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Regal Glory Goes for Second Matriarch at Del Mar
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Tides Favor Speed Boat Beach in Cecil B. DeMille
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Pataki, Mack Continue Support of Ukraine
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Jack Owens Passes Away
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Texas 2-Year-Old Sale Set for Apr. 5
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Relative Of Shamardal Takes The Eye At Dundalk
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Relative Of Shamardal Takes The Eye At Dundalk
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Dreaming of Kona Has Spieths Pursuing Inaugural
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Bolt d’Oro an Instant Hit
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Personal opinion, we need as many people as possible on track to get a connection with our horse's young and old. In later life if we have sowed the seed I'm sure the younger generation may come back as owners but our biggest current ownership opportunity is the 50 up age group that have disposable income and that's where I'd be targeting. -
By Wandering Eyes · Posted
The Maryland Millio announced Feb. 18 two new Maryland Million Races running March 22, each offering $10,000 in bonuses for Maryland Million-eligible horses.View the full article -
If people or organisation's live beyond their means, you see the result, but in many ways the ATC have been unfortunate the way things have turned out, but it happens many times, I guess if the ATC had everything go right they would have been seen as a bunch of geniuses, the irony of all this is they took a punt which is what drives the whole industry, unfortunatly the punt was a loser in the end...........reality today is they can't carry on forever as it is, but the issues are for them, that's the ATC to sort, if it falls over then sobeit happens to sports clubs too, if you can no longer trade you cease trading. Makes no difference how many great horses or trainers drivers have graced the place, if it closes it closes, plenty of critics of Forbury Park and the eventual closing but Forbury were never the mess Auckland is, Forbury in many ways we're pure victim of decisions from HRNZ over a long time when some of their race meetings went from major events to non events, and the slow death process began. -
By Wandering Eyes · Posted
by Dan Ross and T.D. Thornton The Horse Racing Integrity and Safety Act (HISA) Authority on Wednesday summoned Churchill Downs Racetrack and its corporate parent, CDI, to a hearing before a panel of HISA board members in an attempt to secure payment of 2025 assessment fees that CDI has allegedly failed to submit on behalf of four racetracks the gaming corporation owns in Kentucky and Pennsylvania, including its flagship track in Louisville. HISA wants Churchill to pay $2,408,501 in allegedly overdue 2025 fees (plus $93,998 in interest) to the Authority within 10 days of any order by the HISA board that results from the just-scheduled Mar. 11 hearing. If not, according the Feb. 18 notice of hearing, “for each day the payment is late, Churchill [will] be prohibited from conducting any Covered Horserace, to be applied immediately on the next scheduled race day(s) at Churchill.” Joe Drape of the New York Times first reported on Wednesday's new escalation of an ongoing dispute. “CDI has not fulfilled Churchill's obligation to remit Churchill's and the horsemen's group share of allocated and assessed fees for calendar year 2025 in violation of HISA Rule 8100(i), HISA Rule 8520(e), and 15 U.S.C. § 3052(f)(3),” the hearing notice stated. “In fact, CDI has refused to pay one cent of the 2025 HISA assessments allocated to Churchill, Turfway Park, Ellis Park, and Presque Isle Downs,” the notice continued. “CDI even refuses to pay what it believes it owes for the CDI Racetracks under its own [assessment formula] that is based solely on racing starts. The CDI Racetracks stand alone among Covered Racetracks in refusing to make any HISA assessment payments whatsoever for 2025,” the hearing notice stated. The notice was served Wednesday via email and certified mail to Gary Palmisano, Jr., CDI's executive director of racing. TDN asked Palmisano via email if he'd like to comment or explain CDI's side of the story, but did not receive any reply prior to deadline for this article. In addition to the alleged non-payment of 2025 fees, the notice of hearing details allegations that because of the above-referenced disagreement over assessment methodologies, CDI has also not paid all of the fees that HISA claims the corporation owes for 2023 and 2024, either. “In 2023 and 2024, CDI calculated and paid full year assessments using its own assessment formula, based solely on the number of racing starts, in an amount less than would be due under the Original Methodology Rule,” the notice of hearing stated. “The total difference that remains currently due and owing from racetracks operated by CDI for the 2023 and 2024 Assessments is $1,708,475.” But because that dispute over 2023 and 2024 assessments is still being litigated in federal court, “issuance of the Board panel's decision in the 2023/2024 Enforcement Action is currently stayed per the agreement of the parties,” the Authority's hearing notice explained. In CDI's original complaint in that lawsuit, filed Dec. 4. 2024, CDI argued that the HISA Authority couldn't threaten “to prohibit them from conducting any horseraces until the fees due under the Authority's illegal assessment methodology are paid in full” because the HISA Act “does not empower the private Authority to adjudicate fee-collection disputes in-house.” Rather, the lawsuit explained, the HISA Act “envisions that the Authority would exercise its statutory power to bring a civil action in federal court to compel payment of any legitimate fee assessments.” The CDI complaint (initially joined by co-plaintiff the New York Racing Association, which settled with HISA a month after the litigation was filed), stated that HISA demanding fee payments and threatening penalization based on its own findings “would violate the Act and Article III of the Constitution, which require that such disputes between private entities be adjudicated in federal courts–not within administrative agencies and certainly not within private, unaccountable corporations. “And it would also violate the fundamental due-process principle that no person may serve as a judge in his own case,” the CDI suit alleged. Wednesday's hearing notice stated that, “In this enforcement action, the Authority is seeking payment only based on the CDI Formula endorsed by CDI in the CDI Lawsuit. “If the United States District Court for the Western District of Kentucky concludes in the CDI Lawsuit that the Original Methodology Rule is valid, the Authority will initiate a separate enforcement action or civil action–if necessary–to collect the difference between the amount owed by CDI under the CDI Formula and the Original Methodology Rule for 2025. “If the District Court adopts the legal arguments made by CDI and concludes that the Original Methodology Rule is invalid, then CDI would still owe the exact amount sought in this proceeding, i.e., the racing-starts only amount due under the 'Alternative Calculation' that CDI endorses and advocates,” the hearing notice stated. “In other words, CDI owes at least the amount sought here regardless of the outcome of the pending litigation,” the hearing notice stated. The hearing notice described CDI as allegedly “freeloading” by availing itself of HISA's services related to drug testing, results management from intra-articular injection violations, track surface inspections from the Racing Surfaces Testing Laboratory, and technology platforms that promote the safety of horses and jockeys. Despite CDI allegedly not paying into the regulatory system, “the CDI Racetracks continue to receive millions of dollars in services from the Authority,” the hearing notice stated. “CDI promotes the benefits of HISA with its investors while at the same time failing to pay its fair share–or any share at all,” the notice of hearing stated. The Mar. 11 board hearing will be chaired by Joe De Francis. Bill Thomason and Terri Mazur will also adjudicate on that panel. CDI may file a pre-hearing brief setting forth any objections to the enforcement action by Feb. 27, and HISA's enforcement counsel may file a response by Mar. 6. The post HISA Threatens ‘Freeloading’ CDI with Cutting Off Ability to Race over Alleged Non-Payment of Assessment Fees appeared first on TDN | Thoroughbred Daily News | Horse Racing News, Results and Video | Thoroughbred Breeding and Auctions. View the full article -
By Chief Stipe · Posted
It never ceases to amaze me how some industry participants have no idea what the costs of racing a horse are. Nor the fact that they will pick their most expensive bill for the year and promote it as the average cost. I've seen a number of syndication contracts from a number of syndicators and the majority of them make it quite clear what the expected cost will be. No surprises. Some even make it clear that the odds are heavily in favour of your investment being a loss making one. Particullarly if you buy into a stallion making syndicate where the odds are that your investment is going to lose its prime money making parts. Fillies are a little different because they will have some residual value if well bred and they perform even moderately on the track. So if you buy into a syndicate you know what you are buying into. Especially those that buy again! Essentially you are rolling the dice that you are going to get a good horse and when you do get lucky for a time you have a fantastic experience albeit with often extreme highs and sometimes lows. Horses are like that. The point is it is all transparent and you bought into it. Why complain afterwards? I've had a number of people ask me about buying a share in a horse. My advice has been don't spend your life savings and kiss the money goodbye from the get go. Don't get envious of successful owners or Syndicators, Trainers and Jockeys who are making money. The latter it is their livelihood. BUT if you are lucky to get a good one enjoy every aspect of the ride because the odds of getting another as good are very very small. Which brings me back to that most expensive bill of the year. It could include a vet bill - horses are live animals and sometimes they do stupid things or they have issues that require attention. It could include an insurance bill or a large nomination fee for a big race. If the bill includes these last two costs then you are in an elite group. One your horse is worth insuring and two you are good enough to be in a Black Type race. So for example if your horse is in full training and in the top drawer of horses then in that month you have $6k in training and other costs, a $1,500 big race nomination fee and an insurance cost. The latter will be the biggest expense as the insurance fee is worked out at 3.5% of the horses valuation. So lets say the filly was valued at $400k then your total bill will be $22k for the month ($14,500 for insurance). But the smart owner has spread their risk and bought into a number of horses at 2.5%. So for this filly they are paying $550 for the month. The odds are that in this scenario you are in credit anyway given the big race nomination and the insurance valuation. . @nomates @Joe Bloggs @Comic Dog .
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