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By Wandering Eyes · Posted
The June 4 Tiller Stakes at Belmont Park may only be an $80,000 race, but the return of New York racing has helped draw an accomplished field of older horses for the 1 3/8-mile event on the Widener Turf Course. View the full article -
By Chief Stipe · Posted
My research on the matter is probably not. But certainly not for owners. Although an owner may save on transport costs (if they are lucky to have their trainer training on the new AWT's) I'm picking that track fees will need to increase and/or more trainers relocating - the increase in track fees will be passed onto owners. As for relocation there are limitations at all three sites for trainer relocation. I would say so AND the Broadcasting contract to the NEP Group that they are hooked into in an equally long contract. Plus RITA has a $12m annual commitment to the RIU. You have to subtract $20m from the $72m as that is earmarked specifically for the AWT's and comes from the PGF. So that leaves $52m. Apparently $26m went straight out the door. The also have a BIG problem looming April 2021 (next year) where the $45m from the revolving credit facility is due for payment. Where the hell they are going to pull that from who knows! PS: Just another tidbit of information I picked up recently was that the reason the NRL in Australia doesn't have games occasionally in provincial areas is because of the studio centralisation of "The Bunker" and the HD broadcasting infrastructure required. Sound familiar? Should do because the company that provides that service is Australia in.......the NEP Group! -
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A couple of points that I'd like clarified, if possible: The $17m annual fee for the website installation ( rip off ) which the previous RIB entered into-is that coming out of the $72m Peters announced? McKenzie, in his report 26 May said that consultation with the 'Executive Leadership Team' ( of the TAB ?) was starting yesterday...what is he talking about? More jobs gone or what. Just for the record, my view is that spending all that money on 3 artificial tracks is good...for trainers. Not racing. Why oh why common sense didn't prevail and a decent Strathayr installed at Ellerslie ( as at Mooney Valley) I'll never know. -
By Chief Stipe · Posted
No - if you post something that I disagree with then I will respond. That is the basic tenet of what a Forum is. In terms of the financial situation of RITA I'm quoting the last annual report for the year ending 31 July 2019. The facts in that report are that RITA was trading beyond its means. It was behind on contract payments, was $21m short of cash, needed to use the remaining $10m in revolving credit to continue trading AND when intangible assets were ignored the Equity position was -$21m. That was BEFORE Covid-19. That position is not irrelevant - just follow your own advice and "ask any NZX listed company analyst." Any analyst worth their salt would assess a company's position BEFORE Covid-19 treating the impact of Covid-19 as an extraordinary event i.e. the analyst would look at the fundamentals of the business. If it wasn't solvent or profitable BEFORE Covid-19 then it sure as hell wasn't going to be afterwards unless of course they were in the business of PPE! As for RITA's half-yearly report for the year ending January 2020 it is important because it would have given the industry an insight into what steps had been taken to address the fundamental issues. BUT that aside it is apparent that it took Covid-19 and a call from its creditors BEFORE the RITA Board took any action. I'm guessing that they were winging it believing that the new wagering system and Racefields Legislation would be their saviour. Many astute industry commentators and posters on BOAY, including myself, were pointing out the above FACTS long before Covid-19. Then why did the Board sit on their hands for 10 months? Why didn't they address the issues that they were aware of 18 MONTHS ago (the RITA Board was the Ministerial Working Group)? Instead they continued to make promises about Stakes and essentially trade while insolvent. McKenzie told us all (and you quote him) that RITA wasn't insolvent yet less than a week later the Minister tells us all that RITA's creditors had said enough and wanted to be paid within 3 days! Haven't you been following anything concerning the industry over the last two years? The Ministerial Working Group and the commissioned Mesara Report came up with the Track closures scheme. Mesara even went as far as recommending which ones! RITA was tasked with implementing the Working Group/Messara Report recommendations! Don't shift the buck! You have unconsciously highlighted the biggest problem - NONE of the current RITA Board or Executive have ANY experience in corporate restructuring!!!!!!!! It didn't take Air New Zealand long to lay off 4,000 employees nor IMMEDIATELY restructure their business due to Covid-19. Even when they had a strong balance sheet!!!!
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