GC Board on the ropes?

  • Sylvester
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Re: GC Board on the ropes?

4 years 11 months ago - 4 years 11 months ago
#789227
the writers of drama in Hollywood could not come up with story lines similar to the drama that Phumelela/NHRA/RA/GC/Kenilworth racing executives manage to ensconce them selves in on a daily weekly monthly yearly and ongoing basis.

The last 10-15 and the last 2-3 years are tearing racing SA apart, with seemingly no quick solution in site.
We have seen TAB turnover get ripped to shreds post lock-down. instead of trying to get the bread and butter punter back. the boardroom dramas are just driving racing SA further into the ground.

what will be left when the dusts settles.

a few big penis' feeling aggrieved and a another group feeling vindicated

but just like the lock down. the operation was a success but the patient is dead.
Last edit: 4 years 11 months ago by Sylvester.

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  • RA Stranger
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Re: GC Board on the ropes?

4 years 11 months ago
#789246
Sneaky Pete ?

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  • Bob Brogan
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Re: GC Board on the ropes?

4 years 11 months ago
#789255
LEADING owner Nic Jonsson has filed voluminous papers against racing operator Gold Circle in the Local Division of the KwaZulu-Natal High Court. As an urgent application, the matter is likely to be heard by a Judge tomorrow.

As reported by Turf Talk last Saturday, Jonsson’s actions follows the convening of a Special Gold Circle General Meeting this coming Thursday, 18 June, to be held via the electronic meeting platform Zoom, at which the Board will be asking members to remove any impediment in the constitution and the Memorandum of Incorporation (MOI) that safeguards the ring-fenced funds from the sale of the Clairwood property. The ringfenced amount is said to be R242-million.

We are led to believe that Gold Circle are in the process of filing opposing papers this morning after which Jonsson, via his representing attorneys, Garlicke and Bousfield, will have an opportunity to respond.

Irrespective of whether the hearing on Wednesday will proceed or not, Gold Circle is likely to be going into Business Rescue on Thursday. It is said, in this regard, that the appointment of a Business practitioner is already being investigated.

“We have a special General Meeting at 5pm. This is subject to the outcome of NJ vs Gold Circle in the High Court on Wednesday,” said Neil Butcher, Chairman of Gold Circle.

With Post-Commencement Finance (PCF) being a pre-requisite for Business Rescue, the ring-fenced funds would presumably be released by the appointed business rescue practitioner, which will in effect nullify Jonsson’s attempts at keeping it untouched until a business plan can be agreed upon. The process of Business Rescue will, however, put a neutral individual in charge of the management and use of the cash.

It appears at this juncture, however, that the only winners in Jonsson vs Gold Circle will be the legal persona acting for the respective parties - Turf Talk

www.turftalk.co.za/

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  • Dave Scott
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Re: GC Board on the ropes?

4 years 11 months ago
#789256
This is another very sad chapter for racing.

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  • MissT
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Re: GC Board on the ropes?

4 years 11 months ago
#789257
And that's the truth. Law firms representing both sides win. It's truly sad that on both sides there are well respected buisness people who if anything should be putting egos and other agendas aside and at least try and sit around a table and come to some form of common ground in this particular matter for the good of every single person involved in the industry and for the good of the industry itself. Instead it appears as more infighting and finger pointing and seriously this is the last thing racing needs right now. Let's just hope some common sense prevails and that law firms are not the only winners here.

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  • oscar
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Re: GC Board on the ropes?

4 years 11 months ago
#789261
Sylvester wrote: the writers of drama in Hollywood could not come up with story lines similar to the drama that Phumelela/NHRA/RA/GC/Kenilworth racing executives manage to ensconce them selves in on a daily weekly monthly yearly and ongoing basis.

The last 10-15 and the last 2-3 years are tearing racing SA apart, with seemingly no quick solution in site.
We have seen TAB turnover get ripped to shreds post lock-down. instead of trying to get the bread and butter punter back. the boardroom dramas are just driving racing SA further into the ground.

what will be left when the dusts settles.

a few big penis' feeling aggrieved and a another group feeling vindicated

but just like the lock down. the operation was a success but the patient is dead.

Yep quite right Sly. Either there are very few people who are trying to co-ordinate some kind of coup, or it’s just a free for all right now. To me running at the back of the fields is not the place to be in. They must move ahead quickly now so that we either know racing will survive in SA or not.
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  • Over the Air
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Re: GC Board on the ropes?

4 years 11 months ago - 4 years 11 months ago
#789286
Why do people in every link of the racing chain in this country believe that they have no need to share information and hold onto it as if it is currency? Every single level is guilty of this, and they all believe themselves to be superior to those not in the circle. I spent the day enthralled by the majesty of top racing, it happened to be in England. We can never in our wildest dreams aspire to compete on the same level while this elitist apartheid exists.
Last edit: 4 years 11 months ago by Over the Air.
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  • mr hawaii
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Re: GC Board on the ropes?

4 years 11 months ago
#789300
GC should immediately drop stakes for ordinary races- you cannot pay for races with money you don't have - Even if they do get access to 200 bar it would make sense to drop stakes until the company can recover and the betting shops are open and add to the revenue stream
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  • Tigershark
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Re: GC Board on the ropes?

4 years 11 months ago - 4 years 11 months ago
#789330
I agree there is a proper way of doing things and the board of GC shouldn't be applying for the use of R200m at the 11th hour. Where is all the communication to members leading up to this decision? Where are the financial reports verifying how, when, why?

Another last minute decision that will leave members wondering how GC ended up ion this situation. I fully support a challenge of the board and management. The names in the annual reports for the last 10 years have largely remained the same, just some musical chairs in terms of positions.

I sincerely hope that this challenge will lead to some questions being answered that go beyond the simple annual report. Where are the management accounts that show all earnings by management, board members and contractors as well as the bad debt that has been written off?

There are people within GC that hold various positions on various committees while earning multiple revenue streams from GC. I have always contended that the conflict of interest cannot deliver the right result, maybe time to re-examine this?

I wonder where the restaurant Ile Maurice got the GC members contact list from? They targeted only GC members in the mail i received which i took exception to however GC at the time had no idea how that came to be an never took any action. Why so hot under the collar now?

I was told as a member that the decision to construct the Poly track at Greyville was presented in a Roadshow to members and agreed upon by members. I was promised proof that this happened and have still not received this? I was never extended an invitation to a roadshow or was ever asked to vote on such. These are the answers you get as a member post a major event.

The auditing of the voting process in my opinion falls short of being transparent if an auditor is checking a name and signature only. How many proxy votes are there and how many proxy votes is one individual allowed to submit? Are Tab outlet owners, who have a license from GC, members and do they vote? If so how many vote via proxy? When last was there any vote that required members to attend in person? 5 years/10 years?

There are many, many more questions that remain unanswered from my past dealings with the GC management and board however I believe my time is better spent on other interests.
Last edit: 4 years 11 months ago by Tigershark.
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  • oscar
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Re: GC Board on the ropes?

4 years 11 months ago
#789333
Tigershark wrote: I agree there is a proper way of doing things and the board of GC shouldn't be applying for the use of R200m at the 11th hour. Where is all the communication to members leading up to this decision? Where are the financial reports verifying how, when, why?

Another last minute decision that will leave members wondering how GC ended up ion this situation. I fully support a challenge of the board and management. The names in the annual reports for the last 10 years have largely remained the same, just some musical chairs in terms of positions.

I sincerely hope that this challenge will lead to some questions being answered that go beyond the simple annual report. Where are the management accounts that show all earnings by management, board members and contractors as well as the bad debt that has been written off?

There are people within GC that hold various positions on various committees while earning multiple revenue streams from GC. I have always contended that the conflict of interest cannot deliver the right result, maybe time to re-examine this?

I wonder where the restaurant Ile Maurice got the GC members contact list from? They targeted only GC members in the mail i received which i took exception to however GC at the time had no idea how that came to be an never took any action. Why so hot under the collar now?

I was told as a member that the decision to construct the Poly track at Greyville was presented in a Roadshow to members and agreed upon by members. I was promised proof that this happened and have still not received this? I was never extended an invitation to a roadshow or was ever asked to vote on such. These are the answers you get as a member post a major event.

The auditing of the voting process in my opinion falls short of being transparent if an auditor is checking a name and signature only. How many proxy votes are there and how many proxy votes is one individual allowed to submit? Are Tab outlet owners who have a license from GC members and do they vote? If so how many vote via proxy? When last was there any vote that required members to attend in person? 5 years/10 years?

There are many, many more questions that remain unanswered from my past dealings with the GC management and board however I believe my time is better spent on other interests.

There was another racing body who loved the proxy vote, personally I think proxy votes should be done away with, if you there you vote, thats it.
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  • Sylvester
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Re: GC Board on the ropes?

4 years 11 months ago - 4 years 11 months ago
#789345
i suggested that when they reopen, because of the reduced betting streams, that GC and Phumelela enter into an agreement with trainers,owners and jockeys that all stakes won in the 1st 90 days maybe even 180 days be deferred. Meaning stakes won on day 1 of return to racing get paid out on day 181 and so on if use a 6 month deferment. owners would be hit the hardest but would allow operators to tidy up the mess and hopefully get to stage 1 lockdown without unnecessary pressure on their cash flow. it is a big ask from the owners trainers and jockeys but better than the alternative.
over time they calw back the 180 days as cashflow allows.
along with the 180 day deferrment should come a public annoucnment of salary cuts at all levels for GC and P Staff. Facts and figures so that owners trainers and jockeys can be in support of the plans being put forward by the operators.

this FBI/CIA strategy of the operators wont fly in the era of social media and information overload.
Last edit: 4 years 11 months ago by Sylvester.

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  • Bob Brogan
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Re: GC Board on the ropes?

4 years 11 months ago
#789366

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