Seriously now - I really don't want to talk down to someone who wants to further the sport but I'm having a really difficult time reading the intentions of this event. The "My race, my rules" comment is brash and bordering on juvenile. It makes me wonder of what maturity the person is that is trying to put this race together and why...but I'll try to be constructive.
To better understand what you are trying to accomplish - WHY are you trying to put this event together?
A couple more comments:
+I think competing in a cash event and organizing it are 100% in conflict
+The suggestion to have an escrow company handle the funds is a good one. Do so with a defined committee and bylaws is the only way to handle people's money and ensure a degree of fairness to those people. The escrow company basically handles the issuing of funds based on a set of rules and requirements that both parties agree on (a contract). If one person in the contract fails to meet their obligations usually an alternate resolution would likely be predefined. You can draw up a contract that says the organizing body gets 10% of the race funds or a set figure or whatever...you can also guarantee that if a certain number of entrants aren't received by a certain date that the entire entry fee will be returned in full or in a certain percentage. The escrow company actually handles the funds and acts as an unconflicted 3rd party.
"My race, my rules" is a great way to ensure that you are racing alone.
I understand what is being said here on the escrow method of setup, everything stated as to a secure safe third party, I agree, as that based on everyone's feedback here is exactly what will be done, as stated already in the method I proposed in my first post above. The only difference is the unconflicted 3rd party is a Bank not a Business. complete with the contract that you speak of, in the same manner you speak of. The Bank will be that 3rd disinterested party.
"My race, my rules" I need to explain this as you are right here, and it has been taken the wrong way,it was not directed towards the person I was responding to in the posts. My meaning on it was that if a Corporation decides to enter they will have to follow the prescribed rules in that manner, that when entering they will not be doing so for a means of direct company profit from any winnings.
By doing so their gains of profit, will come indirectly from advertising,any media coverage, Corporate image, and that a happy employee is a more productive one, which in the end results in the sought after increased business profits.
My Race My Rules, was directed at the Corporations, its a good rule.
