The Syndicate 23 Scheme aims to initiate and incentivise new members to own a Victory in partnership with two others. It is envisaged that the syndicate arrangement would be based upon use on key race days in the Calendar. This would be tailored to meet the mutual requirements of the syndicate owners. It may be that some prospective syndicate owners already sail together in any event!
The cost of owning a new GRP Victory is undeniably expensive largely due to the initial capital investment. After this, running costs are low with very little in the way of painting and varnishing.
The incentive will be provided by the Class on the basis that they will be the fourth part of the syndicate. The Class would not have any use of the boat for normal racing and, as such, would not be responsible for contributing to any running costs. Those costs would be divided between the three ‘owner’ members.
In return for providing the capital incentive the syndicate owners will be required to become full members of the Class. This will improve the Class’s revenue stream with the intention that repeat schemes can be rolled-out.
The purchase price for each syndicate based upon three shares (excluding the Class which takes an additional share). On top of this there will be the usual costs associated with yard, mooring and maintenance as well as the owner membership fee
We have tried to keep the explanation here simple to avoid getting bogged-down in too much detail. The finer points would be agreed between the syndicate owners and the Class. I hope that this gives enough information to understand the intentions of the scheme, how it will operate and the likely costs.
We are hoping that this will provide the basis of a way forward for affordable Victory Class sailing and improve the longevity of the Class at the same time. In the first instance please email me if you are interested in being part of the syndicate.
For more information contact our Class Secretary, Russell to discuss via russell_mead@ymail.com