Boxie Posted May 17, 2018 Share Posted May 17, 2018 NZRB and NZTR have come to an agreement that in lieu of stakes increases currently being funded out of NZRB reserves the money will be spent on four new all weather tracks. The total amount is $25 million which equates to a similar amount distributed so far in the last 18 months to paying for stake increases. The Trainers Association and Owners and Breeders have welcomed this long overdue move. There is no point racing for poor stakes when the tracks are not up to scratch. Te Akau and Pencarrow have also pledged their recently announced increases in tax rebates to the cause. 1 Quote Link to comment Share on other sites More sharing options...
hesi Posted May 17, 2018 Share Posted May 17, 2018 Wow that is quite a giant leap, any detail on where they will be, and how does it affect the drainage work at Ellerslie. Quote Link to comment Share on other sites More sharing options...
Ashley Posted May 17, 2018 Share Posted May 17, 2018 April 1st was last month. 1 1 Quote Link to comment Share on other sites More sharing options...
Chief Stipe Posted May 17, 2018 Share Posted May 17, 2018 Reefton, Kawhia, Rangiora and Twizel? 1 2 Quote Link to comment Share on other sites More sharing options...
Ashley Posted May 17, 2018 Share Posted May 17, 2018 3 minutes ago, Chief Stipe said: Reefton, Kawhia, Rangiora and Twizel? My impeccable sources inform me Dargaville and Stratford are top of the list. Quote Link to comment Share on other sites More sharing options...
hesi Posted May 17, 2018 Share Posted May 17, 2018 Well it sounded good for a minute or 2 Quote Link to comment Share on other sites More sharing options...
Journalists Wandering Eyes Posted May 17, 2018 Journalists Share Posted May 17, 2018 Boxie maybe posting tongue in cheek - my sources tell me he is unfortunately. However he makes a very good point that I should have emphasised more in my blog - the industry is churning through reserves to fund essentially operating expenses in the form of stakes. Any company that does that, spends reserves on operating expenses, is in dire trouble and their share price would plummet accordingly. It would be more prudent to spend that money on lasting infrastructure that will improve revenue opportunities. NZTR and NZRB still have it within their powers to fund the development of all weather tracks or other infrastructure at the level where the hoof hits the turf. At the current burn rate in less than two years there won't be any reserves left. Quote Link to comment Share on other sites More sharing options...
curious Posted May 18, 2018 Share Posted May 18, 2018 Yes, and you have to think NZTR could have done that. Used the extra NZRB funds to replace existing stakes (because it had to be used for stakes) and take some or all of that amount of funding from the regular distribution and use that that to start relaying existing tracks, build an all weather or whatever, but something constructive to improve the product. Quote Link to comment Share on other sites More sharing options...
Weasel Posted May 18, 2018 Share Posted May 18, 2018 12 hours ago, Chief Stipe said: Reefton, Kawhia, Rangiora and Twizel? Dargaville, Castlepoint, Hokitika and Stewart Island ...?? Quote Link to comment Share on other sites More sharing options...
Huey Posted May 18, 2018 Share Posted May 18, 2018 12 hours ago, curious said: Yes, and you have to think NZTR could have done that. Used the extra NZRB funds to replace existing stakes (because it had to be used for stakes) and take some or all of that amount of funding from the regular distribution and use that that to start relaying existing tracks, build an all weather or whatever, but something constructive to improve the product. Surely there can be a redistribution of stakes that at the very least allows racing to put something together to at least get one all weather facility off the ground? As an example what are we doing racing for $25k & $35k on a Friday at Riccarton or on a Sunday at Te Rapa for that matter and I do mean the flat events not the prestigious jumps events. This goes on all year and if those races were for $20k the fields wouldn't be any different or $15k in most cases. Saturday and Public holidays are showcase days for the time being and the rest are run at industry levels to get some sort of funding for infrastructure off the ground? 1 Quote Link to comment Share on other sites More sharing options...
Boxie Posted May 18, 2018 Author Share Posted May 18, 2018 15 hours ago, curious said: Yes, and you have to think NZTR could have done that. Used the extra NZRB funds to replace existing stakes (because it had to be used for stakes) and take some or all of that amount of funding from the regular distribution and use that that to start relaying existing tracks, build an all weather or whatever, but something constructive to improve the product. Why does it "have to be used for stakes"? Quote Link to comment Share on other sites More sharing options...
curious Posted May 18, 2018 Share Posted May 18, 2018 4 minutes ago, Boxie said: Why does it "have to be used for stakes"? That was specified in the agreement by the NZRB in making the additional distributions. Quote Link to comment Share on other sites More sharing options...
Boxie Posted May 18, 2018 Author Share Posted May 18, 2018 27 minutes ago, curious said: That was specified in the agreement by the NZRB in making the additional distributions. So they can change the agreement as under the Racing Act the distribution can be assigned to anything can't it? Quote Link to comment Share on other sites More sharing options...
curious Posted May 19, 2018 Share Posted May 19, 2018 This was not the distribution provided for under the Act. It was additional to that. They can do what they want with the original distribution, yes. That's why I was suggesting they take money for tracks from that and still apply the additional amount to stakes. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.