Baz (NZ) 1,719 Report post Posted March 29, 2020 Will we be racing for ribbons next season? Quote Share this post Link to post Share on other sites More sharing options...
tasman man 11 979 Report post Posted March 29, 2020 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 ! dock leaf and Baz (NZ) 1 1 Quote Share this post Link to post Share on other sites More sharing options...