Is ATC Solvent

[westbrew]

I have not herd anything for a while. The last I herd the sale of Pukekohe had not happened and they were 80m in debt as at the end of last year, with an interest bill of approx 500k per month being added to the debt. Have they found another buyer for their land, and if so at what price?? The last financials i saw show they are not able to sustain these interest payments from a cash flow perspective, thus the Bank are adding them to the Debt. The ATC is an incorporated society and as such is required to be run with much higher standards than a private company. Is the board of HRNZ involved in monitoring this club?      

[the galah]

12 minutes ago, westbrew said:

I have not herd anything for a while. The last I herd the sale of Pukekohe had not happened and they were 80m in debt as at the end of last year, with an interest bill of approx 500k per month being added to the debt. Have they found another buyer for their land, and if so at what price?? The last financials i saw show they are not able to sustain these interest payments from a cash flow perspective, thus the Bank are adding them to the Debt. The ATC is an incorporated society and as such is required to be run with much higher standards than a private company. Is the board of HRNZ involved in monitoring this club?      

peter profit had a headline a couple of weeks ago saying their was interest from 4 buyers and i had thought i read somwhere they had said around the $60 million mark,but i could be wrong there. So down 20-30 million from what they had hoped for from the original contract,but hey whats 20 or 30 million. harness racing has plenty.

we all know HRNZ have publicly said they want to ensure racing continues in auckland.

Thats seems to be about it.

HRNZ never think too far ahead,so at least are consistent.

Actually,the fact the financial hole may become so huge ,that even HRNZ could see the writing on the wall,could be a good thing in some ways. Never let a crisis go to waste type thing.

[Rangatira]

1 hour ago, the galah said:

we all know HRNZ have publicly said they want to ensure racing continues in auckland.

despite not managing to turnover 75k per race lol

[Brodie]

2 hours ago, the galah said:

peter profit had a headline a couple of weeks ago saying their was interest from 4 buyers and i had thought i read somwhere they had said around the $60 million mark,but i could be wrong there. So down 20-30 million from what they had hoped for from the original contract,but hey whats 20 or 30 million. harness racing has plenty.

we all know HRNZ have publicly said they want to ensure racing continues in auckland.

Thats seems to be about it.

HRNZ never think too far ahead,so at least are consistent.

Actually,the fact the financial hole may become so huge ,that even HRNZ could see the writing on the wall,could be a good thing in some ways. Never let a crisis go to waste type thing.

They are treating the NZ public like mushrooms, by not divulging anything really.

ATC was very excited a few months ago but why we are not sure.

Someone will buy Franklin but then that is an asset gone and  they will then need to have all the trials at Alexandra Park you would think?

Wouldve been a far better financial  decision for Entain to have paid off the ATC bank loans so that the interest did not keep compounding!

Reality is that it appears that they just do not care about the viability of harness racing in NZ or otherwise are they just not overly great with running business?.

Wouldve been far better than blowing it on bonuses, slot races!

[Rangatira]

29 minutes ago, Brodie said:

Someone will buy Franklin but then that is an asset gone and  they will then need to have all the trials at Alexandra Park you would think?

2 of the 4 potential buyers have/had racing industry links

[Brodie]

44 minutes ago, Rangatira said:

2 of the 4 potential buyers have/had racing industry links

So they know ATC are desperate to sell!

They would be far better to sell to Entain as they got the money, best of both worlds.

[westbrew]

It seems very strange that HRNZ are silent on the matter. The club continue to play the line nothing to see here but then fail to deliver any specific details. Does the minister need to have DIA do an audit of the club to ensure that further public funds are not needed to bail out racing yet again. I think the public would have very little appetite for tax payers money being used for this.

[the galah]

2 hours ago, westbrew said:

It seems very strange that HRNZ are silent on the matter. The club continue to play the line nothing to see here but then fail to deliver any specific details. Does the minister need to have DIA do an audit of the club to ensure that further public funds are not needed to bail out racing yet again. I think the public would have very little appetite for tax payers money being used for this.

the atc still would have alexandra park,so you wouldn't think they needed bailed out.

just keep going and getting the bank to do one of those interest only loans with alexandra park as security.

then don't think about the future,as many on here have pointed out ,thats being ever so grumpy and negative,let aucklanders just live in the present and keep smiling. 

Then in 10 years time,when those at the helm have moved on and when the bank says you have little security left and we are going to sell you up,if your an administrator whos just started in the job,just blame it on the lot that were in charge at the moment,but have since moved on.

And if you are one of those who was in charge,(i.e. our current administrators) and that subsequently moved on,i'm guessing you will just order another margaretta,lay back on your deck chair and admire the sunset a little,before closing your eyes and starting to dream about the good old days when you were in charge.

meanwhile back in nz,the new hrnz board can have one of their meetings and work out how to get their hands on the auckland money.

one bloke sitting in the corner,gathering cobwebs,will pipe up and say well i've been here a few years and we have a precedent for this. Back in the day,he would say with a cheeky smile,we sold up forbury and put all the money in a reserve fund.

To which,one of the newer board members will pipe up and say,forbury,isn't he that grumpy poster on bit of a yarn who's been around for years.

No,the old man in the corner with the cobwebs will reply,forbury used to be a racetrack in dunedin.Then he would go on to explain what happened to forbury and where the  money went.With a twinkle in his eyes,he would explain how the money went on group ones and bonuses and proping up the stakes for auckland. He would say,you see,auckland really owe us that money anyway.

He too,then closes his eyes and mutters,those were the days before  saying wake me up before you turn out the lights,joking he means the lights in this room,not the ribbon of lights.  The chair will then comment,how about that,i thought that man was just an ornament.

 

Edited 16 hours ago by the galah

[Brodie]

Where actually is the money from the Forbury track gone?

Entain wouldve be far better off subsidising racing from Forbury than Alexandra Park surely?

Harness racing at Alexandra Park racing the wrong way around and with small fields and few stables is never going to be financially viable.

[the galah]

6 minutes ago, Brodie said:

Where actually is the money from the Forbury track gone?

Entain wouldve be far better off subsidising racing from Forbury than Alexandra Park surely?

Harness racing at Alexandra Park racing the wrong way around and with small fields and few stables is never going to be financially viable.

they use those funds "for the betterment of harness racing."

So,while it would all be smoke and mirrors,reality is if they are dipping into their reserve funds to provide stake money and bonuses,then theres part of your answer.

[Rangatira]

7 minutes ago, Brodie said:

Harness racing at Alexandra Park racing the wrong way around and with small fields and few stables is never going to be financially viable.

I am prepared to concede you small fields and few stables

[Brodie]

50 minutes ago, Rangatira said:

I am prepared to concede you small fields and few stables

So you enjoy the right handed way of racing?

If so why is it the only all weather track in Australasia?

 

[Rangatira]

7 minutes ago, Brodie said:

So you enjoy the right handed way of racing?

Certainly.

I love the point of difference.

[Rangatira]

18 minutes ago, Brodie said:

If so why is it the only all weather track in Australasia?

Because they ceased to race at Ruakaka in 2002?

[Brodie]

2 hours ago, Rangatira said:

Because they ceased to race at Ruakaka in 2002?

Lol I meant if racing right handed is the way to go then I question why every other metropolitan club in Australasia wants to race left handed?

 

[Rangatira]

5 hours ago, Brodie said:

Lol I meant if racing right handed is the way to go then I question why every other metropolitan club in Australasia wants to race left handed?

 

You would need to pose that question to the person or organisation that claims that to be the case.

[paleface adios]

14 hours ago, Brodie said:

So you enjoy the right hand

 

Heard you  do

[mikeynz]

Think old TAB man, he enjoys right handed,,his adulation for all things Auckland is just so unbelievable.

Why are they so different there going the opposite way to the rest of us ?

Edited 1 hour ago by mikeynz