ATC makes the hard calls

[frankie 119]

There is some good news from the club. They hope to only have a debt of $40 million after the buildings are finished and they’ve sold all the assets possible, including Pukekohe. I think that’s good news? P.S. I assume they also   expect to not lose their major court case. 

[Mikie 326]

2 hours ago, frankie said:

There is some good news from the club. They hope to only have a debt of $40 million after the buildings are finished and they’ve sold all the assets possible, including Pukekohe. I think that’s good news? P.S. I assume they also   expect to not lose their major court case. 

I don't think it's good news at all Frankie, and I'm sure you don't

It's not good news for the ATC, or the whole Industry

Losing the Court case as well doesn't bear thinking about

Mikie

[Stables 577]

You say they've sold Pukekohe, when did that happen, where will workouts and trials be held?

[lamour 673]

21 minutes ago, Stables said:

You say they've sold Pukekohe, when did that happen, where will workouts and trials be held?

I could be wrong but the way I interpret Frankies post is that it is the ATC projection of where they hope to  be after all transactions have taken place. I don’t think it means they have already sold Pukekohe or possibly their other property investments either,  as yet.   It may not be easy to realise the sale price they would have been expecting pre Covid either for these properties as the economy enters a severe recession.   Let’s hope the damage is limited to $40m as realistically it could end up much higher.  

[john legend 744]

Although some  associated with ATC would be happy to have it as the only track in the north island and race every Friday night, the true harness enthusiast puts all parochialism aside and is genuinely concerned at any trotting club or any sporting club that must find 1 mill per month in interest  charges.. The smaller centres such as taranaki and Manawatu need Auckland as the highest standard of racing and when any of us get that superior horse we can then test our horse with the best eg. Blossom Lady or a Yulestar .Without Auckland there would be no goal to aim for and we would all suffer. So I for one wish Auckland the best outcomes with their sales and a bright future when the dust finally settles.

[Ohokaman 5,842]

40 minutes ago, john legend said:

Although some  associated with ATC would be happy to have it as the only track in the north island and race every Friday night, the true harness enthusiast puts all parochialism aside and is genuinely concerned at any trotting club or any sporting club that must find 1 mill per month in interest  charges.. The smaller centres such as taranaki and Manawatu need Auckland as the highest standard of racing and when any of us get that superior horse we can then test our horse with the best eg. Blossom Lady or a Yulestar .Without Auckland there would be no goal to aim for and we would all suffer. So I for one wish Auckland the best outcomes with their sales and a bright future when the dust finally settles.

Problem is John, there was no need for it to get to this stage. The Club was doing perfectly well for years, and thank God we leased out that land on Manukau Road to Burger King and Challenge when we did years ago, the same land they are now trying to sell for $20m...!!
Without the grandiose Lifestyle Village  dreams of the previous, out of her depth CEO, something they knew nothing about and was always fraught with danger, the financial situation would be nowhere near as precarious as it is now. If they lose another $50m in the Canam court case, then what...??

[Mikie 326]

1 hour ago, Ohokaman said:

Problem is John, there was no need for it to get to this stage. The Club was doing perfectly well for years, and thank God we leased out that land on Manukau Road to Burger King and Challenge when we did years ago, the same land they are now trying to sell for $20m...!!
Without the grandiose Lifestyle Village  dreams of the previous, out of her depth CEO, something they knew nothing about and was always fraught with danger, the financial situation would be nowhere near as precarious as it is now. If they lose another $50m in the Canam court case, then what...??

Let's not blame the previous CEO entirely

The previous President was a co-leader

Mikie