THE OLD RACING CLUBS

Just out of interest I was wondering how were they structured, who ran them, were the profitable or failing?

gregbucks Wrote:

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> Just out of interest I was wondering how were they
> structured, who ran them, were the profitable or
> failing?

At last the question get asked.

yes they were profitable.
The kak only started with the consolidation.

gregbucks Wrote:

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> Just out of interest I was wondering how were they
> structured, who ran them, were the profitable or
> failing?


Well I suppose it depends on who you talk to - every side seems to have their own set of 'facts' :

Frodo, I've read the ''Phum version'' but I am more interested in the forum members views, you included?(tu)

@GREGBUCKS:

'Frodo, I've read the ''Phum version'' but I am more interested in the forum members views, you included?'

The starting points:

1.
Horseracing needed a tax break to compete against other forms of emerging betting (casinos); rate was duly reduced from 9% to crica 3% and the HRDF (circa R40-million) was handed over without due diligence / financials;

2.
Government policy is to corporatise (Jabu Molekethi).

Bain & Co was brought in by the industry as consultants (costing coupla millions) to submit proposals for corporatisation (none of the proposals were in the MOU!).

Was it necessary to corporatise after the tax breaks?

Obvious that there were sharp people within the industry and equally stupid ones in Government decision-making (referred to as 'idiots' during one of the industry meetings)!

greg, if you have read the ''P' version, then you know more than me - I don't think I know enough to make a reasonable / fair comment - but I guess we would all like an answer to umlilo's question:

Was it necessary to 'corporatise' after the tax breaks?