ATTN. ALL HORSE RACING STAKEHOLDERS. BRACE YOURSELVES.
Let’s stop pretending HISA
@hisa_us was or is “independent."
Its own audited financials tell a very different story.
Straight from Note 6 – Long-Term Debt, HISA Long Term Debt as of 12/31/24 (See below Pg's 12-13 HISA 2024 Annual Financial Report)
Whether you support HISA or not the funding structure you are about to see needs to be known by all industry stakeholders.
THE JOCKEY CLUB
@jockeyclub
• 2 secured loans totaling $750,000 (prime 1%)
• Originated 2022 & 2023
• Paid off April 2024
BUT THAT'S NOT THE HEADLINE...
The Jockey Club also CANCELLED AND FORGAVE 5 additional promissory notes totaling $1.85 MILLION, including accrued interest, in March 2023.
BREEDERS' CUP LIMITED
@BreedersCup
• 6 secured loans totaling $2,351,832
• Originated 2021–2022
• Prime 1% (8.5%)
• All due August 15, 2026
• The very first loan? $50,000 on February 10, 2021. A $50,000 promissory note from a multi hundred million dollar organization?
Why structure something that small as formal secured debt unless the funding model was being built piecemeal from day one?
NTRA (National Thoroughbred Racing Assn.)
@NTRA
• 2 loans totaling $500,000
• Originally due 2023
• Extended to September 2025
• Interest not accrued because NTRA intends to collect principal only
NJTHA (New Jersey Thoroughbred Horsemen's Assn.)
• $515,718 non-interest loan
• Cancelled March 2024
• FORGIVEN and offset against receivables
So let’s be clear:
HISA was funded through insider loans, extensions, waived interest, and forgiven principal all secured by HISA’s assets. Question: HISA what assets do you have? Please answer.
That’s not arms length independence.
That’s coordinated industry financing.
Shame on these companies and non-profits that we in the industry fund.
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