The moment has finally arrived to launch the 2021 Racing Club and there are some big and exciting changes. Today’s post applies to EXISTING (2020) members. There will be another post soon for folks that wish to join the Club for the first time – the basic outline here is the same but the sign up procedure will be different.
The short version is that we are presenting to you two options. One is a new venture led by Ted Grevelis that takes you deeper into a partnership group. The second is more like the traditional racing club but with a new structure administered by Wasabi Stables.
Without further ado, here are the particulars.
Wasabi Stables-led Canterbury Racing Club
We are pleased to announce that we will be partnering with national group ownership Wasabi Stables in 2021 for the Canterbury Racing Club. Wasabi raced at Canterbury last year for the first time and hit the board in five out of six starts racing out of the Tony Rengstorf barn. Wasabi currently has racehorses competing throughout the Midwest and on the East Coast. They have major expansion plans outlined for Canterbury in 2021. Wasabi has over 600 partners who have created a community that is both social and educational. They will be partnering with our club with a 25% stake in all club horses. This means more horses, more opportunities, and more fun for all involved.
As in past years, there will be absolutely no bills or other payments to be made after the initial one-time payment. When the horse ends its club racing career or is sold, the bills come out of the initial payment you made, but you will never be required to pay any additional funds. Any profits, or gains from the disposition of horses, will go immediately and directly into your very own Wasabi account for your personal use to buy more horses or withdraw.
The other benefits you have come to appreciate with past club membership like free season passes, stable tours, and on-track events will still be part of the program (pending any COVID-19 restrictions for 2021). These will be coordinated and run by Wasabi Stables.
If you are currently a Clubber and wish to remain in the club with Wasabi directing it, an account will be established for you with a $200 credit from last year’s club distribution. The club participation cost will remain at $250 so you will need to add $50 or more to your account to purchase a Canterbury Park Club share or shares via the Wasabi website.
Take some time to visit the Wasabi website and social media pages on Facebook and Twitter. That will give you a feel of the other participation opportunities like breeding, buying yearlings, and stallion programs Wasabi can offer.
For more information on the Canterbury Racing Club/Wasabi Ventures group, please contact Joe Scurto at email@example.com and visit their special Canterbury Club page to sign up here: https://www.wasabistables.com/canterbury-park/sign-up.
‘Next Level Canterbury Group’
We’re once again pleased to offer the next step up in racing ownership. It’s something we haven’t done in a few years and it’s time to do it again!
Outside of the micro-fractional groups, most traditional partnerships tend to cost around $2000-$3000 for a share in a smaller partnership or national syndicate. This ‘mid-level’ group will allow folks to get in a lower price point but become more a part of actual ownership.
Membership level is a $1000 initial commitment ($800 plus $200 credit form 2020 Club)
Membership will not exceed 40 individuals and we’ll be looking at a minimum of 15.
The group’s horse acquisition budget will be based upon the total balance less three months expenses (approximately $7,500) on hand. For example, if 20 people sign up, our horse budget will be $12,500.
As part of being actual owners, should the cash balance become insufficient to cover expenses, members will be required to contribute additional cash to cover three months of bills. If the balance exceeds three months expenses, the overage can be returned to members at the end a quarter based upon a vote so there is potential for return on your investment as well as the risk.
Unlike when we were Clubbers, the group does not automatically disband at the end of the calendar year and we can let the horse take us as far as he or she can.
Members will be licensed by the Minnesota Racing Commission at a cost of $50 for license and $25 for fingerprints (required of all owners). The group will most likely be organized as an LLC.
Ted Grevelis will direct this group so please contact Ted for additional details on membership, trainers, acquisitions, communication methods and all questions at firstname.lastname@example.org.
Please let Jeff know if you are re-upping with Wasabi, the Next Level Group or will be opting out by February 26 at email@example.com.
We will be using this method of communication for the next few weeks until transition is made to Wasabi. The Club Facebook and Twitter feeds will convert over to the Next Level Group – though everyone will be encouraged to follow their progress as well. No decision has been made on the future of the blog at this time.
Good luck this year everyone!