810 KAR 5:050 - Stakes and futurities
RELATES TO: KRS 230.215, 230.260(1)
NECESSITY, FUNCTION, AND CONFORMITY: KRS 230.215(2) and 230.260(8) authorize the corporation to promulgate administrative regulations prescribing the conditions under which horse racing shall be conducted in Kentucky. This administrative regulation establishes requirements for stakes and futurities.
Section 1.
(1) Application. A stake or futurity sponsor
or presenter shall submit an annual application to the corporation for approval
not less than 120 days prior to taking payments. The application shall contain:
(a) Satisfactory evidence that purse money is
available;
(b) Proposed
conditions;
(c) Sums to be deducted
for organization or promotion; and
(d) An agreement to file with the corporation
a surety bond in the amount of the advertised purse, conditioned on faithful
performance of the conditions, including guarantees that:
1. The stake or futurity will be raced as
advertised unless:
a. Unanimous consent is
obtained from owners of eligibles to transfer or change the date of the race;
or
b. Prevented by a natural
disaster or conditions beyond the control of the sponsor; and
2. Ensure the segregation of funds
and an assurance that the sponsor or presenter shall make all
payments.
3. If the association
furnishes evidence of the availability of funds to conduct the race in a manner
satisfactory to the corporation, that evidence may be accepted in lieu of
surety bond.
(2) Waiver of bond. The requirement to post a
surety bond may be waived by the corporation:
(a) Upon written request of a sponsor:
1. That is an association;
2. Whose financial statement shows a net
worth of not less than five (5) times the amount of trust funds received from
payments in stakes and futurities; and
3. Who furnishes a certified copy of the bank
deposit in lieu of bond; or
(b) If bond is posted with the United States
Trotting Association.
(3) Trust funds. Collections resulting from
the forfeiture of a bond shall be paid to the contestants according to the
order of finish, or if the race is not contested, shall be divided equally
among owners or eligibles on the date the breach of conditions
occurs.
(4) Appeal of application
rejection. An applicant may appeal the rejection of an application to the
corporation by registered mail within twenty (20) days after the mailing of the
notice of rejection. The appeal shall be in writing to the executive
director.
(5) Receipt of printed
conditions. Printed conditions of all stakes and futurities shall be submitted
to and received by the corporation by their closing dates.
(6) Conflicting conditions. Stakes and
futurities conditions which conflict with KRS Chapter 230 or Title 810 KAR
shall be refused.
(7) A sponsor or
presenter shall:
(a) Provide or make available
to the corporation a list of nominations within sixty (60) days after the date
of closing;
(b) Furnish to the
corporation, by January 15th of each year, a financial statement for the
preceding year and, within thirty (30) days following the day of the race, a
final financial statement;
(c)
Notify all nominators and the corporation within twenty (20) days of closing if
the stake or futurity does not fill;
(d) Provide or make available to the
corporation, within twenty (20) days of closing, a complete list of all horses
remaining eligible, segregated by age, sex, and gait;
(e)
1.
Provide or make available to the owners or agents of all eligibles and to the
corporation, within twenty (20) days following the last payment before the
starting fee:
a. A complete list of all horses
remaining eligible, segregated by age, sex, and gait; and
b. A list of any nominations transferred or
substituted, if permitted by the conditions.
2. The list of eligibles shall include a
resume indicating the current financial status of the stake and futurity, or of
each individual division if there is more than one (1) division, by listing the
number of horses remaining eligible, the amount of money that has been paid in,
and the amount to be added. The purse shall constitute this amount plus
starting fees, if any;
(f) Set the nominating date and the dates for
sustaining payments, except the starting fee, for the 15th day of the month.
1. There shall not be any payments on
yearlings except a nomination payment which shall be due by August
15.
2. Before receiving any
sustaining payments during the year the race is to be contested, the date and
place of the race shall be stated. A stake or futurity sustaining fee shall not
be due prior to February 15 of any year. There shall not be any conditions that
require payments in stakes or futurities after August 15 and before February 15
of the following year.
3. The date
for closing of the nominations of yearlings to stakes shall be May 15 and the
date for closing of the nominations to futurities shall be July 15.
4. There shall be a maximum of one (1)
sustaining payment on two (2) year olds in stakes and futurities that do not
have a two (2) year old division; and
(g) Advertise the week and place, if
possible, that the stake or futurity will be raced before taking nominations.
If either the week or place, or both, cannot be announced before taking
nominations, that information shall be furnished as soon as the stake or
futurity is sold or awarded.
(8) Estimated purse. An estimated purse shall
not be advertised or published in excess of the actual purse paid or
distributed during the previous year, unless increased by guaranteed added
money. A stake or futurity shall not be raced for less than seventy-five (75)
percent of the average estimated purse.
Section 2.
(1) If an event is not raced due to
circumstances beyond the control of a nontrack operating sponsor, the sponsor
shall not be required to contribute a sum as added money, but instead shall
only refund such nominating, sustaining, and starting fees as it has collected
toward the canceled event.
(2) A
stake or futurity shall not be approved for extended pari-mutuel meetings if
the added money is not at least thirty (30) percent of the purse. For all other
meetings at least ten (10) percent of the purse shall be added.
(3) If a stake or futurity is split into more
than two (2) divisions, the conditions of the race shall determine the
divisions of the purse.
Section
3. Failure to Make Payment. Failure to make any payment required
by the conditions shall constitute an automatic withdrawal from the
event.
Section 4. Refund of
Nomination Fee. If a mare nominated to a futurity fails to have a live foal,
the nominator shall receive a return on his or her payment if notification is
given by December 1 of the year the mare failed to foal. If conditions permit,
the nominator may substitute.
Section
5. A sponsor shall not pay monetary awards to nominators or
breeders from stake or futurity funds.
Section
6. Deductions Prohibited. A deduction, voluntary or involuntary,
shall not be made from any purse, stake, or futurity unless the conditions
specifically so provide. If deductions are permitted, reasonable deductions may
be made for clerical, printing, postage, and surety bond expenses specifically
related to the purse, stake, or futurity.
Section 7. Unless otherwise specified in the
conditions of a stake or futurity, the money division shall be:
(1) Five (5) or more starters:
(a) Fifty (50) percent to the winning
horse;
(b) Twenty-five (25) percent
to the horse that finishes second;
(c) Twelve (12) percent to the horse that
finishes third;
(d) Eight (8)
percent to the horse that finishes fourth; and
(e) Five (5) percent to the horse that
finished fifth;
(2) Four
(4) starters only:
(a) Fifty (50) percent to
the winning horse;
(b) Twenty-five
(25) percent to the horse that finishes second;
(c) Fifteen (15) percent to the horse that
finish third; and
(d) Ten (10)
percent to the horse that finishes fourth;
(3) Three (3) starters only:
(a) Fifty-five (55) percent to the winning
horse;
(b) Thirty (30) percent to
the horse that finishes second; and
(c) Fifteen (15) percent to the horse that
finishes third; and
(4)
Two (2) starters only:
(a) Sixty-five (65)
percent to the winning horse; and
(b) Thirty-five (35) percent to the horse
that finishes second.
Notes
STATUTORY AUTHORITY: KRS 230.215(2), 230.260(8)
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