dubbledee
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 Original Post 2008-Dec-24, 07:50 PM
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« Last Edit: 2011-Jul-01, 11:33 AM by dubbledee »
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dubbledee
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2010-Sep-06, 02:20 PM
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Won't be any new stables until the redevelopment, I'd say.
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dubbledee
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2010-Sep-07, 12:11 PM
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Bart Sinclair reports in today's C-M that BRC has lost $3.1 million in its first year of operation. 
Says BRC Chairman Kevin Dixon, "Queensland owners and race clubs, two of the small number of stakeholders who keep racing viable, are not getting a fair return on the investment they make".
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Norton
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2010-Sep-08, 07:11 AM
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Gee DD, that's a fair hit. Do you have to chip in to help pay the electricity bill?
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dubbledee
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2010-Sep-08, 08:01 AM
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Not as yet, Norton. 
I suspect the first call for payment of rates, electricity, etc, will come from Directors' fees. 
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ted e turner
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2010-Sep-08, 10:03 PM
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see bumbling bob bent. has more dribble up on his propoganda website....parasite  |
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dubbledee
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2010-Sep-09, 07:57 AM
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Bob's Letter to the Editor of The Courier-Mail:
To the Editor
I write in reply to an article published in The Courier-Mail (BRC a first year loser, 7th September). In the article Brisbane Racing Club Chairman Kevin Dixon blamed the club’s financial woes on Racing Queensland Limited (RQL) policies. Had The Courier Mail sought RQL comment it would have found out a vastly different story.
Mr Dixon claimed the administration subsidy of approximately $1 million is insufficient for the BRC. It should be remembered this $1 million is on top of mutually agreed operational savings to the BRC of approximately another $1 million annually. So that is more than $2 million worth of assistance and yet the BRC still posted a $3.1 million loss.
It is unjustifiable for race clubs that post significant operating losses annually to apportion blame to the control body. As Mr Dixon has said, clubs need to determine their own destiny and yet he now asks for further handouts.
I am also perplexed about the BRC master plan. Mr Dixon has constantly championed it as self-funding, stating it would secure the financial future of the amalgamated metropolitan racing club. Under law, RQL must approve the master plan as it contemplates the disposal of an asset. Mr Dixon said the plan would be submitted in the next two months but despite numerous requests for critical information, so that it can be assessed by RQL only a part of the information has been provided.
RQL has also negotiated substantial wagering tax relief from the Bligh Labor Government that would see in excess of $80 million returned to the industry over a period of four years for capital development. Due to the BRC master plan being self-funding, Mr Dixon has already outlined that his club does not require any of this capital funding. Blaming RQL for the BRC’s financial performance should be seen for what it is - a furphy.
Mr Dixon refers to RQL coming up with a "game changer”. The new equity partnership model currently being negotiated with a number of clubs is the game changer that Mr Dixon as yet seems unwilling or unable to grasp the significant advantages that it will deliver.
Stakeholders other than Mr Dixon understand that prizemoney can only be paid out of recurring income and the BRC seeking greater funds only puts greater burden on distributions for prizemoney.
The assertion in the article by Bart Sinclair that RQL is "being set up to be privatised or sold” is as irresponsible as it is impossible. Mr Dixon surely is playing politics and stakeholders should see this type of comment for what it is.
The BRC, in seeking to balance its budget should be mindful of the generous executive salaries that are currently being paid and its relativity to the scope and size of the club operations. The BRC should look at its own operation before giving gratuitous advice.
In the meantime, RQL will continue discussing its asset plan with the three codes of racing in Queensland which is scheduled to be released in mid-October this year.
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dubbledee
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2010-Sep-09, 08:02 AM
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Another approach would have been to thank the Editor for bringing to the public's attention the parlous state of racing, in particular the difficulties faced by race clubs in maintaining facilities, which through no fault of their own, are up to150 years old.
It would also have been reasonable to thank the BRC and its member for their continued commitment - in the face of obstacles put in front of them by others - to provide training and racing tracks without which the industry would be well and truly down the gurgler.
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dubbledee
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2010-Sep-09, 09:31 AM
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Arsenal
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2010-Sep-09, 09:43 AM
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And a very comprehensive one too  . Giving the opposition parliamentary reps The Hon.title is premature,maybe after the next election the prediction will come true.  |
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dubbledee
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2010-Sep-09, 10:42 AM
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Yeah, a lot of effort goes into it, and full credit to those BRC staff who put it all together.
I expect the club will be criticised for printing it in colour. 
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ted e turner
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2010-Sep-09, 10:44 AM
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why such a big loss dd?
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dubbledee
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2010-Sep-09, 10:52 AM
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Depreciation is over 2 mill to begin with. The expenditure on capital works in recent years has kicked that higher. Movement of funds from cash into essential/discretionary capital works obviously reduces investment income.
Catering earnings from corporate clients are reduced due to the current economic downturn/crisis/stagnation.
And as pointed out, the combined Club was penalised for merging by Bob removing 1 mill from the so-called (but seriously mis-named) Administration fee paid to the the two clubs alone.
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Arsenal
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2010-Sep-10, 03:42 PM
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Bob's letter to the Editor got a guernsey today in the CM although edited in some respects from the version posted by dubbles previously.  One thing that struck me on reading the published CM version was the disrespectful way of addressing the BRC chair as plain "Dixon" whereas in the letter penned by Bob he referred to him as Mr.Dixon. CM causing trouble,  we don't need any help.  |
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ted e turner
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2010-Sep-10, 03:53 PM
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all are surprised the cm didnt do more on the disgrace that is the hall of shame/infamy hi porky piglet  |
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