Background & Purpose
This is a 12 month investment opportunity in Andrew Terry’s winning capability by providing sufficient data that will allow potential investors to make an informed investment decision. Andrew will be competing in the following events; PGA Europro Tour, PGA North Region, Lancashire PGA, The Open Championship qualifying, European Tour Qualifying School and Manchester District Golf Alliance.
To raise sufficient capital to cover expenses and competition entry fees thereby eliminating those concerns and allowing Andrew to focus on his golf and winning tournaments.
Shares will be valued at £100.00 per unit.
Shares are available from April 1st 2018 with the scheme ending March 31st 2019.
1. The shareholder will receive a percentage of tournament winnings as set out in the contract.
2. Shareholders will receive regular updates from Andrew regarding tournaments news and results.
3. For businesses who are looking to invest, if 3 units or more are purchased their company logo can be displayed on Andrew’s website.
4. All shareholders will be invited to take part in regular tournament pro am’s, however further entry fee costs will apply.
5. Andrew will actively promote and share any business sponsors on his website and also across his social media platforms.
1. Andrew will reserve the right to review the competitions he enters on an annual basis.
2. Investors understand that this is a ‘friendly society’ and as such it is primarily to facilitate Andrew in winning tournaments and provide a realistic and sustainable route to qualify for the European Tour.
3. Andrew can review and close the scheme at any time by reimbursing the initial investment.
4. In the unlikely event that Andrew is unsuccessful in winning, the scheme can be closed without financial liability on Andrew’s part.
CONTRACT OF AGREEMENT TO SPONSOR
WHEREAS, Andrew Terry (hereinafter referred to as “Player”) desires to pursue a golf career as a tournament professional; and
WHEREAS, Player is in need of financial assistance in order to pursue said career; and
WHEREAS, _______________________ (hereinafter referred to as “Sponsor”) desires to assist Player in pursuit of his career.
Player and Sponsor agree as follows:
1. TERM: This Contract shall commence on the date of execution and payment by Sponsor of the sums hereinafter set forth and shall terminate on April 1st, 2019.
2. SPONSOR INVESTMENT: Sponsor agrees to invest the total amount of__________________ Pounds (£____________) which, upon payment, entitle Sponsor to __________ units of sponsorship at One Hundred Pounds (£100.00) per unit.
3. ENTITLEMENT TO SPONSOR: Upon acquisition of shares, Sponsor shall:
A. Be entitled to repayment only as set out hereinafter in numbered paragraph 7.
B. Shall only be entitled to the earnings of the Player from April 1st, 2018 to 31st day of March, 2019.
C. Not own nor have any future claims, rights or other interest in Player, except as herein set forth.
D. Be entitled to have their name or business on the Players clothing, golf bag, car or attachment if they have purchased the required amount of shares for the area in numbered paragraph 11.
4. OCCUPATION OF PLAYER: Player agrees:
A. To pursue tournament competition as a professional golfer from April 1st 2018 – March 31st 2019
B. Enter and participate in such tournaments as Player, in his sole discretion, deems appropriate.
C. Practise the appropriate amount to improve skills and train to maintain physical condition. This may include the use of coaches/trainers.
5. SPONSORSHIP MONEY: Player agrees in regard to sponsorship money as follows:
A. A separate account will be established in which sponsorship money will be deposited.
B. Player will pay solely his expenses associated with professional golf tournaments from this account. Said expenses shall consist of the following:
i) Registration fees for tournaments;
ii) All golf expenses, including range balls, fees for practice rounds, entry fees, yardage books;
iii) Travel expenses, including but not limited to fuel, insurance and upkeep, airline tickets, and charges;
v) Per diem meals and out-of-pocket expenses;
vi) General living expenses with capped allowance
vii) Any and all other expenses Player deems necessary in order to pursue his career, including but not limited to coaching, golf equipment and balls, clothing, shoes, gym membership etc.;
6. TOURNAMENT WINNINGS: Player shall:
A. Establish a separate savings account in which all tournament winning cheques shall be deposited. Said cheques will be deposited promptly after receipt.
B. Tournament winnings will be distributed pursuant to paragraph 7 on or before 31st March, 2019.
7. DISTRIBUTION OF PLAYERS’ WINNINGS: Player’s winnings shall be allocated for distribution as follows:
A. Tournament winnings shall be divided as follows minus PGA levy and withholding tax.
i) Player sells 1-150 shares: 70% of said tournament winnings to Player; 30% pro rata per share to Sponsor;
ii) Player sells 151-200 shares: 60% of said tournament winnings to Player; 40% pro rata per share to Sponsor;
iii) Player sells 201-300 shares: 50% of said tournament winnings to Player; 50% pro rata per share to Sponsor;
8. REPORT TO SPONSOR: Sponsor will be provided no less than a bi-monthly report to Player’s progress. This may be in the form of social networking sites or e-newsletters.
9. TOURNAMENT WINNINGS ACCOUNT: Tournament winnings account shall contain the earnings from playing golf by the Player and shall include only tournament cheques or winnings.
10. ENDORSEMENT OR CONTRACT MONEY: This Agreement does not include, nor shall Sponsor be entitled to any claim, interest or benefit in any endorsement contract, agreement, or other arrangement Player may enter into that provides income or benefits to Player. Player reserves the right, in his sole discretion, to enter into such endorsement contracts, agreements, or other arrangements as he deems appropriate.
A. Sponsor understands and agrees that Player shall be soliciting more than one Sponsorship Agreement.
B. This Sponsorship Agreement shall terminate on March 31st, 2019.
C. Sponsor(s) for 2018 will be given first option to renew agreement for 2019.
D. This Agreement supersedes and specifically terminates any previous agreements between Sponsor and Player.
E. No shares may be purchased after May 1st 2018.