Additional $30m for 23/24

[curious]

TAB New Zealand has today announced its direct funding to the domestic racing industry will reach a record-setting $215 million for the upcoming 2023/24 racing season.

 

TAB NZ’s direct funding of racing is made up of a distribution payment to Racing New Zealand, the application of class 4 gaming proceeds to the Racing Authorised Purpose, and funding of the independent Racing Integrity Board.

 

Today’s announcement sees a further $30 million made available to the three racing codes in addition to the increases determined at the time the Minister for Racing, Hon Kieran McAnulty, approved TAB NZ’s strategic partnering arrangement with Entain.

 

Nick Roberts, Chief Executive Officer of TAB NZ, said the Entain partnership is a revolutionary moment for racing and one that will deliver the ultimate goal of a long-term, sustainable racing industry.

 

“TAB NZ recognises bold funding decisions are required to sustain this storied industry for generations to come,” Mr Roberts says.

 

“Leadership across the industry must own the moment and deliver a right-sized industry, with the best animal welfare standards, and a compelling customer product.”

 

“This extra injection will deliver the best outcomes if it is targeted towards those types of initiatives that enhance the industry in the long run. Simply increasing the funding of the status quo is not sustainable.”

 

The increased funding comes from an additional $15 million being added to the TAB NZ distribution to Racing NZ for the 2023/24 racing season, raising it to $185 million – a $60 million increase, almost 50%, on the current season’s distribution of $125 million.

 

Additionally, TAB NZ has determined that it will no longer fund the Racing Integrity Board from its class 4 gaming operation which will allow a contestable fund of $15 million for applications under TAB NZ’s Racing Authorised Purpose.

 

“We’re keen to back those that are in relentless pursuit of sustainable outcomes – and we expect that will be a key consideration when determining future funding applications,” Mr Roberts says.

 

“A month into the partnership with Entain, we are deeply encouraged by some of the announcements we have seen out of the industry – especially New Zealand Thoroughbred Racing’s Strategic Funding Document announced two weeks ago.”

 

For more information, contact:
Nick Roberts
TAB New Zealand Chief Executive Officer
e: nick.roberts@tab.co.nz

Edited July 3, 2023 by curious

[Chief Stipe]

So is it $15m or $30m?  Who funds the RIB?

I thought Pokie money stopped.

Beats me how they suddenly found all this extra dosh.

[Chief Stipe]

20 minutes ago, curious said:

Additionally, TAB NZ has determined that it will no longer fund the Racing Integrity Board from its class 4 gaming operation which will allow a contestable fund of $15 million for applications under TAB NZ’s Racing Authorised Purpose.

 

“We’re keen to back those that are in relentless pursuit of sustainable outcomes – and we expect that will be a key consideration when determining future funding applications,” Mr Roberts says.

@Reefton you'll be writing the application right now for a chunk pf the contrstable fund!!!!  Surely Reefton is sustainable.

[Chief Stipe]

NZTR Supports TAB NZ Funding Announcement

 

New Zealand Thoroughbred Racing is thrilled that TAB NZ has today announced further funding to New Zealand’s racing codes over the 2023-24 season. We would like to thank Chairman Mark Stewart, his Board, and management for making this decision.

 

In essence, the additional funding comes in two forms; both have at this stage a one-year horizon. $15 million has been introduced into code annual funding, taking the total for the 2023-24 season now to $185 million.

 

Further, TAB NZ has announced that for next year, the Racing Integrity Board will not be funded out of Class 4 Gaming, but instead from TAB NZ revenue and reserves. In doing so, they have created a $15 million contestable fund for applications under TAB NZ’s Racing Authorised Purpose.

 

You will recall that in December 2022, following the announcement by TAB NZ to reduce funding by $15 million, NZTR Board and management agreed to use accumulated reserves to maintain stakes funding for the remainder of the 2022-23 season. Today’s announcement allows NZTR Board and management to conduct an ongoing review of its current funding commitment for industry initiatives during the 2023-24 racing season.

 

NZTR’s recent announcement with regards to stakes, Club funding and other Initiatives for the 2023-2024 season demonstrates a confident and committed mindset from the Board and Management to inspire and grow the industry in a planned and sustainable manner for generations to enjoy.

 

Yours in racing,

 

 

Cameron George

Chairman

New Zealand Thoroughbred Racing

 

Bruce Sharrock

Chief Executive Officer

New Zealand Thoroughbred 

 

 

[Chief Stipe]

Perhaps de Lore was right they had squirreled some reserves.

[Reefton]

4 hours ago, Chief Stipe said:

@Reefton you'll be writing the application right now for a chunk pf the contrstable fund!!!!  Surely Reefton is sustainable.

I'll be writing nothing

I have written far too much to the RIB over the utterly disgraceful way we were treated in January and the bullshit they have paraded as the truth in the meantime.  One wonders how they think they will get away with it when they have so many witnesses(and multiple highly qualified ones).

Bottom line at the moment is this - if nobody steps up when we have the AGM I will be moving a motion to put the Club into recess.  I've done thirty plus years for that Club, rarely get a thank you apart from one Committee Member who tries to kid me along to stay on, I've saved it from the axe not once but twice, I've got my own problems in business and life and to be fair I am tired and bored with the racing game.

It is only the charm of one PM Robson who has bullshitted me into taking another share just recently!  Can't bloody help myself

They(the hierarchy of the NZ Racing Industry) can stick it fair up their jacksee!

 

 

 

 

Edited July 3, 2023 by Reefton

[Freda]

Bullshitted....dear oh dear.     Your clarity of thought will be as welcome with this new venture as it is here, and elsewhere.

However, this bit of the above news does concern me..

 

 

'   ...This extra injection will deliver the best outcomes if it is targeted towards those types of initiatives that enhance the industry in the long run. Simply increasing the funding of the status quo is not sustainable...'

 

Have we seen any bright new initiatives to drive interest and participation?   maybe, a little early yet and I should be kinder.   But gems like running meetings in the deep south in midwinter has to be one of the silliest options seen for a while.

 

 

Edited July 3, 2023 by Freda

[KickintheKods]

Wingatui was looking mighty fine for trackwork this morning.

A huge effort from the local trainers who had the task of clearing the plough to get things started.

Every man...... and his dog turned up.

 

 

[Chief Stipe]

The first gallop of the morning was held while the Jockey's were meeting to decide if conditions were safe enough to ride.

They ran their last half in 65 with a maiden 10 year old by Zed showing a great turn of foot albeit on the better going along the top of the rail.  One to black book for the upcoming Riverton meeting.

[Reefton]

3 hours ago, Freda said:

Bullshitted....dear oh dear.     Your clarity of thought will be as welcome with this new venture as it is here, and elsewhere.

 

 

 

I was charmed Pam charmed....

Just added the BS word for dramatic effect

Go you good thing!!!!!!!!!

 

[Special Agent]

On 7/4/2023 at 5:51 AM, Freda said:

targeted towards those types of initiatives that enhance the industry in the long run.

 

 

 

 

This bit concerns and intrigues me.  It could mean anything.  More bloody words that say nothing at all as Ronan Keating might put it.  As NZTR has not had a reliable crystal ball for a while I shudder to think what ideas for improving the industry long term look like.

I have to say I am getting bored with all the news flash announcements and have stopped reading them.  We are working in the cold where a lot of our working hours are in the dark, we are trudging through mud up to our guts, our homes look like a Chinese laundry trying to dry out our PPE and then are subjected to this fluffy feel good crap about how the industry is going to be saved by suits in an office.

Most of us have been involved in racing longer than those running it.  We've seen a thing or two and have seen the experts come and go.  To me it is same shit, different day.

Call us all negative if you want.  We would not be commenting if we didn't care.

[Reefton]

5 minutes ago, Special Agent said:

This bit concerns and intrigues me.  It could mean anything.  More bloody words that say nothing at all as Ronan Keating might put it.  As NZTR has not had a reliable crystal ball for a while I shudder to think what ideas for improving the industry long term look like.

I have to say I am getting bored with all the news flash announcements and have stopped reading them.  We are working in the cold where a lot of our working hours are in the dark, we are trudging through mud up to our guts, our homes look like a Chinese laundry trying to dry out our PPE and then are subjected to this fluffy feel good crap about how the industry is going to be saved by suits in an office.

Most of us have been involved in racing longer than those running it.  We've seen a thing or two and have seen the experts come and go.  To me it is same shit, different day.

Call us all negative if you want.  We would not be commenting if we didn't care.

Only too true SA

Everything is a good news flash but you know there are gravely serious issues being brushed under the carpet

 

 

 

[Chief Stipe]

35 minutes ago, Reefton said:

Only too true SA

Everything is a good news flash but you know there are gravely serious issues being brushed under the carpet

 

 

 

@Reefton you're an accountant - how did they suddenly find another $30m (presumable outside of the Entain one-off windfall) when literally weeks earlier they were talking stakes cuts?

 

[Special Agent]

1 minute ago, Chief Stipe said:

@Reefton you're an accountant - how did they suddenly find another $30m (presumable outside of the Entain one-off windfall) when literally weeks earlier they were talking stakes cuts?

 

Only a Creative Accountant could answer that question?

Nothing adds up to me with my non-accountant brain.

These figures that seem to materialise out of nowhere don't seem to worry others though.  They just seem to smile and dream of aiming their horses for the next $1million or $2million or $3million fantasy race.

[aquaman]

The dog are running for a mill on Friday night, Brisbane Cup, just saying.

[Chief Stipe]

16 minutes ago, aquaman said:

The dog are running for a mill on Friday night, Brisbane Cup, just saying.

So TABNZ/ENTAIN is funding that too?

[Reefton]

2 hours ago, Chief Stipe said:

@Reefton you're an accountant - how did they suddenly find another $30m (presumable outside of the Entain one-off windfall) when literally weeks earlier they were talking stakes cuts?

 

buggered if I know and buggered if I care

How do Grant Robertson and that mob suddenly find billions of dollars for whatever wanky  and wacky idea that takes their fancy?

Seems to be pretty easy when you are not spending your own dosh!

 

[mikeynz]

So many things with Entain have me mystified, if there is money floating around then track upgrading is a must, think back to the good old days when those AB matches were played on those bogs, called rugby fields, they have improved, so has the product.

I still can't see how this Entain lot are thinking they are going to make dollars, if bribing the authorities to geo block I think that is corrupt and put them in the same category as Sky who strangely have put their online streaming charges up the same day spark pull the pin.

Trackside could be more profitable if it only had local crew from Wednesdays to Sundays, forget screening Monday and Tuesday dog meetings, no one gives a shit about them.

[IWMCN]

4 hours ago, mikeynz said:

So many things with Entain have me mystified, if there is money floating around then track upgrading is a must, think back to the good old days when those AB matches were played on those bogs, called rugby fields, they have improved, so has the product.

I still can't see how this Entain lot are thinking they are going to make dollars, if bribing the authorities to geo block I think that is corrupt and put them in the same category as Sky who strangely have put their online streaming charges up the same day spark pull the pin.

Trackside could be more profitable if it only had local crew from Wednesdays to Sundays, forget screening Monday and Tuesday dog meetings, no one gives a shit about them.

Sorry but us racing people are never satisfied.

We all agreed change was needed and we have got that. BUT you all bitch and moan about the past.

Back off and give ENDEAN at least six months to show their hand. Complain then if you still have cause to.

The past is history so MOVE ON.

A reliable senior source told me recently at a TAB elite punters promotion that the TAB app will be replaced by Endeans NEDS app. I opened an account with NEDS earlier this year and its brilliant. To see what I mean spend $ 10 open an account and see what I mean.

I was impressed with  TABs Managements  presence there and their willingness to listen us punters and the frankness of their responses.

Come on guys , give them time and comment later should you have need to.

Better still go to their coming Punters competiton in Auckland and Christchurch, meet their team and express your views.

This will achieve more for us punters, breeders and owners than sounding off on web sites.

PS I dont work for the TAB.

 

 

 

[mikeynz]

I wasn't saying they are corrupt but it seems to me that a lot of their planning is subject to geo blocking, I'm all for our lot as far as where we should be putting our dollars.

We are a very small market in NZ and everything revolves around turnover, be a difficult task  in today's economic climate lifting turnover.

I still think trackside could be more profitable if they didn't bother with Monday and Tuesday dog meetings.

[Reefton]

48 minutes ago, mikeynz said:

I wasn't saying they are corrupt but it seems to me that a lot of their planning is subject to geo blocking, I'm all for our lot as far as where we should be putting our dollars.

We are a very small market in NZ and everything revolves around turnover, be a difficult task  in today's economic climate lifting turnover.

I still think trackside could be more profitable if they didn't bother with Monday and Tuesday dog meetings.

Geo blocking is anti competitive behaviour in my view.  The commerce commission ought to have something to say

[Freda]

Yes.  I'd have to agree although my knowledge of such matters is not significant. 

To me, increasing patronage of NZ TAB is best served by offering the best deal. Simple in concept IMO.

But TAB/Entain is the funding arm only. 

They don't manage code business although do have some say in dates I believe. 

So delivering an improved 'product' has to fall pretty much in the lap of NZTR as far as we are concerned.  That remains a concern for mine.  

And to add- I don't think anyone is 'knocking ' Entain or belittling the extra funds that have materialised.  This is a lifeline,  we were up shit creek for sure without them.

It is how those extra funds are managed that will be interesting. 

Edited July 5, 2023 by Freda

[Special Agent]

5 hours ago, Freda said:

So delivering an improved 'product' has to fall pretty much in the lap of NZTR as far as we are concerned.  That remains a concern for mine.  

This is scary.  What stops it being the same old but, with more money?

Let's also not forget Entain NZ has the same TAB personnel with a new title.

[Chief Stipe]

14 hours ago, IWMCN said:

Sorry but us racing people are never satisfied.

We all agreed change was needed and we have got that. BUT you all bitch and moan about the past.

Back off and give ENDEAN at least six months to show their hand. Complain then if you still have cause to.

The past is history so MOVE ON.

A reliable senior source told me recently at a TAB elite punters promotion that the TAB app will be replaced by Endeans NEDS app. I opened an account with NEDS earlier this year and its brilliant. To see what I mean spend $ 10 open an account and see what I mean.

I was impressed with  TABs Managements  presence there and their willingness to listen us punters and the frankness of their responses.

Come on guys , give them time and comment later should you have need to.

Better still go to their coming Punters competiton in Auckland and Christchurch, meet their team and express your views.

This will achieve more for us punters, breeders and owners than sounding off on web sites.

PS I dont work for the TAB.

 

 

 

All well and good being positive but many of us have been "sold" the NZ racing nirvana story many times over the last 30 years only to be let down.

So the TABNZ has outsourced the only strategic valuable asset they have to an overseas operator.  Meanwhile they still retain the overhead of the senior executive to oversee this "partnership" and the stakeholders at the coalface continue to see dumb operating decisions and wasted money by the very same people who stitched up the "new deal".

Can't we be excused for being a little wary?

Don't you find it odd that suddenly there are 10's of millions of dollars materialising in the middle of an economic recession?  At the very least shouldn't the wary amongst us feel somewhat conned by those that stitched this deal?

Meanwhile try and get a start with a lower class horse on a safe or half decent track.

[Assange]

On 7/3/2023 at 5:41 PM, Chief Stipe said:

NZTR Supports TAB NZ Funding Announcement

 

New Zealand Thoroughbred Racing is thrilled that TAB NZ has today announced further funding to New Zealand’s racing codes over the 2023-24 season. We would like to thank Chairman Mark Stewart, his Board, and management for making this decision.

 

In essence, the additional funding comes in two forms; both have at this stage a one-year horizon. $15 million has been introduced into code annual funding, taking the total for the 2023-24 season now to $185 million.

 

Further, TAB NZ has announced that for next year, the Racing Integrity Board will not be funded out of Class 4 Gaming, but instead from TAB NZ revenue and reserves. In doing so, they have created a $15 million contestable fund for applications under TAB NZ’s Racing Authorised Purpose.

 

You will recall that in December 2022, following the announcement by TAB NZ to reduce funding by $15 million, NZTR Board and management agreed to use accumulated reserves to maintain stakes funding for the remainder of the 2022-23 season. Today’s announcement allows NZTR Board and management to conduct an ongoing review of its current funding commitment for industry initiatives during the 2023-24 racing season.

 

NZTR’s recent announcement with regards to stakes, Club funding and other Initiatives for the 2023-2024 season demonstrates a confident and committed mindset from the Board and Management to inspire and grow the industry in a planned and sustainable manner for generations to enjoy.

 

Yours in racing,

 

 

Cameron George

Chairman

New Zealand Thoroughbred Racing

 

Bruce Sharrock

Chief Executive Officer

New Zealand Thoroughbred 

 

 

So in other words the contestable fund is really a slush fund for the RIB. Didnt they start their existence with 6 million per annum budget, then the costs sky rocketed. Who are these guys actually accountable to, or are they a law untovthemselves?