So Avondale still has its July 18th meeting ?

[100 1 1,386]

Getting back to Avondale....just thought I would share this from the secretary....  c, d interesting.

RACING INDUSTRY BILL - This has been fast tracked by Parliament and is now law - The Racing Industry Act 2020.

Comments on the law as it relates to industry renovation and potential venue confiscation, from our Treasurer:

The Government justifies the taking of racing club land it deems “surplus”, without full compensation, on the basis that privately owned racing club assets are in fact “industry assets”. An assumption that underlies this justification is that clubs have relied on industry funding to prop up club operations and capital spending. It is widely considered that Avondale JC’s venue – 30 plus hectares of inner-city open space - is the primary target of this expropriation, because it is the only ‘industry day’ club whose wealth is significant (north of $280 million).

The Government’s justification is undermined completely by the facts:

(a) NZTR’s policy that drives racing activity, applying to all racetracks in New Zealand, is a “command model” designed so that the governing body controls the financial outcomes for all weekday meetings. Thoroughbred clubs hosting weekday events (“industry days”) should break even on those days. (i.e. generate no income and suffer no losses). Commissions for the club from the level of on-course or off-course betting are non-existent. All industry day clubs get the same level of race day funding from NZTR so there can be no argument that some clubs are more of a drain on the industry than others, unless additional funding is given to struggling clubs that cannot operate within the NZTR rules.

(b) Funding operates in a monopoly environment in which NZTR’s funding is simply part of a “money-go-round”: the bulk of the costs of holding races are passed through the host club by NZTR and industry day clubs have neither business interest in betting nor on-course patronage.

c) Avondale Jockey Club has not and does not receive racing-related funding additional to the NZTR funding policy.

(d) As far as capital funding is concerned, the racing industry has not – and does not currently - provide financial support to Avondale.  As members know, we introduced night racing in 1987 and by 1989 the club was in financial trouble as a result. Ultimately the club’s financial woes were resolved with an interest-free loan from the New Zealand Racing Board. Avondale JC repaid principal at the rate of $150,000 p.a. and fully repaid the loan in October 2008.  Other clubs got into financial difficulties in the 1990s as well.  A number had debt forgiven as a bailout – Ellerslie, Riccarton, Alexandra Park and Addington to name some.  Considerable debt was forgiven.  Avondale was deprived of equal treatment in the aftermath of night racing and was the city track that missed out on capital funding or bailout money.

[Archer 296]

18 hours ago, 100 1 said:

(d) As far as capital funding is concerned, the racing industry has not – and does not currently - provide financial support to Avondale.  As members know, we introduced night racing in 1987 and by 1989 the club was in financial trouble as a result. Ultimately the club’s financial woes were resolved with an interest-free loan from the New Zealand Racing Board. Avondale JC repaid principal at the rate of $150,000 p.a. and fully repaid the loan in October 2008.  Other clubs got into financial difficulties in the 1990s as well.  A number had debt forgiven as a bailout – Ellerslie, Riccarton, Alexandra Park and Addington to name some.  Considerable debt was forgiven.  Avondale was deprived of equal treatment in the aftermath of night racing and was the city track that missed out on capital funding or bailout money.

This.  

[meomy 971]

May we always recall the corporate greed associated with the heady days of the 1980's & stock market gamblers who created these situations.

Bart Cummings & others were stung by those high flyers in that era of society, some of whom went to jail.

All things in chronological order & context.

Some will always only see others monies without giving a damn abt "consequences" to other people's livelihoods.