Chief Stipe

You only have to read as far as paragraph [8] to understand the core issue. [8] In 2004, the trusts were established to acquire land in Kingseat. BPL and KEL each acquired a neighbouring property and they entered into a joint venture. At present, BPL operates a horse breeding and training facility on both properties, which operates at a loss. Here comes the Real Estate Developers. Don't be surprised if that wonderful New Zealand Bloodstock facility at Karaka is sold for development sooner or later.

For those who like to read legalese - The Judgement from Judge Brittain. Nakhle vs Byerley Park 3 November 2025.pdf

Wealthy Auckland family in $17m legal fight, mum accuses son of 'misappropriating' funds www.nzherald.co.nz 07 January 2026 https://www.nzherald.co.nz/nz/auckland/auckland-nakhle-family-in-17m-court-battle-judge-clears-way-for-liquidation-case/ A High Court decision from November sets out the history of the financial fracas, which is linked to a complex group of companies associated with the Nakhle family.https://bitofayarn.com The family have interests in a diverse portfolio of industries, including horse racing, property investment, quarrying, early childhood education and a luxury charter launch. They are also politically connected - National MP Rima Nakhle is a member of the family through marriage (there is no suggestion she is involved in the court action). The Nakhle family have featured on the 2018 NBR richlist and were estimated to be worth $200m. But their financial success has been marred by infighting and costly legal action, which has driven a wedge between mother and son. “There is a significant dispute among the family members that has resulted in multiple proceedings in the High Court,” the November ruling by Associate Judge Grant Brittain says. Henriette Nakhle and her son, Daniel Nakhle, are the directors of defendant companies, Karaka Estate Ltd (KEL) and Byerley Park Ltd (BPL), both linked to South Auckland thoroughbred racing facility Byerley Park. Henriette, who is Honorary Consul for Lebanon in New Zealand, and Daniel are in a “deadlock” regarding management of the two companies and associated trusts, and ownership of their assets, the decision says. The deadlock is described as “fundamental and irretrievable”. Last year Henriette applied for orders to put KEL and BPL into liquidation on the grounds they were insolvent. The Honorary Consul of Lebanon in New Zealand, Henriette Nakhle, MNZM, QSM, with Foreign Affairs Minister Winston Peters. Daniel challenged the application, arguing the court did not have jurisdiction to hear the liquidation proceedings. He applied for a stay and an order restraining advertising of the proceedings, primarily on the basis of a clause in the trust deed that provides for alternative dispute resolution, including mediation. He argued that liquidation proceedings could harm the companies and put them in a difficult situation with their lenders.https://bitofayarn.com However, Associate Judge Brittain dismissed Daniel’s application in November. “I do not consider that there is any reasonable prospect of Mrs Nakhle and Mr Nakhle resolving their deadlock by utilising the dispute resolution process. “The issues between Mrs Nakhle and Mr Nakhle go further than a management deadlock. There has been an irretrievable breakdown of trust. “I am satisfied that the balance of convenience favours these proceedings continuing.” Financial feud divides family Henriette and her husband, Elias, arrived in New Zealand from Lebanon in the 1960s, raising three boys. The decision says the couple operated a successful business during the 1980s and 1990s which enabled them to establish a group of companies and “generate significant wealth for the family”. In 2004, the trusts were established to acquire land in Kingseat. BPL and KEL each acquired neighbouring property and entered into a joint venture. BPL operates the Byerley horse breeding and training facility on both properties, which operates at a loss. In 2008, the Nakhle Treasury Trust was established to act as a treasury for the group, with Nakhle Treasury Ltd (NTL) its sole trustee. Lebanese Honorary Consul Henriette Nakhle (centre left) surrounded by family after being recognised as a Member of NZ Order of Merit in the 2023 New Year's Honours for her contribution to the Lebanese Community. The decision says Henriette and Daniel are the directors of NTL and that Daniel has had primary responsibility for managing the group and operating NTL. Daniel “fell out” with his parents in 2014, Brittain’s judgment said. This was followed by a period of reconciliation the following year “and negotiations among family members” regarding division of the group’s assets.https://bitofayarn.com Daniel claims “binding terms of settlement” were agreed in 2015, making him the beneficial owner of both KEL and BPL assets. Henriette and other parties deny they are bound by the 2015 agreement. The decision says NTL has made “significant distributions and advancements” to KEL and BPL. Henriette refused to approve further advances in 2023. “Mr Nakhle has been funding the operating costs of KEL and BPL since 2020, resulting in a related party loan account.” In December 2022, Daniel filed High Court proceedings against various group and family members seeking to enforce the 2015 agreement. Several other proceedings have taken place, including claims by NTL to recover distributions and advances to BPL and KEL totalling more than $17m. Daniel says the funds are not repayable. Attempts at a facilitation process ended without resolution in December 2024. “Mrs Nakhle says that the deadlock is fundamental and irretrievable, and she has lost all trust and confidence in Mr Nakhle,” the decision says. “She says that she and her husband placed significant trust in Mr Nakhle to manage the group for the interests of the wider family and their trust was misplaced. She alleges that Mr Nakhle has misappropriated a significant amount of money.” Dispute heads to formal liquidation hearing The judge considered the resolution procedures set out in the trust deed, but ruled the matter could not be settled through arbitration or mediation due to the entrenched and opposing positions of the parties. The ruling said Henriette filed expert evidence suggesting both BPL and KEL were insolvent. Daniel’s assertion that both companies were solvent assumed his success in other litigation and his willingness to continue injecting funds into KEL and BPL to meet operating expenses and losses, the decision said. However, his funding meant both companies incurring further debt to a related party that had not been approved by the boards, the judgment said.https://bitofayarn.com Sybelle Nahra Nakhle and Daniel Nakhle. Photo / Norrie Montgomery In declining Daniel’s application for a stay, the judge ruled it was not inevitable the companies would be liquidated, which was a “last resort”. There might be another option such as a receiver and manager being appointed. These decisions should be made during a substantive liquidation hearing. The judge said there was no evidence to support claims the companies could face difficulty with their lenders should the proceedings continue and be advertised. The proceedings were subsequently posted in a public notice on December 1 and have now been set down for a High Court hearing on April 29. The Herald approached Henriette and Daniel through their lawyers but both declined to comment.

According to the annual Thoroughbred Economic Indicators report released Monday by Equibase, the total figures for two of the sport's most important categories declined in 2025. Thanks in part to handle being down 7.32% in December, handle for the year was down 2.10% when compared to 2024 figures. A total of $11,028,652,933 was wagered in the U.S. as compared to $11,265,666,064 in 2024. Handle peaked in 2003 at $15.18 billion. When factoring in inflation, betting handle has fallen about 57% over the last 22 years.https://bitofayarn.com The year 2025 marked the sixth time in the last seven years that handle has fallen. The outlier was 2021, when handle figures rose by 11.8%. This was expected because the 2021 numbers were being compared to 2020 figures, a year in which COVID caused the sport to lose a multitude of racing dates. “There are two ways of looking at it, one of which is certainly worrisome,” said Marshall Gramm, an economics professor at Rhodes College and a professional horseplayer. “The increased competition with other gambling ventures is hurting the sport. The fact that many tracks have not resolved the issues with the odds fluctuations and the computer wagering is another factor. The way we price our sport for the recreational player in a way that is not comparable to other gambling options is, I believe, another reason this is happening. We don't know any more than what they reported in those raw numbers, but, anecdotally, I would guess we are losing more from recreational players and the real meat-and-potatoes horseplayers. They are disappearing from our game, and that is a problem.”https://bitofayarn.com Gramm continued: “The flip side is that purses are more and more funded by alternative gambling. The industry seems to be content to spend more lobbying politicians than focusing on their core customers. Maybe if they can finance a sport without needing horseplayers, they will continue to go on and do so.” The figure for “Wagering on U.S. Races” includes worldwide commingled wagering on U.S. races. In the category of “Average Wagering Per Race Day,” there was some positive news, as the figure rose by 3.27%, from $2,974,826 to $3,072,048. But fewer races were run during the year–29,401 versus 30,852 in 2024. Perhaps the more surprising news revealed by Equibase Monday was the decline in the total amount of purse money paid out in the U.S. in 2025. Thanks in large part to an https://bitofayarn.cominflux of casino, slot machine and HHR money that has poured into the sport in places like Kentucky and Arkansas in recent years, purses have been holding relatively steady. But the amount of purse money paid out in 2025 was $1,220,644,640, which represents a 2.53% decline from the prior year. In 2024, purses paid out rose by 0.5% and reached an all-time high for the industry.https://bitofayarn.com Though the increase was a very small one, the fact that average field size increased was another piece of good news. The average field size in 2025 was 7.47 starters per race, up 0.37% from 2024.

At the end of the day he is an Australian they are brought up to have an opinion and have a beer. Not sure when NZ lost it.

Yes bigger takeouts and fixed percentages. But Betfair stuffs that because they just clip the ticket doing sweet stuff all!

Some top punters can individually as in one person take the equivalen to 1% or more of the net profit. In NZ that is only about $1.2m. That is the beauty of the tote and a betting exchange. The house clips the ticket but it is mano on mano. The house can't lose as it takes a fixed percentage. Whereas on Fixed Odds it is computer and bookie vs the punter.

Because that 4% caught bankrupt them if allowed free rein.

Consistently win? More than 4% win at any one time. Otherwise the takeout would be 96%.

Do the figures include Club contributions (top ups) to stakes?

Your table are the ones at the top doing better or the ones at the bottom?

I assume the horse won?

Yes you are probably right.

It is a bit ambiguous. In 2020 the Total Turnover was $3b. Revenue and other Income $372m. What perentage of the 2020 Turnover and Revenue/Income was Thoroughbred Racing in 2020? The bar graph would seem to be the TOTAL income NOT Thoroughbred Racing. Thinking about it a bit more. The graph must be Turnover for Thoroughbred Racing because it the 2020 figure is higher than the TOTAL TAB revenue for 2020!

Shame you didn't use AI to write the whole post.