Chief Stipe Posted March 30, 2020 Share Posted March 30, 2020 When will we see a similar NZ Racing Managment response? Racing Victoria cuts prizemoney & staff Racing Victoria chairman Brian Kruger announced a range of cuts to expenditure on Monday. Photo: Herald Sun. Racing Victoria has cut prizemoney and stood down a significant number of staff as part of the organisation’s response to the COVID-19 crisis. RV has embarked on a raft of cost-cutting measures as it attempts to deal with the financial fallout from the coronavirus pandemic, which has thrown businesses into turmoil throughout the world. RV released a statement advising the measures are aimed at countering an expected loss of earnings in the short to medium term as well as any shutdown period the sport needs to endure. The changes will take effect from next Monday. The prizemoney cuts include: Metropolitan – a 20% reduction in prizemoney contribution per race; and Country – a 10% reduction in prizemoney contribution per race provided that no TAB race is conducted for less than $20,000. Racing Victoria has also cleared the way for clubs to decide their own prizemoney contributions to big races, which will mainly occur during the spring and autumn carnivals. Melbourne Racing Club chief executive Josh Blanksby flagged a possible prizemoney reduction for the Caulfield Cup in a radio interview on Monday morning. Racing Victoria will also cut bonuses Super VOBIS, VOBIS Gold and VOBIS Sires bonuses by 15 percent in the city and 7.5 percent in the country. Staff cuts will be effective from Wednesday. They entail the following: until further notice, more than 40% of RV’s permanent staff will be temporarily stood down or be required to work reduced hours; the Board and Executive Team who have been leading RV’s response to the pandemic have all agreed to a voluntary reduction in their remuneration of 50% and 20% respectively; those staff stood down and/or working reduced hours are encouraged to take accrued entitlements via annual leave, long service leave and/or time owing in lieu; and to assist those with minimal entitlements, RV has introduced COVID-19 Assistance Leave which will offer up to 20 days of annual leave in advance. “These are not decisions that we have taken lightly, however the impacts of the past fortnight and the nation’s rapidly evolving economic crisis means that we must act now to help soften the blow for Victorian racing,” Racing Victoria chairman Brian Kruger said in a statement. “It has become clear that this pandemic and the associated economic crisis will have a long-term impact on our industry if we don’t seek to mitigate the impact now. “In doing so, we note that a number of our Racing Clubs have already made the tough decisions to temporarily stand down much of their workforce and to reduce their operations which is unfortunately necessary in these uncertain times. “Whilst the industry has wisely built an Industry Sustainability Fund over the past five years, it is prudent at this time that sufficient funds remain available to assist the industry should we face a shutdown at any time and then need to rebuild our sport thereafter.” Kruger said Racing Victoria would continue to monitor the sport’s financial status and could “make further adjustments” to expenditure, especially if there is a shutdown of racing. Quote Link to comment Share on other sites More sharing options...
curious Posted March 30, 2020 Share Posted March 30, 2020 25 minutes ago, Chief Stipe said: When will we see a similar NZ Racing Managment response? Not a whisper out of them to date but since RITA is broke can't pay them anything anyway, stakes and staff reductions are a bit moot at this stage aren't they? Quote Link to comment Share on other sites More sharing options...
Chief Stipe Posted March 30, 2020 Author Share Posted March 30, 2020 4 minutes ago, curious said: Not a whisper out of them to date but since RITA is broke can't pay them anything anyway, stakes and staff reductions are a bit moot at this stage aren't they? Maybe they still have $23m in TAB account holders accounts! ? Nah just joking as that money is in a non interest bearing trust account. Which half of the year brings in the most revenue? If it is the first half then they still should have some cash. Especially since late last year was the World Rugby Cup. Quote Link to comment Share on other sites More sharing options...
curious Posted March 30, 2020 Share Posted March 30, 2020 3 minutes ago, Chief Stipe said: Maybe they still have $23m in TAB account holders accounts! ? Nah just joking as that money is in a non interest bearing trust account. Which half of the year brings in the most revenue? If it is the first half then they still should have some cash. Especially since late last year was the World Rugby Cup. In the first half they paid it all out to the codes and more I think. So, that's gone. No reserves, stuff all revenue. No pokie money to fund the RIU who are not required now anyway. Maybe half a dozen staff can be sustained at NZTR? They have nought to do also. Quote Link to comment Share on other sites More sharing options...
Chief Stipe Posted March 30, 2020 Author Share Posted March 30, 2020 1 hour ago, curious said: In the first half they paid it all out to the codes and more I think. So, that's gone. No reserves, stuff all revenue. No pokie money to fund the RIU who are not required now anyway. Maybe half a dozen staff can be sustained at NZTR? They have nought to do also. You know what they will do. They'll ramp up pressure to sell assets they don't own. 1 Quote Link to comment Share on other sites More sharing options...
Freda Posted March 30, 2020 Share Posted March 30, 2020 Sadly, probably, yes. I just hope that those affected clubs can do as Hokitika did, and return to their community. Without a drastic change in their operating model they will, otherwise, be just frittered away and wasted. It occurred to me - and no doubt I will be corrected if I have completely the wrong notion - that, as trading while insolvent isn't allowed, does that mean RITA goes into statutory management? And, as Winston instructed RITA to maintain funding to the codes at the same level ( no reductions) how does that make him look? Stupid? Ill-informed ? Incompetent? Certainly, not up with the play with his portfolio. Quote Link to comment Share on other sites More sharing options...
Murray Fish Posted March 30, 2020 Share Posted March 30, 2020 13 hours ago, Chief Stipe said: Maybe they still have $23m in TAB account holders accounts! I took the trouble to cash out Mrs Fish acc on sat..... she smiled!!! It will be interesting to see who be jumping ship from head office as the shithole gets deeper... for racing this has got the feel that the slow and steady (sunset) decline is about to be gaining some speed! no longer the soft gentle decline! , more like! off the gentle slopes and onto the ski jumping course! weeeeeeeeeeeeeeeeee... this is going to be a hard landing!!! Quote Link to comment Share on other sites More sharing options...
Kopia Posted March 30, 2020 Share Posted March 30, 2020 2 hours ago, Freda said: Sadly, probably, yes. I just hope that those affected clubs can do as Hokitika did, and return to their community. Without a drastic change in their operating model they will, otherwise, be just frittered away and wasted. It occurred to me - and no doubt I will be corrected if I have completely the wrong notion - that, as trading while insolvent isn't allowed, does that mean RITA goes into statutory management? And, as Winston instructed RITA to maintain funding to the codes at the same level ( no reductions) how does that make him look? Stupid? Ill-informed ? Incompetent? Certainly, not up with the play with his portfolio. Victoria Racing: 50% prizemoney, income down= 50% staff reductions NZ Racing : No prizemoney, no income = all staff remain on full pay Guess who the fuckin suckers are? 2 Quote Link to comment Share on other sites More sharing options...
Chief Stipe Posted March 30, 2020 Author Share Posted March 30, 2020 Where are they getting the money from? You can't pay staff without having real dollars in the bank. Unless you pay them in TAB Bonus Bet Vouchers they have to have credit lines somewhere. Has Winnie tapped Shane and said flick some of your PGF to them? Quote Link to comment Share on other sites More sharing options...
Kopia Posted March 30, 2020 Share Posted March 30, 2020 Yeah well Winnie is being very quiet right now. I don't rate this feckin govt ( as I may have mentioned!) but at least a number of ministers have spoken about their portfolios..not the Racing Minister!! But you're right Chief...where is the money coming from? p.s. on a seperate issue, how are jockeys getting on? They're self employed or contractors, would they be eligible for some of the Commissariats hand outs? Quote Link to comment Share on other sites More sharing options...
Chief Stipe Posted March 30, 2020 Author Share Posted March 30, 2020 11 minutes ago, Kopia said: p.s. on a seperate issue, how are jockeys getting on? They're self employed or contractors, would they be eligible for some of the Commissariats hand outs? Yes they would be. Hopefully their union and NZTR have contacted them and are helping them through the process. Quote Link to comment Share on other sites More sharing options...
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