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Harness Racing New Zealand - Funding Update

7 December 2022 , News

Harness Racing New Zealand - Funding Update

Just what the TAB's proposed reduction in funding will mean for all three codes should be known before Christmas.

"We have had a lot of discussions with the TAB since the announcement was made last week and we are continuing to make progress," says Harness Racing New Zealand Chief Executive Gary Woodham.

"We are now in a position to confirm that there will be a reduction of funding of $15m for the remainder of the 2022-23 season, so that takes us to the end of July next year."

But it is too early to say what that will mean specifically for harness racing.

"The finance people at all three codes will be doing a lot of work to determine how much each code will be affected by this reduction."

"And then once we know our figure then we will have to work out how that shortfall impacts us."

A meeting of all three codes' Chairs and Chief Executive Officers will take place next Wednesday to discuss the implications.

"As soon as we have more information we will provide more updates."

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On 12/7/2022 at 9:55 PM, Happy Sunrise said:

 

Harness Racing New Zealand - Funding Update

7 December 2022 , News

Harness Racing New Zealand - Funding Update

Just what the TAB's proposed reduction in funding will mean for all three codes should be known before Christmas.

"We have had a lot of discussions with the TAB since the announcement was made last week and we are continuing to make progress," says Harness Racing New Zealand Chief Executive Gary Woodham.

"We are now in a position to confirm that there will be a reduction of funding of $15m for the remainder of the 2022-23 season, so that takes us to the end of July next year."

But it is too early to say what that will mean specifically for harness racing.

"The finance people at all three codes will be doing a lot of work to determine how much each code will be affected by this reduction."

"And then once we know our figure then we will have to work out how that shortfall impacts us."

A meeting of all three codes' Chairs and Chief Executive Officers will take place next Wednesday to discuss the implications.

"As soon as we have more information we will provide more updates."

?????

NZTR announced 5 days ago what the impact on thoroughbred racing would be, 8.5 mil less, but this would be met from reserves.

If you look at the distribution formula, it is about 4.5 mil for harness

 

 

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Update on TAB distributions 2022/23 season

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NZTR
2 December 2022

Today TAB NZ have announced a reduction in distributions to Racing NZ of $15m for the remainder of the 2022/23 season. What this means for NZTR is a reduction of $8.5m in distributions for the remainder of the 2022/23 season.

New Zealand Thoroughbred Racing Chairman Cameron George and CEO Bruce Sharrock have responded to the announcement in a video which can be accessed here.

The key points raised in the video message are summarised as follows:

  • The NZTR Sustainable Reserves Fund will be used to underwrite stakes levels and club funding payments to allow these to remain as planned for the current season.
  • This will not result in any reductions to the Infrastructure Fund which will continue to be used to fund vital infrastructure improvements for the industry.
  • NZTR will continue to explore every avenue to secure the revenue needed to underpin the industry going forward.

Should further TAB reductions occur, the NZTR board would need to review its position.

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1 hour ago, Hesi said:

Update on TAB distributions 2022/23 season

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NZTR
2 December 2022

Today TAB NZ have announced a reduction in distributions to Racing NZ of $15m for the remainder of the 2022/23 season. What this means for NZTR is a reduction of $8.5m in distributions for the remainder of the 2022/23 season.

New Zealand Thoroughbred Racing Chairman Cameron George and CEO Bruce Sharrock have responded to the announcement in a video which can be accessed here.

The key points raised in the video message are summarised as follows:

  • The NZTR Sustainable Reserves Fund will be used to underwrite stakes levels and club funding payments to allow these to remain as planned for the current season.
  • This will not result in any reductions to the Infrastructure Fund which will continue to be used to fund vital infrastructure improvements for the industry.
  • NZTR will continue to explore every avenue to secure the revenue needed to underpin the industry going forward.

Should further TAB reductions occur, the NZTR board would need to review its position.

Just shows you how unprepared HRNZ is.

Dipping into reserves is only good if you are a Middle Eastern country producing oil.

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On 12/9/2022 at 6:25 PM, Addington said:

On the fantasy channel they are stooping as low as announcing a rumored  Trainers relationship break up. How low can you go, both the instigator and the site owner for allowing it.

Oh. Not sure who you mean, but could prob guess.

Thought people would be talking about this. Says suspended for 12 months. Shame, without knowing full details my 1st thought is must be a mistake, you know horse eats wood fence or something, so goes over limit. He was meant to train from 1 Jan 2023 with his Dad in partnership too NZ or similar. That was what he said during an interview or similar. Wonder if that will still happen. 

https://integrity.thetrots.com.au/news/articles/vrt-hearing-nathan-purdon/

Actually only stumbled across this when looking up Interdom results. See how Spirit got on. No gd re Spirit. 

Edited by karrotsishere
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2 hours ago, karrotsishere said:

Thought people would be talking about this. Says suspended for 12 months. Shame, without knowing full details my 1st thought is must be a mistake, you know horse eats wood fence or something, so goes over limit. He was meant to train from 1 Jan 2023 with his Dad in partnership too NZ or similar. That was what he said during an interview or similar. Wonder if that will still happen. 

He is not suspended from training, it is just his fine that is partially suspended. He walks away with a $500 fine which is what some get here for excessive whip use.

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On 12/9/2022 at 9:39 PM, Hesi said:

Woodham will know all this stuff like the back of his hand.  He was General Manager Customer and Channels, at the old NZ Racing Board for 5 years.  John Allen recruited him from his old haunt, NZ Post

I see on Weigh In, Bruce Sharrock saying that the short fall was signaled a lot earlier than 2 Dec, so Woodham would also have known that

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1 hour ago, Hesi said:

I see on Weigh In, Bruce Sharrock saying that the short fall was signaled a lot earlier than 2 Dec, so Woodham would also have known that

So why the limited response to the news at the time from HRNZ?

And where is the follow up to their statement? Has it come out yet?

Edited by Happy Sunrise
I see there is a meeting tomorrow for all 3 codes
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21 minutes ago, Happy Sunrise said:

Who told you that? 

Doubt it.

Hi Happy, well remember I said there was a movement going on behind the scenes. Many want him out for the sake of Harness. To get a CEO out, what is needed is it can be done by forcing them out to resign on their own. Or by proving bad decision making & there is 1 other clause to get a CEO out its something to do with not the best role model or not the best representative. 

I note Gore Club wrote to HRNZ board. A board can then vote to get a CEO out. (however good luck with that with the current board). However, I am also aware there was recently another complaint put in about him, & Im also aware there most likely will be a complaint made to the racing minister. All coming from different various people. 

So yeah. Hearing that he is leaving of his own choice isnt a surprise to me. This is rumour tho not confirmed.

Edited by karrotsishere
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11 hours ago, karrotsishere said:

Hope everyone had a good Xmas.

HRNZ just got handed a late Xmas present, the 2 group races at Auckland have 2 and 4 horses in them. They shouldn't run which would result in a saving of $90 000 in combined stakes .

I hope they don't scout for horses out of their depth to boost numbers because it still makes the race a joke.

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