of the bonuses being allocated to three-year-old maiden races in 2011.   
Only a Racing Post Yearling Bonus registered horse can win a £10,000 bonus - and only by winning a selected race.  Therefore as non registered horses may win those races there may well be a roll on until all of the pot has been won.

As in the UK, the Irish Racing Post Yearling Bonus races will be chosen to reflect the eligible Irish owned/trained registered horses and will include the full range of maiden races.

For the worldwide remainder, the Racing Post Yearling Bonus Scheme committee will assign the relevant number of bonuses to give the fairest opportunity to the Racing Post Yearling Bonus registered horses in each country. 

The final number of Racing Post Yearling Bonuses will be decided by the level of take up, with a stated minimum number being promoted from mid July 2009. 

Sinndar filly tops Tattersalls December yearling sale

Top priced Sinndar filly at the Tattersalls December yearling sale

   

Further Sponsorship
Main sponsor support has been secured from the Racing Post and their resources and expertise will be used for the promotion of the scheme and the yearling sales.

Further funding has been secured from the industry bodies that will benefit from the scheme to cover administration and legal costs.  Monies collected through vendor and owner contributions will be used exclusively to fund Racing Post Yearling Bonuses.

The British and Irish Thoroughbred Breeders Associations, the Federation of Bloodstock Agents and the National Trainers Federation are amongst the bodies to pledge financial assistance towards set up costs. 

Administration of the Racing Post Yearling Bonus
Tim Jones has been appointed to run the Racing Post Yearling Bonus office in Newmarket, with John Osborne and Adrian Maxwell fielding enquiries in Ireland (contact details below).

Weatherbys will provide clerical and IT services relating to registration procedures and distribution of the bonuses. Weatherbys Bank will provide banking services for the scheme under the direction of the Racing Post Yearling Bonus committee and trustees. 

Taylor Vinters in the UK and Coonan Cawley in Ireland have been appointed to examine the scheme from a regulatory, structural and contractual standpoint.

Please e-mail any questions or comments to the scheme co-ordinator Tim Jones at rpyearlingbonus.racingpost.com or call +44 (0) 7775 707054

Or in Ireland call John Osborne +353 (0) 862 599294 or
Adrian Maxwell + 353 (0) 872 571790

The Racing Post Yearling Bonus Trustees

Alan Lillingston

Rhydian Morgan-Jones

John Warren

The Racing Post Yearling Bonus Committee

Chairman
Philip Freedman, Cliveden Stud

Vice chairman
John Osborne, Tipper House Stud

Alan Byrne, Racing Post

Joe Foley, Ballyhane Stud

Martin Mitchell, Tattersalls

Rhydian Morgan-Jones, TBA

Nick Nugent, Goffs and DBS

David Redvers, Tweenhills Farm and Stud

The Racing Post Yearling Bonus Coordinator

Tim Jones

The Racing Post Yearling Bonus Irish Rep.

Adrian Maxwell

 

 

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