Funds

The team account

Every team has a communal bank account. All team members can deposit and withdraw funds from this account. Its purpose is so that the the team can benefit from the strength of its members. The collective financial power of the team may help everyone grow faster than they would individually. The money can be used to bet in races against other teams and to financially aid members in their growth.

Contributions and ownership

Any amount of money a member deposits into the team account is considered a contribution and will earn them an ownership share of the team. This allows the member to have a vested stake in the team and also independently withdraw funds from their share. If any member’s contribution level reaches more than 50% percent, that member becomes the team owner. Your percent ownership of the team is relative to the amount contributed by the rest of the team members. This means that your share could go up or down as a result of more members depositing and withdrawing money. Your percent ownership will decrease as more money is infused. Rest assured that this extra money also increases the value of your share so that even though your percentage is lower, the money value remains the same.

NOTE: Team Owner cannot own any part of the team no matter how much money they put into the team account. The role of the Team Owner is to manage the money and organize races.

Withdrawals

Any member of the team can withdraw up to their share of the team funds at any time. For example, if the team has $100 in their team account and member A owns 10%, that member can withdraw up to $10 at any time. If the team should win a race and double their money to $200, that same member can now withdraw up to $20.

Team Betting

Because every member of the team has access to their share of the team funds, any four members of a team will be able to negotiate a team race with a bet. The catch is they can not bet more than their collective share of the team funds. So, if these four members all own 5% of the team and the team has $100 in the team funds, They can bet up to $20 of the team money. If there is a team dealer present, the dealer will be the ranking team member and be authorized to bet up to 50% of the team funds regardless of everyone’s collective ownership value. The team dealer will also choose the members that will compete if there are more than four members available.

Account transaction history

The team account transaction history is available to every team member in the funds section of the Team HQ. This is a detailed list of any funds entering or leaving the team along with the name of the member and date. This allows everyone to keep track of the team’s money and any member’s activity related to the team funds.

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