Chief Stipe Posted May 12, 2020 Share Posted May 12, 2020 Have your say. But he has said nothing new. Quote Link to comment Share on other sites More sharing options...
Chief Stipe Posted May 12, 2020 Author Share Posted May 12, 2020 Wasn't there a poster or two on BOAY saying it was "rubbish saying RITA was insolven"? Seems they didn't have enough money to pay their vendors come Friday. Quote Link to comment Share on other sites More sharing options...
Chief Stipe Posted May 12, 2020 Author Share Posted May 12, 2020 What has he actually delivered that is new? Aside from the lump of cash to bail out an insolvent government agency? He said RITA would not have been able to pay their creditors by the end of the week and the bank was calling in its loan. If you analyse RITA's balance sheet and where that $72.5m is going I bet most of it goes to the ANZ. $20m for the two synthetic tracks that was promised anyway. $2.5m to the DIA to get the Racefields legislation sorted (which they don't really agree with anyway) and to help out sporting bodies that no longer get grants from RITA. Of course we should be grateful for getting yet another handout from Government but I'm picking this will be the last one. Quote Link to comment Share on other sites More sharing options...
Huey Posted May 12, 2020 Share Posted May 12, 2020 Yep and all of this on top of a New Look fantabulous TAB that looks about as fit for service as I do to run the Rotorua marathon. 2 Quote Link to comment Share on other sites More sharing options...
Kopia Posted May 12, 2020 Share Posted May 12, 2020 16 minutes ago, Chief Stipe said: What has he actually delivered that is new? Aside from the lump of cash to bail out an insolvent government agency? He said RITA would not have been able to pay their creditors by the end of the week and the bank was calling in its loan. If you analyse RITA's balance sheet and where that $72.5m is going I bet most of it goes to the ANZ. $20m for the two synthetic tracks that was promised anyway. $2.5m to the DIA to get the Racefields legislation sorted (which they don't really agree with anyway) and to help out sporting bodies that no longer get grants from RITA. Of course we should be grateful for getting yet another handout from Government but I'm picking this will be the last one. And there will be strings attached. The 'bloodletting' at TAB will also hit NZTR/RIU. With a lot less racemeetings, less tracks involved, what will the mighty RIU do for 7 days a week? What do stewards do now when there's no racing? In NSW and Victoria there's racing/trials every day. Not in NZ. So we should be expecting to hear anytime now that a number of RIU in particular will be getting the DCM. OR be put on a contract, i.e. get paid for the days you work, not for sitting on your ass at home. Godber is the first in line imo. 2 1 Quote Link to comment Share on other sites More sharing options...
Chief Stipe Posted May 12, 2020 Author Share Posted May 12, 2020 Has RITA called in their loans? Quote Link to comment Share on other sites More sharing options...
Chief Stipe Posted May 12, 2020 Author Share Posted May 12, 2020 Non-cancellable contracts?! Any contract is cancellable if you negotiate the penalties! Any movement on these? Quote Link to comment Share on other sites More sharing options...
Chief Stipe Posted May 12, 2020 Author Share Posted May 12, 2020 Join the dots on this finance lease for their broadcasting equipment....they lent the money for NZ Live to setup (now called NEP Group) in a building owned by Windsor Park. They then effectively paid for the equipment - sold it to NZ Live (only a book transaction) then leased it back making it an operating expense. A TEN year contract! 2 Quote Link to comment Share on other sites More sharing options...
Sandpiper Posted May 12, 2020 Share Posted May 12, 2020 I liked the bigger picture talk re racing needing to survive to maintain export earners and jobs. I liked the even bigger picture talk about regulating offshore gambling. Its a devil of a bargain to make against personal liberties, but a few hundred million gaming income from kiwis which can finance various sports including racing and central administration would be transformational. I liked the dunces hat being put on racing administration. Not much reading between the lines needed when half a 50 million dollar bailout goes to pay one overdue supplier bill. Quote Link to comment Share on other sites More sharing options...
Chief Stipe Posted May 12, 2020 Author Share Posted May 12, 2020 I'm picking that much of the $50m will go to resolve this problem: 1 Quote Link to comment Share on other sites More sharing options...
holy ravioli Posted May 12, 2020 Share Posted May 12, 2020 1 minute ago, Chief Stipe said: I'm picking that much of the $50m will go to resolve this problem: Would not be a prudent use of funds.It looks like an unsecured loan.Pay the interest and spin it out till insolvency looms. Quote Link to comment Share on other sites More sharing options...
Chief Stipe Posted May 12, 2020 Author Share Posted May 12, 2020 2 minutes ago, Sandpiper said: I liked the bigger picture talk re racing needing to survive to maintain export earners and jobs. The export earners are primarily the breeders. Note Winston mentioned the "planeload of horses that went out this week." No doubt Australia and Hong Kong bound. Racing gets shyte all from that. 3 minutes ago, Sandpiper said: I liked the even bigger picture talk about regulating offshore gambling. Its a devil of a bargain to make against personal liberties, but a few hundred million gaming income from kiwis which can finance various sports including racing and central administration would be transformational. I don't know where you get the figure of "a few hundred million gaming income from." That is the worst assumption made for the basis of the Racefields Legislation. Quote Link to comment Share on other sites More sharing options...
Sandpiper Posted May 12, 2020 Share Posted May 12, 2020 1 minute ago, Chief Stipe said: The export earners are primarily the breeders. Note Winston mentioned the "planeload of horses that went out this week." No doubt Australia and Hong Kong bound. Racing gets shyte all from that. I don't know where you get the figure of "a few hundred million gaming income from." That is the worst assumption made for the basis of the Racefields Legislation. Of course racing gets shyte all from that. Why would it. Someone sold fast horses/horses that might produce fast horses. You don't need a NZ racing industry to breed fast horses. Fortunately the government sees a co-existance if not a synergy and noted that when handing over a bailout. The "few hundred million" is imo a lowball guess of what kiwis might lose to overseas providers betting sports and casinos online over a few years. Quote Link to comment Share on other sites More sharing options...
Chief Stipe Posted May 12, 2020 Author Share Posted May 12, 2020 1 hour ago, Chief Stipe said: Join the dots on this finance lease for their broadcasting equipment....they lent the money for NZ Live to setup (now called NEP Group) in a building owned by Windsor Park. They then effectively paid for the equipment - sold it to NZ Live (only a book transaction) then leased it back making it an operating expense. A TEN year contract! My apologies for replying to my own post...but what the hell! Winston should hold an inquiry into these transactions. I bet many of you didn't know that NZRB/RITA was involved in setting up a NEW broadcast company - it was called NZ Live and operated initially out of a building owned by Windsor Park Stud in Parnell Auckland. NZRB/RITA provided loan guarantees to set it up. NZRB/RITA also bought the broadcasting equipment e.g. cameras, outside broadcast vans. An arrangement was made where this equipment was sold to NZ Live and NZRB/RITA entered into a 10 year lease back arrangement. Now NZ Live was subsequently onsold to NEP Group Inc. a company whose head office is in Pittsburgh, Pennsylvania USA. The local holding company NEP Broadcast Services New Zealand Limited is owned by Australians. As far as I know in Australia NEP doesn't broadcast horse racing but predominantly ball sports. Guess who their largest (if not only) customer is in New Zealand? Yep....NZRB/RITA. Check out more on their website https://www.nepgroup.co.nz/ Oh and if you are in Auckland kill two birds with one stone and visit both RITA and NEP. It's easy as they are in the same building at 60 Stanley Street, Parnell, Auckland. Don't forget these are the dudes that are dictating which tracks can be the first to open. 1 1 Quote Link to comment Share on other sites More sharing options...
Chief Stipe Posted May 12, 2020 Author Share Posted May 12, 2020 7 minutes ago, Sandpiper said: The "few hundred million" is imo a lowball guess of what kiwis might lose to overseas providers betting sports and casinos online over a few years. That might be turnover but certainly not revenue. Even the DIA and RITA are in agreement about it not being "a few hundred million" in revenue. 1 Quote Link to comment Share on other sites More sharing options...
holy ravioli Posted May 12, 2020 Share Posted May 12, 2020 45 minutes ago, Chief Stipe said: My apologies for replying to my own post...but what the hell! Winston should hold an inquiry into these transactions. I bet many of you didn't know that NZRB/RITA was involved in setting up a NEW broadcast company - it was called NZ Live and operated initially out of a building owned by Windsor Park Stud in Parnell Auckland. NZRB/RITA provided loan guarantees to set it up. NZRB/RITA also bought the broadcasting equipment e.g. cameras, outside broadcast vans. An arrangement was made where this equipment was sold to NZ Live and NZRB/RITA entered into a 10 year lease back arrangement. Now NZ Live was subsequently onsold to NEP Group Inc. a company whose head office is in Pittsburgh, Pennsylvania USA. The local holding company NEP Broadcast Services New Zealand Limited is owned by Australians. As far as I know in Australia NEP doesn't broadcast horse racing but predominantly ball sports. Guess who their largest (if not only) customer is in New Zealand? Yep....NZRB/RITA. Check out more on their website https://www.nepgroup.co.nz/ Oh and if you are in Auckland kill two birds with one stone and visit both RITA and NEP. It's easy as they are in the same building at 60 Stanley Street, Parnell, Auckland. Don't forget these are the dudes that are dictating which tracks can be the first to open. Who was the Chairman/CEO at the time of the deal?.You could be onto something Chief.Get Max and 99 on the job.I always thought Sky had some role in on site race broadcasting 1 Quote Link to comment Share on other sites More sharing options...
Chief Stipe Posted May 12, 2020 Author Share Posted May 12, 2020 Quote Link to comment Share on other sites More sharing options...
Mark D Posted May 12, 2020 Share Posted May 12, 2020 My reaction when asked by a friend was that the $74m wouldn't last 6 months. Now seeing some of the detail I conclude that it will be gone in 6 days. 2 1 Quote Link to comment Share on other sites More sharing options...
Chief Stipe Posted May 12, 2020 Author Share Posted May 12, 2020 7 minutes ago, Mark D said: My reaction when asked by a friend was that the $74m wouldn't last 6 months. Now seeing some of the detail I conclude that it will be gone in 6 days. Make that 2 and half days. According to Winston the big bills are due Friday. 1 Quote Link to comment Share on other sites More sharing options...
Huey Posted May 12, 2020 Share Posted May 12, 2020 Even a bail out is wasted on this lot. 1 Quote Link to comment Share on other sites More sharing options...
Huey Posted May 12, 2020 Share Posted May 12, 2020 and here is the thing, just like the last I don't know how many CEOs at the TAB there is absolutely no accountability for anyone at the TAB. Surely the Govt. can see its not just Covid that pushed them over the edge? Quote Link to comment Share on other sites More sharing options...
Chief Stipe Posted May 12, 2020 Author Share Posted May 12, 2020 Poor old Winston rolled out that garbage about the loss of raceday revenue from abandonments. RITA and NZTR budgeted for abandonments because they didn't have enough cash to pay the stakes! Hence the lack of thought that went into plan B options. 2 Quote Link to comment Share on other sites More sharing options...
Chief Stipe Posted May 12, 2020 Author Share Posted May 12, 2020 2 minutes ago, Huey said: and here is the thing, just like the last I don't know how many CEOs at the TAB there is absolutely no accountability for anyone at the TAB. Surely the Govt. can see its not just Covid that pushed them over the edge? That's why we haven't seen the half yearly report. It was clearly evident in the last annual report that RITA was insolvent. Remember it was from the data in that report that the insolvency stories were based on. January 2020! 2 2 Quote Link to comment Share on other sites More sharing options...
Mark D Posted May 12, 2020 Share Posted May 12, 2020 1 hour ago, Chief Stipe said: Make that 2 and half days. According to Winston the big bills are due Friday. Yip I stand corrected Quote Link to comment Share on other sites More sharing options...
curious Posted May 12, 2020 Share Posted May 12, 2020 1 hour ago, Mark D said: Yip I stand corrected That's only 26m. They still have the other 24m to patch the leak and right the ship. Quote Link to comment Share on other sites More sharing options...
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