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That's where you theory falls down.  You assume that the Clubs were every earning enough to pay their way or put enough in reserve to maintain their assets.  These Clubs looked financial on their balance sheets as their assets valuations increased but the reality is the operating revenue was never enough for the rainy day that was inevitable.   I'm not talking about a fair return on capital I'm talking about generating enough revenue to maintain the assets.  Volunteers, donations and sponsorship helped build the assets (often even the land has been gifted) but as that source of assistance has dropped away so has the ability of clubs to maintain what they often have been given.

No Levin only have $1.2m in the bank.  The irony of course is that cash came from selling off a large chunk of land.  Then there was some creative accounting involving the three Trusts.   The sums involved jumped between cash in the bank and Trust loans. Operationally they run at a loss.  Even though they pay a peppercorn rental for the use of Otaki on raceday.  Levin has done the exact same thing that you all point the finger at other clubs for doing.  Yes Levin has done a wonderful job at providing a jumpout venue.

It should have come from what the clubs were earning as it always had before.

Finally you get it.  However I suspect you think that there was some other magical way of finding the capital to maintain or restore the core racing assets.  Where was the cash coming from?  The taxpayer?

Amazing how much traffic you supposedly get in an Anti-Racing echo chamber.  Have you run a raffle yet to fund the fixing of the electronic timing at Trentham?

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The New York Racing Association, Inc.'s annual Toys for Tots donation drive will be held at Aqueduct Racetrack from Thursday, Dec. 4 through Sunday, Dec. 7. Founded in 1947, Toys for Tots collects and distributes new, unwrapped toys to local children in need each holiday season. This year's donation drive marks the 35th year that NYRA has partnered with the Marine Corps Reserve. “The annual Toys for Tots Drive at Aqueduct has become more than a day of giving. It's a cherished tradition that unites the racing community in support of children and families in need,” said Robert Hines, NYRA Manager of Community Affairs. For the last 20 years, the partnership has been supported by New York-based trainers and owners as well as the New York Thoroughbred Horsemen's Association (NYTHA). Trainer involvement began with Gary Contessa, Rick Schosberg and Linda Rice supporting the partnership by donating a percentage of their earnings during Cigar Mile weekend. Owner Harold Lerner has also contributed annually to the event. The continued generosity has generated more than $500,000 for the Marine Corps Reserve Toys for Tots Foundation in addition to thousands of toys collected annually. “I've been part of this effort for 20 years, and every season my wife, Helen, and I are reminded that a little generosity goes a long way in the lives of kids. That's who we do it for. Seeing owners, trainers, jockeys, and fans come together for local families is the highlight of my year,” Lerner said. The post Toys for Tots Donation Drive to be held at Aqueduct December 4-7 appeared first on TDN | Thoroughbred Daily News | Horse Racing News, Results and Video | Thoroughbred Breeding and Auctions. View the full article