RITA 6 month Financial Update- What say you Chief

[JJ Flash]

19 minutes ago, nomates said:

Also i'm assuming you posted the report as way of letting everybody know that we are in a stable position , but agreeing that's there still a lot to be done . Which is it . 

Nope, just to keep the moaners on here happy. Chiefs been after the report for 3 months  . Now he has it im sure he will not say anything good which is not unusual, your the same and Curious will find both good and bad  as per.

I may be wrong but the senior review process is currently underway and my guess is that of the current  7 positions 3  will go. Are you ok with that or do you want them to plow in, disregard NZ employment law  and end up shelling out thousands in PGs rather than such funds  going into stakes.

 

Greg

[Chief Stipe]

16 minutes ago, JJ Flash said:

Nope, just to keep the moaners on here happy. Chiefs been after the report for 3 months  . Now he has it im sure he will not say anything good which is not unusual, your the same and Curious will find both good and bad  as per.

 

Thanks for you care and concern about my happiness.  I would say something good about it but I can't find anything.

17 minutes ago, JJ Flash said:

I may be wrong but the senior review process is currently underway and my guess is that of the current  7 positions 3  will go. Are you ok with that or do you want them to plow in, disregard NZ employment law  and end up shelling out thousands in PGs rather than such funds  going into stakes.

 

That's a process they should have started 12 months ago after having had all the information delivered to them in the previous 6 months.  As for NZ Employment Law - you can complete due process in 4 weeks tops and not break employment law.  McKenzie with his vast experience and knowledge along with each and everyone of his Board members would have known that.

 

[Chief Stipe]

JJ Flash since you are onto it and care about my happiness could you post the Business Plan for the new racing year?  I believe this is statutory requirement and 1 August isn't that far away.

 

[nomates]

1 hour ago, JJ Flash said:

I may be wrong but the senior review process is currently underway and my guess is that of the current  7 positions 3  will go. Are you ok with that or do you want them to plow in, disregard NZ employment law  and end up shelling out thousands in PGs rather than such funds  going into stakes.

 

So everybody that was let go will be taking out PGs then , or is it only senior exec's that get the right . Personally would prefer that they were paid out now than keep paying them , save money and more fuckups in the long run .

As for 3 of the 7 to go they should all have their arses kicked out the door . They have all contributed to the shitfest that the industry is currently in , why would you let any of them have a chance to drag things , mediocrity of performance is giving them too much credit .

1 hour ago, JJ Flash said:

Nope, just to keep the moaners on here happy

But all your doing is moaning at the moaners , does that make you the moaner of moaners .

Still waiting for some of you innovations and ideas that will help drive the industry forward . 

[curious]

2 hours ago, Chief Stipe said:

I think so.  It was an off the top of the head calculation - you know on the back of Winnies cigarette packet.  However $140m doesn't reduce the debt issue.  LOL venues will be surplus because there won't be sufficient revenue to hold the number of races relative to the number of horses.....unless of course you reduce the individual stakes which has some merit - especially redistribution from the top end.

Interesting that you mention revenue per horse. That's a far better estimate in my view of how we are doing stakes wise in my view especially when comparing with Oz etc. i.e. total stakes available p.a./number of individual horses. That's what really matters to owners.

Reduced stakes and reduced opportunities as you suggest may also realign the horse numbers to the opportunities and available tracks.

[Mikie]

JJ Flash is copping an absolute bath and he's too thick to even realise it

It's repetitive Gregory David, but Chief Stipe and the other posters are right, your wonder team did nothing until Covid came along

Too late

Mikee

[Chief Stipe]

2 hours ago, curious said:

Interesting that you mention revenue per horse. That's a far better estimate in my view of how we are doing stakes wise in my view especially when comparing with Oz etc. i.e. total stakes available p.a./number of individual horses. That's what really matters to owners.

Reduced stakes and reduced opportunities as you suggest may also realign the horse numbers to the opportunities and available tracks.

I agree.  The fact is we (they) manage to the wrong metrics.  I know I might sound a bit of an arrogant know all prick but unless you manage to the right metrics then you will fail.  For example with Covid-19 the Japanese are focussed on the number of deaths NOT the number of confirmed cases.

The problem with what you suggest "realigning horse numbers to available tracks and opportunities" is that NZTR control which tracks and opportunities are available.  They should step back and redefine what their objectives are and the key metrics to achieve them.

[Chief Stipe]

I really think that NZ Racing is back to ground zero.  We should discard all our self interests and start again with a blank sheet of paper.  Identify our core advantages - one of them is we still produce a good racehorse; another is we still (barely) have a lot of passionate enthusiasts who love racing that would continue to provide low cost GOOD tracks for a few beers on race day.

Some of the Cambridge trainers should acknowledge that (interesting who trains at Matamata).

An anecdote.  I went down to the KT tonight (one of the last true racing and sports pubs) and the locals were excited.  It has been announced that Ruakaka has been allocated some race dates when previously they hadn't.

 

[Joe Bloggs]

32 minutes ago, Chief Stipe said:

I agree.  The fact is we (they) manage to the wrong metrics.  I know I might sound a bit of an arrogant know all prick but unless you manage to the right metrics then you will fail.  For example with Covid-19 the Japanese are focussed on the number of deaths NOT the number of confirmed cases.

The problem with what you suggest "realigning horse numbers to available tracks and opportunities" is that NZTR control which tracks and opportunities are available.  They should step back and redefine what their objectives are and the key metrics to achieve them.

Sadly you need intelligence to do that, sadly it's missing, sad to say, it's a sad situation.

[nomates]

9 minutes ago, Chief Stipe said:

I really think that NZ Racing is back to ground zero.  We should discard all our self interests and start again with a blank sheet of paper.  Identify our core advantages - one of them is we still produce a good racehorse; another is we still (barely) have a lot of passionate enthusiasts who love racing that would continue to provide low cost GOOD tracks for a few beers on race day.

 

I agree , gallops needs to be completely remodeled . We will never be "great again" , but we can be very good and sustainable . As much as some posters seem to think we ( I ) are just moaners , we do understand that things need to change , and drastically . We have and always will produce great race horses but unfortunately we no longer have great racing . 

Our biggest stumbling block is a continual stream of visionless persons leading the industry . The fact that they made a raft of changes then put a large portion back in place shows that a lot of decisions are made with no distinct plan other than react to any particular situation , in the latest case , COVID . 

We need to have an overhaul to our rating system , our programming , our tracks , and the way we distribute our stake money . We have to make racing horses more sustainable along with making our race horses careers more sustainable . We have to understand where NZ racing really sits and stop comparing ourselves to Australia , we can never compete so don't try . 

Clubs can have their day in the sun , small 1/2 day clubs that are said to be draining the industry can have their day but , they must stand on their own two feet , their tracks must be up to an acceptable standard for racing and if they fail at achieving this it's adios , there must be a set of KPI's that these clubs must sustain to retaining their racedays , many are already doing this , very well . Sounds tough i know but there would be no more moaning we didn't get a fair go or they're a drain on industry funds . The big clubs also must accept that they have to do their bit , accepting that they can't always have the dates they want , especially at the expense of other clubs , it has to be what's best for the whole industry , no if's or but's .

Pin point the major days and have race meetings that give clear and defined pathways for horses to make their way to their given goal . Some of our carnivals and major races have been buggered around with to the point that they have lost their glamour . Some i.e. cup week , still work so don't touch , but i struggle to comprehend whether we are a cohesive sport . The Wellington Cup carnival is a non event now IMO, to cater for another club , and many others i know . I don't believe we are big enough or strong enough , quality wise , any longer . Why can't we just have more singular big days . Does Hastings have to be 3 days , long gone are the days where we got lots of G1 horses competing and using it as a spring board to AUS , there maybe 1 or 2 if we're lucky that can truely be called G1 quality . Why can't it be a 2 day meeting and moved back so that it can be run on better surfaces . 

We also have to seriously look at the grading of our group races , NZ G1's aren't taken seriously , so what's better a dodgy G1 or a serious G2 , we have listed races that are by any standard very average , it' not our job to make it easy for horses to attain black print in a sales catalogues .

These are just some ramblings and i by no means call them solutions but it looks like not much is changing with our calendar and probably our programming or stakes again , other than a few tweeks , this has been the status quo for many years now , and i suspect because of a lack of vision will stay so . Things need to change and those charged , and paid , to improve and move the industry forward appear completely lacking for this brief , i don't know the way to get the right people in the right positions , but i know myself and others i know would gladly give up our time , with no payment required , to help to try and get our great industry back to where it can been very good and sustainable .

Happy for critique , and expected , but please remember these are just ideas to be thrown around and improved or completely ignored , but are put down with a passion and love for our industry , and also mostly for the animals i love .

[Chief Stipe]

22 minutes ago, nomates said:

I agree , gallops needs to be completely remodeled . We will never be "great again" , but we can be very good and sustainable . As much as some posters seem to think we ( I ) are just moaners , we do understand that things need to change , and drastically . We have and always will produce great race horses but unfortunately we no longer have great racing . 

Our biggest stumbling block is a continual stream of visionless persons leading the industry . The fact that they made a raft of changes then put a large portion back in place shows that a lot of decisions are made with no distinct plan other than react to any particular situation , in the latest case , COVID . 

We need to have an overhaul to our rating system , our programming , our tracks , and the way we distribute our stake money . We have to make racing horses more sustainable along with making our race horses careers more sustainable . We have to understand where NZ racing really sits and stop comparing ourselves to Australia , we can never compete so don't try . 

Clubs can have their day in the sun , small 1/2 day clubs that are said to be draining the industry can have their day but , they must stand on their own two feet , their tracks must be up to an acceptable standard for racing and if they fail at achieving this it's adios , there must be a set of KPI's that these clubs must sustain to retaining their racedays , many are already doing this , very well . Sounds tough i know but there would be no more moaning we didn't get a fair go or they're a drain on industry funds . The big clubs also must accept that they have to do their bit , accepting that they can't always have the dates they want , especially at the expense of other clubs , it has to be what's best for the whole industry , no if's or but's .

Pin point the major days and have race meetings that give clear and defined pathways for horses to make their way to their given goal . Some of our carnivals and major races have been buggered around with to the point that they have lost their glamour . Some i.e. cup week , still work so don't touch , but i struggle to comprehend whether we are a cohesive sport . The Wellington Cup carnival is a non event now IMO, to cater for another club , and many others i know . I don't believe we are big enough or strong enough , quality wise , any longer . Why can't we just have more singular big days . Does Hastings have to be 3 days , long gone are the days where we got lots of G1 horses competing and using it as a spring board to AUS , there maybe 1 or 2 if we're lucky that can truely be called G1 quality . Why can't it be a 2 day meeting and moved back so that it can be run on better surfaces . 

We also have to seriously look at the grading of our group races , NZ G1's aren't taken seriously , so what's better a dodgy G1 or a serious G2 , we have listed races that are by any standard very average , it' not our job to make it easy for horses to attain black print in a sales catalogues .

These are just some ramblings and i by no means call them solutions but it looks like not much is changing with our calendar and probably our programming or stakes again , other than a few tweeks , this has been the status quo for many years now , and i suspect because of a lack of vision will stay so . Things need to change and those charged , and paid , to improve and move the industry forward appear completely lacking for this brief , i don't know the way to get the right people in the right positions , but i know myself and others i know would gladly give up our time , with no payment required , to help to try and get our great industry back to where it can been very good and sustainable .

Happy for critique , and expected , but please remember these are just ideas to be thrown around and improved or completely ignored , but are put down with a passion and love for our industry , and also mostly for the animals i love .

You are officially in line for the best post of the year.  Split decision between you and Freda.

[Joe Bloggs]

Oh cmon Chief, what about Bernards facebook posts? they are WFA material, Cox Plate stuff, be fair.

[Freda]

8 hours ago, nomates said:

I agree , gallops needs to be completely remodeled . We will never be "great again" , but we can be very good and sustainable . As much as some posters seem to think we ( I ) are just moaners , we do understand that things need to change , and drastically . We have and always will produce great race horses but unfortunately we no longer have great racing . 

Our biggest stumbling block is a continual stream of visionless persons leading the industry . The fact that they made a raft of changes then put a large portion back in place shows that a lot of decisions are made with no distinct plan other than react to any particular situation , in the latest case , COVID . 

We need to have an overhaul to our rating system , our programming , our tracks , and the way we distribute our stake money . We have to make racing horses more sustainable along with making our race horses careers more sustainable . We have to understand where NZ racing really sits and stop comparing ourselves to Australia , we can never compete so don't try . 

Clubs can have their day in the sun , small 1/2 day clubs that are said to be draining the industry can have their day but , they must stand on their own two feet , their tracks must be up to an acceptable standard for racing and if they fail at achieving this it's adios , there must be a set of KPI's that these clubs must sustain to retaining their racedays , many are already doing this , very well . Sounds tough i know but there would be no more moaning we didn't get a fair go or they're a drain on industry funds . The big clubs also must accept that they have to do their bit , accepting that they can't always have the dates they want , especially at the expense of other clubs , it has to be what's best for the whole industry , no if's or but's .

Pin point the major days and have race meetings that give clear and defined pathways for horses to make their way to their given goal . Some of our carnivals and major races have been buggered around with to the point that they have lost their glamour . Some i.e. cup week , still work so don't touch , but i struggle to comprehend whether we are a cohesive sport . The Wellington Cup carnival is a non event now IMO, to cater for another club , and many others i know . I don't believe we are big enough or strong enough , quality wise , any longer . Why can't we just have more singular big days . Does Hastings have to be 3 days , long gone are the days where we got lots of G1 horses competing and using it as a spring board to AUS , there maybe 1 or 2 if we're lucky that can truely be called G1 quality . Why can't it be a 2 day meeting and moved back so that it can be run on better surfaces . 

We also have to seriously look at the grading of our group races , NZ G1's aren't taken seriously , so what's better a dodgy G1 or a serious G2 , we have listed races that are by any standard very average , it' not our job to make it easy for horses to attain black print in a sales catalogues .

These are just some ramblings and i by no means call them solutions but it looks like not much is changing with our calendar and probably our programming or stakes again , other than a few tweeks , this has been the status quo for many years now , and i suspect because of a lack of vision will stay so . Things need to change and those charged , and paid , to improve and move the industry forward appear completely lacking for this brief , i don't know the way to get the right people in the right positions , but i know myself and others i know would gladly give up our time , with no payment required , to help to try and get our great industry back to where it can been very good and sustainable .

Happy for critique , and expected , but please remember these are just ideas to be thrown around and improved or completely ignored , but are put down with a passion and love for our industry , and also mostly for the animals i love .

Great post.  

[Joe Bloggs]

About 10 years + ago I mooted on the once great Channel X that NZ could establish a breakout racing industry, hard yes, impossible no.....based on the magnificent Kerry Packer pyjama cricket concept, that was laughed at and chaffed at.

Imagine if every/or nearly every club in NZ got together with great owners/trainers and jockeys that were prepared to do it? With the emergence of the corporate bookmakers [look at the sponsorship of so many racecourses in Oz] a direct deal with offshore betting agencies would have locked in prizemoney of reasonable levels.

Was it tangible? I think it could have been, simply, it would have shaken the hierarchy to their bootstraps, with the exception of Nathan Guy who could sleep though a R8 Earthquake, and at the very least bought about change before all this hit the skids.

It wouldn't work now as the product is not worth betting on, and for people like moi that remember those wonderful days of yore, it's so very sad........how theses remaining executives at RITA and NZTR hold their collective heads up is beyond me, if anyone can name just one that deserves firstly to still be there and second on the salaries they are paid please let me know.....I'll be first to apologise to them.....but I think we all know that isn't going to happen.

[Joe Bloggs]

Sorry, can I add, my suggestions were in reaction to the infamous Purcell Papers that announced the fabulous future for racing in NZ.....those facts, projections and statement were proved to be a fallacy, sheer fabrication, not Purcell's fault, but when I look back on it, you could see or feel the disbelief in Purcells delivery.

The culture in Petone is damning, even though the lies and deception continue today the management is still basically the same, the only changes of note were and are the mouthpieces, Saundry in my opinion the worst in a long line of abject failures, albeit a rich failure riding on the broken back of a once proud steed.

[mumbles]

19 minutes ago, Joe Bloggs said:

About 10 years + ago I mooted on the once great Channel X that NZ could establish a breakout racing industry, hard yes, impossible no.....based on the magnificent Kerry Packer pyjama cricket concept, that was laughed at and chaffed at.

Imagine if every/or nearly every club in NZ got together with great owners/trainers and jockeys that were prepared to do it? With the emergence of the corporate bookmakers [look at the sponsorship of so many racecourses in Oz] a direct deal with offshore betting agencies would have locked in prizemoney of reasonable levels.

Was it tangible? I think it could have been, simply, it would have shaken the hierarchy to their bootstraps, with the exception of Nathan Guy who could sleep though a R8 Earthquake, and at the very least bought about change before all this hit the skids.

It wouldn't work now as the product is not worth betting on, and for people like moi that remember those wonderful days of yore, it's so very sad........how theses remaining executives at RITA and NZTR hold their collective heads up is beyond me, if anyone can name just one that deserves firstly to still be there and second on the salaries they are paid please let me know.....I'll be first to apologise to them.....but I think we all know that isn't going to happen.

Can the product be resurrected?

[Joe Bloggs]

That Mumbles is the 64million dollar question.

[Joe Bloggs]

Without sounding like a broken record...yes, I am........those of you that run a business, or have run a business know that to do so and employ staff etc you have to have a line of credit with the bank......to do so you have to show a financial projection plan and your liabilities and assets.

This is to pacify the banker that should your forward projection not come to fruition, well, they have a recourse where they can garnishee the assets to recover their 'investment' in you.

NZTR/RITA have no assets, well they didn't, do they now have a line of credit that encompasses all the racecourses surplus to needs? Have they gone cap in hand to their banker to show ''we are now flush and can cover any losses should they occur''? this could be......it may not be....but where is the money coming from to finance next years racing.......no one will answer that....well to me anyway......so what to do with the horses in work at the moment.....shall my Missus and I wait until we get an honest answer....will it be viable for an owner to race a few.......or walk, sell, or send to Oz......any help welcomed, as I don't trust Petone.....they are incapable and dishonest.....

[Chief Stipe]

31 minutes ago, Joe Bloggs said:

NZTR/RITA have no assets, well they didn't

They still don't.  The only assets they remotely have are intangible and they aren't worth the intangible paper they are written on.

32 minutes ago, Joe Bloggs said:

do they now have a line of credit that encompasses all the racecourses surplus to needs?

I would expect not for a number of reasons.

1. Banks are not stupid - sustainable cash flow is important;
2. RITA doesn't own the surplus assets at this point in time.  Even the flawed legislation doesn't guarantee that.  Banks don't really give much credit to might or maybe (excuse the pun);
3. There aren't as many assets of any value that can be acquired under the new Act as we all might think (I must finish the analysis on that!);
4. and so on...

It is fairly simple really - if I was the Bank Manager I'd ask a simple question - Why does the Cambridge Jockey Club need a Government handout if they can't afford to fund their own track when they are the largest training operation in Australia and NZ by number of horses being trained?

[curious]

5 minutes ago, Chief Stipe said:

1. RITA doesn't own the surplus assets at this point in time.  Even the flawed legislation doesn't guarantee that.  Banks don't really give much credit to might or maybe (excuse the pun);

 

They never will. As I understand it if the assets are transferred under the legislation it is to the codes?

 

[Chief Stipe]

22 minutes ago, curious said:

They never will. As I understand it if the assets are transferred under the legislation it is to the codes?

 

Or the new collective - Racing NZ?  

[curious]

13 minutes ago, Chief Stipe said:

Or the new collective - Racing NZ?  

No. They "vest in the racing code with which the club was registered" under the Act.

[Joe Bloggs]

1 hour ago, Chief Stipe said:

They still don't.  The only assets they remotely have are intangible and they aren't worth the intangible paper they are written on.

I would expect not for a number of reasons.

1. Banks are not stupid - sustainable cash flow is important;
2. RITA doesn't own the surplus assets at this point in time.  Even the flawed legislation doesn't guarantee that.  Banks don't really give much credit to might or maybe (excuse the pun);
3. There aren't as many assets of any value that can be acquired under the new Act as we all might think (I must finish the analysis on that!);
4. and so on...

It is fairly simple really - if I was the Bank Manager I'd ask a simple question - Why does the Cambridge Jockey Club need a Government handout if they can't afford to fund their own track when they are the largest training operation in Australia and NZ by number of horses being trained?

Thanks.

[Mikie]

On 7/8/2020 at 4:01 PM, nomates said:

So everybody that was let go will be taking out PGs then , or is it only senior exec's that get the right . Personally would prefer that they were paid out now than keep paying them , save money and more fuckups in the long run .

As for 3 of the 7 to go they should all have their arses kicked out the door . They have all contributed to the shitfest that the industry is currently in , why would you let any of them have a chance to drag things , mediocrity of performance is giving them too much credit .

But all your doing is moaning at the moaners , does that make you the moaner of moaners .

Still waiting for some of you innovations and ideas that will help drive the industry forward . 

Nomates 10, JJ Flash 0

[Mikie]

8 hours ago, Joe Bloggs said:

About 10 years + ago I mooted on the once great Channel X that NZ could establish a breakout racing industry, hard yes, impossible no.....based on the magnificent Kerry Packer pyjama cricket concept, that was laughed at and chaffed at.

Imagine if every/or nearly every club in NZ got together with great owners/trainers and jockeys that were prepared to do it? With the emergence of the corporate bookmakers [look at the sponsorship of so many racecourses in Oz] a direct deal with offshore betting agencies would have locked in prizemoney of reasonable levels.

Was it tangible? I think it could have been, simply, it would have shaken the hierarchy to their bootstraps, with the exception of Nathan Guy who could sleep though a R8 Earthquake, and at the very least bought about change before all this hit the skids.

It wouldn't work now as the product is not worth betting on, and for people like moi that remember those wonderful days of yore, it's so very sad........how theses remaining executives at RITA and NZTR hold their collective heads up is beyond me, if anyone can name just one that deserves firstly to still be there and second on the salaries they are paid please let me know.....I'll be first to apologise to them.....but I think we all know that isn't going to happen.

Alan Fenwick, but it's too late to apologise to him

You probably haven't maligned him anyway

Mikie