Chief Stipe

Yes. But those that pitch up every week (some every day) to have a punt for a couple of hours. Have owned racehorses and love the game. Always attend the local meeting. I'll pass on your best wishes Curious to Chris Wood and Michelle Bradley next week when they come in. Well I'll talk to Michelle first. ?

You are officially in line for the best post of the year. Split decision between you and Freda.

Shit the locals have been misinformed.

I really think that NZ Racing is back to ground zero. We should discard all our self interests and start again with a blank sheet of paper. Identify our core advantages - one of them is we still produce a good racehorse; another is we still (barely) have a lot of passionate enthusiasts who love racing that would continue to provide low cost GOOD tracks for a few beers on race day. Some of the Cambridge trainers should acknowledge that (interesting who trains at Matamata). An anecdote. I went down to the KT tonight (one of the last true racing and sports pubs) and the locals were excited. It has been announced that Ruakaka has been allocated some race dates when previously they hadn't.

I agree. The fact is we (they) manage to the wrong metrics. I know I might sound a bit of an arrogant know all prick but unless you manage to the right metrics then you will fail. For example with Covid-19 the Japanese are focussed on the number of deaths NOT the number of confirmed cases. The problem with what you suggest "realigning horse numbers to available tracks and opportunities" is that NZTR control which tracks and opportunities are available. They should step back and redefine what their objectives are and the key metrics to achieve them.

JJ Flash since you are onto it and care about my happiness could you post the Business Plan for the new racing year? I believe this is statutory requirement and 1 August isn't that far away.

Thanks for you care and concern about my happiness. I would say something good about it but I can't find anything. That's a process they should have started 12 months ago after having had all the information delivered to them in the previous 6 months. As for NZ Employment Law - you can complete due process in 4 weeks tops and not break employment law. McKenzie with his vast experience and knowledge along with each and everyone of his Board members would have known that.

I berate myself for appearing negative, doom and gloom - the reason why Reefton stopped posting. I was told early in my career when working for an Organisation that was following the same game plan as NZRB/RITA has that - "Doug the problem with this company is it believes its own propaganda." In my naivety (honesty) I presented a well researched analysis of the business and a plan to improve its position. I didn't know at the time the company was already to go to the stock exchange to raise capital to keep going. The prospectus they used I had just proven to be wrong. All my work was deleted and I lost my job. That company was called Applefields.

I think so. It was an off the top of the head calculation - you know on the back of Winnies cigarette packet. However $140m doesn't reduce the debt issue. LOL venues will be surplus because there won't be sufficient revenue to hold the number of races relative to the number of horses.....unless of course you reduce the individual stakes which has some merit - especially redistribution from the top end.

A serious discussion needs to be had with the Racing Codes regarding Stakes. A come to Jesus meeting and reality check. Before you even think of it - the All Weather Tracks are NOT going to improve things i.e. generate MORE net revenue. They ADD more cost NOT reduce it. The Surplus Assets grab isn't going to help either. Not only will it take time to go through that process but who in their right mind would sell good earning assets to fund consumption e.g. Stakes? Ideally you would convert the surplus assets into investments that increase revenue but that will take time. Operationally there is NO ROOM to move in terms of extra revenue. It is obvious from this half-yearly report that fees from overseas bookies are not the white rabbit honey pot!!

Simple really. Either slash costs and/or slash stakes. Revenue is dead in the water - hasn't been going anywhere for some time. The new betting system hasn't produced anything more. To break even without slashing costs you would have to reduce Stakes by $30m. That assumes of course that they can negotiate the roll over of what is now north of $40m in due debt. By the way the benefit money from Winnie wouldn't have reduced that debt.

So what say you about the new RITA team? Concrete evidence to show they did NOTHING but make the situation worse.

So the NEW management were still purchasing brooms in order to sweep clean?

There is no balance sheet information so one can only extrapolate..... To fund the distributions they needed to borrow another $15m. Taking their Equity position to $9m. Technically not-solvent however if you consider the future distribution commitment (stakes) as a liability then yes they were insolvent and now it is worse.

Total Operating Expenses UP $4.5m on the same period in 2019.

Net betting revenue comparison for the same six month period: 2018 $153m 2019 $143m 2020 $147m Ok up $4m from 2019 but still down $5m on 2018. So much for the new betting platform.

How is that a highlight or even a goal when you sold the silver and then borrowed money to achieve it!!!? FFS! Does any company in the real world borrow money and declare it as profit!?

What it does show is what we all suspected that there was a high level of doing NOTHING! They were lucky Covid-19 intervened! For example NO action was taken on staff expenses in fact they were OVER budget!

JJ Flash - yep as the more enlightened amongst us suspected RITA were in the shit, knew it and did nothing about it. I think Mackenzie's use of the word "Highlights" is an embellishment!

Rule Number(s): 638(3)(b)(ii)Following the running of Race 8 (NZB Ready To Run Sale 1400) Information No. A12920 was filed with the Judicial Committee. It was alleged that Ms Schofer, the Rider of ARICINA used her whip excessively prior to the 100m. Ms Schofer and Mr Harris said that they understood the Rule and the Charge and confirmed ... (Feed generated with FetchRSS)View the full article

Rule Number(s): 642(1)Following the running of Race No 9, the BGP Battlers Cup1000, an Information was filed Instigating a Protest pursuant to Rule 642(1). The Informant Mr Cole, alleged that horse number 9 (ALI BABA) placed 1st by the Judge interfered with the chances of horse number 8 (VAINGLORY) placed 2nd by the Judge. ... (Feed generated with FetchRSS)View the full article

Rule Number(s): 869(3)(b)Following the running of Race 6, Lamb & Hayward Pace, an information was filed by Stipendiary Steward, Ms R Haley, against Licensed Junior Driver, Mr B A Laughton, alleging a breach of Rule 869 (3) (b) in that Mr Laughton, as the driver of SWEET LORESS in the race, “near the 700 metres he allowed his ... (Feed generated with FetchRSS)View the full article

About bloody time. Only 87 days late! Now for the analysis. Hang on a mo - where's the detail? The devils always in the detail!!!

Fixed. Maybe I should tell the JCA how to fix it on their website!

There were already sentencing guidelines and precedents set. If you read the JCA judgment you will see reference to them!!!! The irony of course is if this action was taken in a Court then McGrath (assuming he didn't plead guilty) would have got off vis a vis INCA. In terms of justice McGrath has had his resources sucked dry as have a number of INCA accused. Therefore has no option but to roll over. Thinking more about that with the JCA and RIU being moved under the same roof (The Racing Integrity Board) as legislated by the Racing Industry Act 2020 and (God help us) the one management team perhaps there is a need for industry stakeholders to create structures to protect themselves financially. For example: a voluntary levy for all trainers, owners, drivers and jockeys (all licensed staff?); create an insurance scheme for legal costs and damages; ? Then it would be a fair fight. Might even force the RIB to get their stuff sorted.