By Brian de Lore
Published 15 May 2020
Tuesday’s announcement by Racing Minister Winston Peters contained some very interesting messages, but none more so than his delivery of $72.5 million which is a feat only Winston Peters could do for an industry about to go bankrupt.
Peters has to be given credit for his ability to pull a rabbit from the hat at the eleventh hour but will the participants of racing receive any tangible benefits from this windfall, or is it too late?
COVID-19 took the blame for racing’s state of affairs,but anyone following this racing industry closely for the past few years will know about this lengthy spiral of decline, which has continued unabated.
In his speech on Tuesday, he said, “Our response is driven by an attitude that with the right investment it can be a fast recovery. Today’s Pre-Budget announcement is the initial response – not only critical to racing but critical to our national interests.”
The problem I have with that statement is that this is not an investment; it’s a bailout. And it’s not a bailout of the racing industry; it’s a bailout for RITA, which has failed to produce any decisive decision-making since it came into being on July 1st, last year.
Winston Peters: RITA’s lenders advised they could no longer extend credit. It means RITA has faced the risk of defaulting on supplier commitments by this Friday.”
RITA’s Executive Chair Dean McKenzie’s recent denial that RITA was insolvent was shattered by the Minister’s admission, “RITA’s lenders advised they could no longer extend credit. It means RITA has faced the risk of defaulting on supplier commitments by this Friday.”
No one should be surprised the ASB was refusing to extend credit on the debt now reputed to be $47 million, or that RITA hasn’t been able to settle supplier commitments which have mounted up to a staggering $26 million.
McKenzie’s blaming of COVID-19 and the Minister backing that up by saying, “RITA, was partway through a reform programme and then COVID-19 arrived and created the perfect storm,” isn’t going to wash with a racing industry that’s been listening to excuses and hearing unfulfilled promises of better times ahead for the past decade.
It’s common knowledge that RITA inherited a hospital pass from NZRB when they took control last July, but RITA has delivered no tangible benefits since that time and McKenzie’s leadership has been indecisive and far less communicative to the industry than was promised when they began as MAC 17 months ago.
promise of ‘clarity and certainty to the racing industry,’ – RITA
The Minister appointed RITA and will defend the Agency until the end. But taking the helicopter assessment of RITA reveals increased debt, poorly conceived budgeting, failing to deliver on their Interim Report promise of ‘clarity and certainty to the racing industry,’ non-inclusiveness with the codes and diverting from the original brief to operationalise the Messara Report.
The writing was on the wall when RITA failed to clean-out the executive team of NZRB. Here was the team which advised CEO John Allen and Chair Glenda Hughes to make decisions that were not only poor but have ultimately cost the industry above $200 million – wasted. Yet, RITA, in its wisdom, kept this same team on to advise McKenzie.
A former industry leader and well-retired octogenarian with a lifetime of experience in bloodstock recently told The Optimist that in his long experience, the best leader he ever encountered during his career was Sir Woolf Fisher of Fisher and Paykel fame. Fisher started the company with partner Maurice Paykel and managed a vast team of staff, and also founded Ra Ora Stud and stood Champion Sire Sovereign Edition.
In a book named ‘Defying Gravity, ’ which gives a detailed account of the complete history of Fisher and Paykel, an excerpt relevant to the leadership skills of Sir Woolf Fisher is worth repeating here.
‘Where there are problems, the last person you get rid of is the little guy; you start at the top.’ – Sir Woolf Fisher
In the book it states: “Woolf Fisher may have ruled with an iron rod, but recognised the contribution from the bottom up, insisting: ‘Where there are problems, the last person you get rid of is the little guy; you start at the top.’”
RITA has done the opposite by getting rid of the little guys and keeping that seemingly bulletproof team of high rollers at the top. The strange thing is the redundancies include people who are the conduit between the TAB and the punters – the voices that directly encourage betting.
Tuesday’s announcement by the Minister was for $72.5 million which included a $2.5 million allocation for DIA to work on drafting some new betting options to come into play which allegedly will increase TAB turnover. Apparently, RITA had hoped to bring these options in by February and allowed for increased profit margins when budgeting this season for $165.8 million profit, but which now could realistically result in a figure as low as $100 million. That equates to a new season total stakes money decline of about 40 percent.
This pie-in-the-sky, crystal ball gazing belief that new ways of betting will increase the TAB betting revenue and provide higher profits flies in the face of the conservative and more believable industry view that Kiwi punters don’t bet as much as Aussies, and have only so much discretionary cash with which to place their bets after payday has arrived.
The contention that exotic betting options at the TAB would increase revenue to the extent they could budget for increased profits is very John Allenesque.
The contention that exotic betting options at the TAB would increase revenue to the extent they could budget for increased profits is very John Allenesque. It’s also unproven and likely born out of a complicated non-gambling brain that possesses a brilliant and never previously used algorithm.
The $20 million allocated for the two synthetic tracks at Awapuni and Riccarton Park poses new problems for both Race Incorporated and the Canterbury Jockey Club. Like all race clubs throughout New Zealand, the cupboards are bare, but each will have to front up with approximately $6 million to complete these projects and get the tracks in place.
In a phone call to CJC CEO Tim Mills to inquire as to the possible whereabouts of this potential deal-clinching windfall, Tim Mills admitted the Club did not have the money available, but the committee would soon be meeting to discuss all available fund-raising options.
In referencing the allocation for the synthetic tracks during his speech, the Minister stated: “The Messara review into our racing industry urged greater use of synthetic tracks.”
…of a suite of 17 recommendations and all had to be adopted to make it work… – The Messara Review
He indeed did. But it’s also true the Review said it only worked as one of a suite of 17 recommendations and all had to be adopted to make it work to see a revival of the industry. Messara was doubtless not recommending the building of synthetic tracks without all the revenue-driving streams in place such as outsourcing, racefields, and the point of consumption tax.
The Messara Review is a book of 82 pages, and the probability is that very few people have bothered to read every word of it and digest it properly. In the frontispiece letter to the Minister in the Review dated 31st July, 2018, it says at the start of the second last paragraph on page 10, “I emphasise the integrated nature of the recommendations.”
Many times I have heard John Messara himself say, if New Zealand does not adopt recommendation seven, then you may as well bin the other 16 because seven is pivotal. Number seven says, “Begin negotiations for the outsourcing of the TAB’s commercial activities to be an international wagering operator to gain the significant advantages of scale.”
In the Terms of Reference given to MAC (Ministerial Advisory Committee), the committee was asked specifically to operationalise the Messara Review. Seventeen months hence, they have never looked like taking that instruction seriously, and that lack of action should have embarrassed the Minister, albeit he doesn’t appear to embarrass easily.
It should also be remembered that Cabinet approved and signed off on the Messara Report. Their approval did not occur without due consideration so RITA’s ambivalence towards it is more than mysterious.
The point is this; John Messara did his Review in record time on a pro bono basis. To commission such a review on a professional basis from someone of his track record and standing, would have cost our industry in excess of $500,000. The fact that he did for free, and has continued to offer free advice, says something about the string-pullers currently ignoring Cabinet and the codes and claiming they are following the Messara Review, but only cherry-picking it to the tune of 25 percent.
The $50 million allocated to RITA is nothing more than a RITA bailout and nothing for participants to get excited about. Racing people, owners, at the coalface of the industry who are back working with horses won’t benefit by a cent. The fact that RITA owes $26 million to square up with suppliers adds credence to the claim I made in the middle of last year that RITA would be insolvent by Christmas. They were and had been accruing debt ever since.
The $26 million to square up will leave only $24 million.
The $26 million to square up will leave only $24 million. But what do you do with that when you owe $47 million to the bank and have no more credit, leaving the industry only in a less sharp corner than it was previously.
Turnover related expenses in last year’s annual report amounted to $69 million. Add those to the total operating costs of $142 million, and total expenses amount to $211 million. Redundancies just done will save $10 million in year one, but in the current financial year it will cost $3.5 million to pay out those redundancies.
The bailout will keep RITA going who otherwise would have gone in administration today. But will that bailout be followed by the Minister declaring an extended life for RITA, which on its current performance is no more than delaying the inevitable?
One puzzling comment from the Minister was, “…more New Zealanders are turning to online gambling through offshore platforms.
“It is our intention to regulate the offshore online gambling sector and reset the on-shore online gambling sector.” – Minister Peters
“For that reason, the Government is fast-tracking a programme of work to identify how we can mitigate these concerns. It is our intention to regulate the offshore online gambling sector and reset the on-shore online gambling sector.”
Does the Minister mean the Government will block New Zealanders from betting with overseas-based betting operators as Australia did about three years ago, and allow Kiwis only the monopoly of the NZ TAB, thereby ruling out any question of outsourcing?
He added: “If there is going to be gambling by New Zealanders, then it is our country that will benefit, not another.”
On RITA, the question is this: We have the same executive team running racing. We have the same business model. The five-year shift in equity has gone from plus $75 million to minus $23 million, even with the $72.5 million bailout. Where are we heading with outsourcing and a major change in structure and cost-cutting?
The old idiom of ‘throwing good money after bad,’ which simply means spending money on something problematic in the futile hope of fixing it, seems relevant to racing’s current dilemma.
The loss of venues announced today and the legislation getting ready for its second reading, are all irrelevant if the quicksand is already up to neck level.
END
I think i would rather have seen Rita go to the wall as at least that way some sort of accountability to the clowns that have caused the demise of what was once a great industry would occur.As you have pointed out Brian trotting out the covid 19 excuse wont cut it with those of us who know better.The 45 mill spent on the new computer system with no tangible reward was the coup de grace for me. If heads had rolled over that debacle then the industry may have had a chance.20 years ago we had Johnny Cash,Bob Hope & Steve Jobs Today we have No cash No hope and No jobs.
Your words are thoroughly depressing for the very reason they are so true. PS Tried to sign up for your newsletter but there was some problem.
All so true and inevitable and you are right on the button as usual Brian! We are missing the chance of action as usual. We need a Leader to take charge NOW
The Minister now must withdraw all political appointments and let the industry sink or swim on its own merits .
Otherwise we will end up in the same hole in a few years time .
Gary Thomas
correct brian sadly but so true
As usual Brian you hit the nail on the head.
To me the TAB’s performance in recent times has been sub par.It’s like facing a terminal disease and very sadly I believe that the latest Winston relief injection is a band aid to catch up on existing debt—watch this space.
As I have expressed all along since the near $50million spend on the new website which has had disastrous anomalies,what a shocking waste(who authorised that spend and who were consulted on the merits of that change?)perhaps a small spend on the existing website would have been more than adequate —if it ain’t broke don’t fix scenario.
As an extra post to my first comment I add.The disease symptoms were evident when free to air viewing was withdrawn,telephone audio betting quashed and now no live radio race commentaries.Sadly many many punters enjoyed the likes of the Des Coppins and Peter Early shows.Des Coppins has had a lifelong passion for racing and I’d bet that if a study was carried out as to the % of turnover resulting from such presenters inputs the powers that be may get a surprise.I understand in the first week back of N.Z. greyhound racing turnover is down quite considerably.
There is talk now that on course betting will only be conducted by way of pods—they are not like an ATM machine where one can collect cash so I guess any successful punter has to go somewhere else to collect–service I dont think so!!.Finally perhaps the acronym for RITA could depict Resist Investment Temptation Always.Keep up the good work Brian.
the ship is still sinking
I like all the comments. My thoughts are this New Zealand Rugby had a total off 187M in the kitty has a huge wage bill. We heard that Sky City had a turnover of 90M a month. We are trying to overhaul an historic industry which is totally New Zealand wide with 70M….. its chicken chips. People for too long have forgotten about the owner. We are now seeing the horse statistics reflect in our racing numbers because we have sold all our weanlings/yearlings/2 year olds and people dont punt on small fields that are unexciting to watch and to punt on. I think the breeding industry should run in conjunction with the racing, but really it doesn’t. Brian I agree totally that the money wont go far enough.
My figures have been correct because I simply got the TAB revenue on a fortnightly basis and weighed them up against the rising costs. Business is simple; income verses costs. These people haven’t cared because they knew that on an annual basis their costs would be covered and they would simply starve the codes to stay in business. The tragedy is the codes have sat on their hands for years, watched it all happen and have never rattled the cage in protest. It’s like the Sicilian mafia turning up to collect the protection money – the codes paid up without a whimper and have allowed it all to happen – very weak leadership!
That says it in one. Well done Brian. We are being taken on a ride. Not on a good horse though. On a toboggan to hell n debt 🤬
After a week of blood letting one needs to stand back and contemplate the future for racing. From a non bias lens, it’s looking awful and in 5 to 10 years we will be back relitigating the past once again.
The decisions made this week lack clarity and consistency , made on the fly because RITA will tell you current circumstances dictated such. To put it bluntly the decisions to date are piecemeal and will add no value to making racing great again, only hastening its demise.
The first decision should have been to remove the existing senior management team as they were very much culpable
for the resultant mess the industry finds itself in.
Secondly, RITA should have placed itself in statutory management in an endeavour to release the industry from its obligations associated with the current botched wagering platform (which is absolutely useless).
Thirdly, a new organisation should have been created to negotiate a new wagering agreement on behalf of the codes with an outsource partner such as TABCorp or similar who provided scale proving the industry with much need money for stakes etc.
All future horse sales to overseas jurisdictions should be levied at 1 to 2 percent which goes back to the relevant code.
In relation to track closures the easy targets were chosen. In a previous post I stated Trentham should be slated for closure. I standby that statement as Trentham has no horse population within a minimum of 90 minutes of travel time from Awapuni, Foxton. Secondly, no viable business with assets such as Trentham can trade no more than 8 to 9 times per year (this coming season). Eventually when funds from land sales evaporate and there’s no more land to sell the future looks bleak. Sell now and seek a partnership with Otaki but include Foxton as well.
I believe there are numerous other ways to right the ship as a non partisan looking into the demise of a once great industry.
The $72.5 million only covered the current outstanding bills nothing else. The industry needs at least another $200 million. But I wouldn’t give it this organisation.
“If there is going to be gambling by New Zealanders, then it is our country that will benefit, not another.”
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What sort of totalitarian-state talk is this? And what’s the next move? All our clothes have to be NZ-made? No imported beer or wine? No holidays abroad? All cinemas to show NZ films? No overseas magazine subscriptions allowed?
If Peters wants Kiwis to bet with a Kiwi operator, then the best way of achieving this is to make sure the Kiwi outfit is competitive with its rivals — not by using standover tactics taken from a 1930s dictators’ playbook?
I have an Australian bookmaker’s account . . . I opened it in 2016 to invest on the US presidential election (backed Ted Cruz then switched to Trump if you’re interested) and haven’t used it since. But if I’m denied the opportunity to play cards on PokerStars, then my NZ TAB account (funded this past month and in months past by poker winnings) will be immediately shut down and I’ll find some way around this tinpot decree.
Good word, Gil. Totalitarian describes it very well, if that’s their intention with betting. How else can it be interpreted? Are you going to double-up and back Trump again?
Kicking myself I didn’t climb in a couple of years ago when he was at $3 and his correct price was $1.20. The Wuhan Flu has thrown a spanner in the works currently but he should still be returned; the pre-covid economy was going well enough to give him a Nixon v McGovern margin (49-1) and the residue of the goodwill from that should get him home.
The best bet would be to lay Slow Joe Biden being the Democrat nominee — someone as damaged by age, scandal, dimwittery and skulduggery won’t be allowed to get to the starting line, even by the dysfunctional Dems.
If something is to be rebuilt, it must first be dismantled. Any lesser action will just be a patch up.
Let’s hope that can happen quickly and efficiently so the future is initially affordable, then prosperous.
Ambitious hope.
As you have stated the Messara review made it very clear as to the integrated nature of his recommendations and highlighted the importance of outsourcing the TAB. MAC was subsequently appointed to carry out the recommendations of the review and almost immediately spent in the region of $45 million upgrading the TAB. How does this reconcile with carrying out the Messara recommendations and the wishes of the racing minister.
It now appears that RITA may be investigating outsourcing of the TAB but in the meantime about $45 million of industry money has been wasted. I doubt that the ministerial appointees are complete idiots so what has been going on and where are we heading.
Once again you make good points Brian but I think you are missing the point. RITA is the industry and it is the industry that has allowed it to happen (as noted in your response to Stephen Dravitzki). The bail-out affords another opportunity to fix things. That can only happen if the industry acts in concert, finds a credible leader and takes action. Writing an occasional letter and a Pike/Forsman soundbite will not do it. Peters is right to say NZ should benefit from NZ gambling. It is not totalitarian, it is about collecting a dividend from NZ activities. Successive governments have done very well from taxing gambling and I expect that is why Peters is not letting go of the TAB or the administration thereof (hence the bail-out). You often say the industry wants to manage it own affairs but the fact is not even the clubs have been well managed and the industry has been inept and MIA as NZRB (and NZTR) and now RITA have gutted the industry. The cost-cutting and track closures is a start. Now is the time to seize the moment and for the industry to collectively say it doesn’t go far
enough. The Optimist is a lobby of sorts but the industry needs the big players who fund Peters to be in his ear. The industry leader then has to create a public profile that exerts political pressure. It keeps coming back to leadership and the industry taking ownership. Sadly there is no Woolf Fisher on the horizon. In the meantime maybe Tony Lee/Des Coppins and company could speak out. They are part of those who have been MIA.
“Peters is right to say NZ should benefit from NZ gambling. It is not totalitarian, it is about collecting a dividend from NZ activities.”
++++
I have no beef with Peters, or any politician or administrator, saying that NZ should benefit from NZ gambling. It’s the methods used to ensure that NZ benefits that trouble me.
Two things are antithetical to sound commerce — protectionism and monopolies. Protectionism, usually dressed up as patriotism, pretty much ensures inefficiencies are never eradicated, featherbedding is rampant and innovation is curbed. Monopolies have the same effect and are pure poison and no economist outside of North Korea or Cuba would argue for them.
If Peters wants to NZ racing — and NZ society in general — to benefit from NZ betting, he should put all his energies into ensuring that the country has an efficient betting industry, not surround what we do have with legal threats against competitors.
My main concern, from a personal perspective, is that, in protecting racing, New Zealand will follow the US and Australia and ban its citizens from accessing overseas-based poker rooms.
And on the subject of Peters, the racing industry should forget about any long term assistance from his direction. The political history of New Zealand since proportional representation came in is that minor parties which enter into coalitions with major parties get hammered at the next election. This has already happened with NZ First, after Peters went with Bolger’s National instead of Clark’s Labour in 1996. In the 1999 election, their share of the vote dropped to 4.3 percent, compared with the 13 percent three years earlier.
With Labour’s stocks currently rising, at the expense of NZ First and the Greens, and National clinging by its fingernails to what they have, this year’s contest will be closer to a straight two-party fight than we’ve had since proportional representation was introduced. NZ First is toast.
YES Brian ….Gil is going ‘all in’ on Trump again and has been tipping him for the last 18 months.
He said ‘Although he isn’t a great leader ….his opposition are a terrible bunch that couldn’t win pussy’.
I think he’s backed him in from lucrative odds as well …..especially when the American people saw him as a dead set boof head….. as some still do!…but Gil is vary rarely wrong when it comes to politics.
Good blog again Brain ….as usual ….on point.
Graham B.
Ooooooops ….forgot to mention ‘Off-shore’ Bookmaking accounts that has lured most of us away from the good old NZ TAB who dished up a ‘dogs breakfast’ betting platform 16 months ago that is an absolute junk yard and as you know is sport orientated …..so racing punters left in droves.
I have 7 off-shore accounts but used to have double that amount so one could easily find the best price on a fancy …. BUT now days they all copy and paste the odds and you get severely restricted when you turn a profit.
I remember clearly that rotten outfit Bet365 who I had a winning month with and suddenly when I put a bet through of 3k on a $3.35 pop to return $10,000 at Randwick one Saturday they offered me $2.00 on it to return $6.70 ……I promptly told them to take the $6.70 and purchase a large cream sponge …….walk up to the CEO’s office and plant it right in her face as if she can’t handle 5% of her clientele winning then she shouldn’t be in business…..(as an aside she owns mansions all over Britain and the Med and the business is worth billions so by sacking punters with a modicum of ability she will always be able to open her champagne on a nightly basis)…….but thats the way they are all going now ….you win ….you get sacked……. or that heavily restricted you close your account and I have closed 8 of them and only use two now.
The best of these by far is TopSport which is privately owned on the Gold Coast and will cop a bet ….you never get turned down …..and last week they laid a horse to lose a million in one bet (not mine) and thats gutsy! (for the record it strode up to the leader half way down the straight and was home for all money …..until the leader kicked and beat it a head).
So there are pro’s and cons for betting off-shore …..but the best way to fix it (as Gil Dymock said) is for the NZ TAB offer up similar or better prices than their counterparts over the ocean……that in a nutshell would keep punters using them as a bookmaker…..but every damned price is trimmed to enable them to dump money they don’t want at a better price so they turn a profit on said bet.
In this day and age the punter is very well armed and able to access a lot more information than we could in yesteryear which enables a lot more punters to win and that is why most Bookmakers are very shy and we will never see another Bill Waterhouse who took on allcomers.
So its a case of tighten the belt and hope that somehow NZ racing survives …..its been in my blood forever and I just want it to survive …..if thats possible.
Graham B.
Hi Brian and co Blogers.
Where to Start !
I worked on two projects over Lock Down, a small old caravan and a 1987 thoroughtbred float.
I GUTTED THEM both TOTALLY, one is making me money, the other is saving me money, Rocket Science
Where am I going with this, All the 72.5 mill is GONE.
Yet the Plague remains.
On behalf of all participants, (can I take these liberties ), MEMBERS of The Optimist Forum, (that is WHO we are NOW)
I ask for the immediate resignation of the entire RITA Board .
To be replaced by Chairman John Masara, Michael Dore , as TAB CEO,
Board Members to be selected from “The members of The Optimist Forum”,
with the unanimous nomination of Brian de Lore as first choice Board member.
Can I have a seconder.
Thankyou EVERYONE
Those in favour , EVERYBODY .
Those against, ZERO. motion carried.
What a fabulous new start, I feel better already.
Now let make it happen.
Congratulations Brian on a well written article
In my youth I had the privilege of having dinner with Woolf Fisher, a highly successful man: I can only hope that the Racing Industry now embraces the wisdom of his words
Interesting to see that the Victorian Govt. has seen fit to give Harness Racing Victoria $24million and that is for an industry that continued to operate throughout the lockdown
Thanks a lot “winny”.
Brian, what happened to the money Tim got for the sale of Riccarton land? Did the $60million get appropriated by RITA already? Ive continually asked that the minimum stakes be index linked to the minimum wage plus a few zero’s $18-50 would be $18,500, to remove the folly of bumbling idiots running the show. Ive continually asked for technical advisors to be on coarse showing people how to bet and open accounts and solve betting problems, at big meetings especially. I fail to see why TAB are putting more pods on coarse at a cost of $10,000 per pod when a $1,000 laptop can do the same. Phone betting was at a cost of $2 million, it should have remained and phased lower as the computer system improved and betting changed. There is still not enough room with the servers on big races, it’s still hard to get a bet on. Riccarton used to be run by 1 full time manager, 1 groundsman and 1 office worker, what’s changed to require at least 7 full time workers and if you extrapolate this effect over other courses like Addington Raceway, Ellerslie and the rest, then even less money is available for stakes. TAB costs need to be drilled into as well, perhaps different race scheduling could reduce the staff requirements and costs nationwide.
It’s hard to disagree with anything you have said. I’m just a blogger and don’t know the answers to all those valid questions. I do know that the money from the sale of the land at Riccarton has gone into a trust fund for a rainy day, but the question is, will that day come when they have to front up with a big lump of money for the synthetic track they intend to build? If I was in charge of the TAB, I would sack everyone but a bare skeleton staff and then negotiate the partnering of it with an international wagering operator and drive maximum income to be put into stakes instead of overfeeding the fatcats. I’m not holding my breath for a call-up 😆
Brian you might be able to answer this question please. Dean McKenzie said in his presentation to stakeholders that he was only employed by rita to transition it back to the codes. Do you know what time frame this will take. And the decision’s on track closures are they made in conjunction with the codes or made solely by rita.
Murray, I have no idea about the track closures as I have found both RITA and NZTR to be very poor communicators with the industry and they barely speak to each other. McKenzie was supposed to finish up with RITA at the end of June when the board for the TAB would be announced. But would it surprise you if Minister Peters extended the life of RITA? Or if he wound up RITA and appointed the TAB board would it surprise you if McKenzie was appointed Chair of that?
Either way, it would be a disaster. McKenzie is the next best thing to ‘useless’ that’s ever held an appointment in this industry. He’s incapable of making a decision let alone a good one. The Minister appointed him and he’s at fault and has to take full responsibility for the spin he gave us on Tuesday last week and the feeble attempt he has made to resurrect racing’s fortunes. The money doesn’t help unless you change the business model!!!!
Thanks Brian there has definitely been some strange decisions made lately.if there only going to be 100mill to distribute for next season it’s no wonder they have cut race days to try and hold up stakes. I would love to see their business plan for future if they have one. Just be transparent what have they got to hide.it is rumored that dean is going overseas to be with family members after he’s finished in this role with rita. I am like you the whole business model has to change and it is so obvious but they appear blind to it.