Nerula, I may have misread you earlier. You say that some of the codes execs are now working for no pay.
I originally took that to read that it was some of the execs of the TAB (RITA)! My apologies.
So going back to exactly what you say. Is it some of the execs of NZTR, Harness NZ or Greyhounds NZ?
Correct me if I am wrong, but they are the codes. (I think)
So if it is NZTR, please tell us who it is, as I certainly wouldn’t bag them.
Looking back....as recent as the 'talk' John Allen gave at Ellerslie May 2019 I believe then he must have known they were close to 'broke' or 'trading while insolvent'.
He gave a few hopeful COULDS ,SHOULDs and MAYBES about more revenue from Racefields ,International fees and Abolition of Gambling Duty etc.
But revenue was down plus they had lost a few elite punters and costs only down a slice of cheese.
All his hopes seemed on RITA and Messara report.....looking back he was very hopeful about new REFORMS.
But the numbers were bad.
Revenue down and dropping ,equity gone from $70mil to $23 mil in past 2 years and distributions paid to Codes were more than the profit.
In addition in past year the credit line from bank had been drawn down an extra $25mil taking it to $35 mil.
So he must have known that even if he hit every jackpot , realistically possible , that Bank loan had to be paid back by 2021.
He must have known he was 'Trading while Insolvent' or very close to it.
Funny that several of these guys are now associated or have been associated with both NZ Racing Board AND ATC financial disaster......and they continue to be !
I don't feel sorry for them....as Sandry said "NZ racing people very resilient ".....he meant to say mugs !
Should be to get racing back on track......the past two seasons more money has been paid out in Code Distributions for stakes etc than was made [ bottom line profit]
Equity [Assets over liabilities ] went from $70 mil in 2017 to $23 mil in 2019.
In may 2019 I went to John Allen's presentation.
It basically was 'smoke and mirrors' they gave a handout with very small graphs which could hardly be read and the one showing equity shrinking while distributions incresed was glossed over.
He spoke of challenging trading conditions ,but concentrated on 'sizzle' such as 40,000 new isomers and total customers up 6%.
And COST MANAGEMENT was strict with Op expenses down $900k
He concentrated on Racing reforms...RITA and Messarsa report and how NEW legislation could....add $10mil thru Racefields , $6 mil Point of consumption [International fee] and abolition of Duty could add $13mil.
Unfortunately us folk that go to those things spend the time telling him to introduce more concourse doubles ,and how we need a race book or Friday flash etc and we lack detailed analysis of the actual numbers and performance.
Looking at the printed accounts now ,briefly , one could conclude that they were probably trading while insolvent.....broke.
Hoping for a magic wand from RITA and Messara and probably all the time hoping on handout from Government once the Industry itself waved the wand....made changes.
The loss with bonus bets the straw that broke them !
Evening Trump. Would have thought 10-14 jockeys in a race, none the required 2 metres plus apart, would constitute a violation of the new conditions but then again it seems there is a little bit of leeway with individual States having final say and indeed racing may get an exemption.Let's hope so but I am not optimistic .
Taken out of context Chevy. One can still go to the beach, the grog shop, grocer, etc but be sensible and listen to the experts. I walked the beach this arvo with the Mrs and I’ll be fishing for whiting off the beach in the morning. Life goes on. I just have to warn my legion of worshippers that they have to do their own thing and not congregate around me
You think that's bad. Betfair, in an attempt to get betting on soccer even had betting on a match where the away team was paying $1.65 to win. The match was Slutz versus Dinamo Brest. I imagine that it was women's soccer.
Agree, at least 95% should be put up from NZB because at the end of the day they are nothing more than sweepstake races.
$50,000 should be put up by NZTR because they are Listed Races and they are betting propositions.
Morrison just announced outside gatherings in Oz now restricted to 2 people within 2 metres of each other unless part of same isolating household. A bit difficult for racing to achieve in the starting stalls and leading horses in I would have thought.
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