ATTN. HORSE RACING INDUSTRY:
CASH RICH. INDUSTRY POOR.
$3,059,000 IN ONE DAY
CAVIAR AND CRACKERS FOR LUNCH TODAY AT 250 PARK AVE.
So far today, the S&P 500 gained approximately 1.9% today.
Using publicly reported figures:
• The Jockey Club’s approximately $41 million in liquid reserves generated about $779,000.
• The Breeders’ Cup’s approximately $120 million in cash and investments generated about $2,280,000.
Combined: approximately $3,059,000 in a SINGLE DAY.
That’s more money than many racing participants will earn in a LIFETIME.
Meanwhile, the industry is told there’s not enough money for aftercare, fan development, marketing, or meaningful investment in the future of the sport.
The question isn’t whether the money exists.
The question is why organizations with more than $160 million in liquid assets continue to grow investment accounts while paying millions in executive compensation and offering so little transparency about the long-term plan for racing.
At 250 Park Avenue, the portfolio worked hard today.
What did racing get? ZERO!
@BreedersCup
@jockeyclub