ATC- What’s happening with Franklin track?

[Brodie]

Does anyone know whether there is any interest in the sale of Franklin track?

If not what is going to happen with the ATC, as without that sale then ATC will end up in liquidation  you would think?

Not sure of exact figures of amount of their debt but was it approx $80million?

If so then the debt will be increasing by approx 5 million per year from interest costs which is crippling.

How is going to be able to continue like this as costs escalating with interest on interest?

 

[the galah]

48 minutes ago, Brodie said:

Does anyone know whether there is any interest in the sale of Franklin track?

If not what is going to happen with the ATC, as without that sale then ATC will end up in liquidation  you would think?

Not sure of exact figures of amount of their debt but was it approx $80million?

If so then the debt will be increasing by approx 5 million per year from interest costs which is crippling.

How is going to be able to continue like this as costs escalating with interest on interest?

 

my take  is,no one in power at the atc or hrnz or the media want to talk about the atc anymore.They would rather ignore it.

Everyone knows its a joke.

everyone knows hrnz policy towards the atc will hurt nz harness racing everywhwere in years to come,especially auckland.

I think mr steele,when last asked about the atc,put his fingers in his ears and starting cheerfully singing.

Edited 5 hours ago by the galah

[Gammalite]

you gentlemen don't realize the costs involved in maintaining a racing industry these days .

The ATC has done well to keep trading while in debt with the failure to raise capital from the disastrous Apartments project that failed due to the building company declaring Bankrupcy.

Instead of feeling compassion for your 'fellow' Harness racing supporters that make up the ATC , it's sink the boot in and scoff at their predicament all the time. 

Victoria (HRV)  managed to bail out of their losses for the moment.

The Australian Turf Club , in the much more popular Thoroughbred industry has debts of $145,000,000 and are unable to pay back the bank loan of $30 mill due this year. They even tried to sell Rosehill Gardens track for $5 Billion to the state Government, to support themselves well into the future . Members voted against the sale in the end. I think an administrator is going to be appointed 

In a nut-shell , you can see that running a racing/harness club is Not a Prosperous Enterprise these days. 

Why pick on someone and people TRYING TO KEEP Your sport going in Difficult times ??

Jump in and help with some ideas. Brodie says get young people involved, Galah says create a training/racing establishment with barns and stables and training facilities to lease to the young trainers who don't Have property of their own.  2  top ideas that can be expanded on and implemented . and probably will be in the future too as no choice really ,

Example =  like what Menangle did 2010 (shifting out of Harold Park in the city and funding themselves and setting up well)  ATC may have to do this too?. ( *and help the young participants simultaneously with training facility) 

 

[mikeynz]

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.

[Brodie]

Gamma, the real reason Alexandra Park is racing is due to the subsidised stakes from Entain cash splash, and it will finish!

I would say they would have very few meetings where they make money and this is only going to make it even dire!

It was surprising to see some very good prices paid for yearlings at Karaka as there is nothing surer than significantly reduced stake money in the North in 2 years!

It is indeed possible that if they continue to race up there they will be racing for half the current stakes and less.

Gamma, we are not putting the boot into anyone whatsoever, just trying to find out what is happening up there as They keep the public in the dark.

It is a given that things ate extremely dire for Auckland and Cambridge at the moment and yet they say nothing and carry on, all the while racing up an interest bill of $115,000 approx each and every week!!

And yet they run races for big stakes with only a few horses in them?

Seriously, How can this continue??

Financially crippling and debt continues to grow!

 

 

[Brodie]

Both Clubs are seriously in the shite financially and getting worse.

Cambridge appears to be far worse than what I understood, and not looking great either!

Winston really needs to step up to the plate and put it in the hands of a statutory manager as HRNZ are just not performing!

The big stake money that ATC are being given would be better utilised in paying the interest on the debt and reducing the stakes up there!

Is there anyone that has any confidence in HRNZ’s ability to govern harness racing in NZ?

I wouldnt think there would be too many as things will come to a head and it will not be pretty for the industry!

 

Edited 2 hours ago by Brodie