| Storm Cadet |
06-29-2007 04:10 PM |
Quote:
Originally Posted by Cannon Shell
The money that pays for the purses is not their money, it is the horsemans money derived as a cut from the handle. The tracks just hold the money. One of the big issues that the investigations uncovered was NYRA using the horsemans account to pay operating expenses. They always replaced the funds but it really was a scary situation for the horsemen, most of whom had no idea that this was happening. In fact the head of the horsemans group claimed he didnt know either but I am skeptical of that claim.
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Then do the horsemen or NYRA set up the purse structure of how much each graded race is carded for? Seems to me, most of the horsemen who I've come into contact with ARE NOT good business men/women. How could they ever plan a budget of that magnitude? They have a tough time balacing their own expenses weekly of their barns.
So since the track actually holds onto the cash from handle and pays out trainers/owners from the horsemen's bookkeeper, all the horse men are TRUSTING NYRA not to cook the books? (in simple terms). Beside an independent auditor, who is keeping a fine eye on handle receipts at most tracks? Do the horsemen have their own accountant? |
