The Biz | Horse Racing Free Tips

Zayat Legal Woes Continue As Creditors Force Involuntary Bankruptcy

2015 Triple Crown-winning owner Ahmed Zayat was hit with yet another legal proceeding this week, as the Thoroughbred Daily News reports a small number of Zayat creditors have initiated involuntary bankruptcy proceedings against him.

Involuntary bankruptcy actions are relatively uncommon, according to the TDN's T.D. Thornton, and are primarily designed to protect creditors who fear a debtor's assets will dwindle before they can be repaid. Thornton explains the gamble with involuntary bankruptcy filings is the filers can be required to pay the defendant's legal fees if a judge dismisses the petition.

Zayat filed for Chapter 7 bankruptcy last week, listing tens of millions of dollars in debts. A judge awarded MGG Investments a $24.5 million in summary judgment against his Zayat Stables earlier this year as part of a civil suit over a loan that went partially unpaid. Zayat has countersued and the case is ongong.

The petitioners in the involuntary bankruptcy petition include former Zayat financial advisor Steven Keefer (who Chapter 7 documents say is owed $275,000), U.S. Elite, where Keefer is CEO ($188,500), and and Joseph Bodner ($150,000).

Little Red Feather Racing Hires Compliance Consultant To Oversee Operations

In what is presumed to be the first hire of its kind, Little Red Feather Racing (LRF), California's largest horse racing syndicate, on Tuesday announced the hiring of an independent compliance consultant to oversee all aspects of its racing and sales divisions. The consultant will ensure that LRF's trainers, veterinarians, and staffs comply within regulatory rules as well as LRF's internal policies regarding training and medication.

“Many industries have compliance managers, why not horse ownership?” said LRF Managing Partner Gary Fenton. “We want our partners to have the utmost confidence and trust that our equine athletes receive world-class care.”

“It's time we take a long hard look at everything we provide to our equine athletes,” said LRF Founder and Managing Partner Billy Koch, “Current training practices need to evolve with changing times.”

Effective immediately, Tom McCrocklin will serve as compliance consultant for the LRF team and report directly to Fenton and Koch.

Born in Baton Rouge, La., McCrocklin has an undergraduate degree from LSU and a Bachelor of Science in Animal Science, specializing in equine from Louisiana Tech. McCrocklin trained at east coast race tracks until 1992 where he moved to Ocala, Fla., to commence a breaking/training/sales operation, representing some of the biggest names in the industry.

McCrocklin will review veterinarian and training bills as well as regularly visit each LRF barn. He will work alongside LRF's trainers and vets to create a universal set of protocols. “Since I am a trainer and understand the culture and mentality, I look forward to working with my colleagues to create a methodology that is positive for everyone,” said McCrocklin. “Most trainers want to learn and try less medications and supplements; they just need the educational and support tools to do so.”

“Too often we hear discussion about a problem in our industry, yet rarely is there a solution posed,” said Jim Gagliano, president of The Jockey Club. “Today is not that day. We applaud LRF for taking this innovative step and showing that owners can and will take measures to ensure best practices are being met within our industry.”

Formed in 2002, LRF and its sister company Solana Beach Sales (SBS) are California's largest syndicate, managing nearly 100 horses and over 300 active partners. LRF recently concluded a record breaking summer in 2020 with 11 wins at Del Mar from its managed partnerships, including wins in the G2 Del Mar Handicap – a Breeders' Cup Win and You're In race – with Red King, and the G2 John C Mabee Stakes with Raymundos Secret. LRF campaigned Breeders' Cup Winner Singletary and G1 winners Egg Drop, Secret Spice, Fault, Mirth and stallion Midnight Storm. SBS burst onto the sales scene in 2016 and graduates include G1 winners Instilled Regard, Bast and G1 placed Anneau D'Or who finished 2nd in the Breeders' Cup Juvenile at the 2019 World Championships.

The post Little Red Feather Racing Hires Compliance Consultant To Oversee Operations appeared first on Horse Racing News | Paulick Report.

Source of original post

Approaching Final Week Of Racing, Canterbury’s 2020 Handle Already $15 Million Above 2019 Record

Canterbury Park's 53-day horse racing season will conclude with 4:00 p.m. post times on Wednesday and Thursday. Each evening, 13 thoroughbred races will be run. A total of 247 horses were entered over the two programs for an average field size of 9.5, exceeding the season average of 7.2 horses per race.

The racing season, in jeopardy this spring due to the COVID-19 pandemic, was postponed and subsequently shortened from the planned 65-days. The meet began June 10. Track officials abandoned weekend racing and shifted to a Monday through Thursday schedule where there would be less competition nationally for the wagering dollar. On-track business suffered as capacity was limited to 750 spectators, substantially below the 2019 average attendance of 6,592, however wagering handle soared due to the schedule change as horseplayers across the country bet on Canterbury's races in unprecedented numbers. Handle this season has already exceeded 2019's record $48 million, with $63.8 million bet during the first 51 days and an additional $4 to $5 million expected over the final two days.

“It was crucial to the Minnesota horse racing and breeding industry that Canterbury Park conduct a meet in 2020,” Vice President of Racing Andrew Offerman said. “The support and guidance of the Minnesota Racing Commission and the Minnesota Department of Agriculture was very helpful as we found a way to make racing a reality in the current environment. The horsemen have been very supportive throughout the summer and operated in a manner that kept all participants safe. The efforts of the Canterbury staff must also be acknowledged as they have put in long hours implementing our safety plans.”

Wednesday's program is highlighted by a $41,427 carryover in the 10% Takeout Pick 5 pool. The 50-cent base wager begins with the ninth race. Track officials anticipate the pool could swell to $250,000, far exceeding the average pool of nearly $75,000. Thursday features two $50,000 stakes races, the Tom Metzen HBPA Sprint and the Shakopee Juvenile.

Trainer Joel Berndt is on the cusp of winning his first leading trainer title at Canterbury, holding a 40 to 32 edge over 13-time champion Mac Robertson. Berndt has 28 horses entered, Robertson 17. Jockey Ry Eikleberry seeks his third riding title, he was best in 2014 and 2018, as he leads last year's top jockey Francisco Arrieta by five wins, 71 to 66. While the lead is daunting it is not insurmountable with Arrieta named on horses in all 26 races. Eikleberry has 22 mounts.

Limited seating remains available and tickets can be purchased in advance at www.canterburypark.com .

The post Approaching Final Week Of Racing, Canterbury’s 2020 Handle Already $15 Million Above 2019 Record appeared first on Horse Racing News | Paulick Report.

Source of original post

Keeneland’s Fall Meet To Be Held Without Spectators, Only Essential Personnel

Keeneland announced Tuesday that its 2020 Fall Meet, to be held Oct. 2-24, will be closed to the public due to the ongoing COVID-19 pandemic. Only a limited number of participants and essential personnel will be permitted to attend the live race meet.

Keeneland conducted its five-day Summer Meet in July without spectators but did allow a limited number of owners and essential personnel to attend.

“The safety of our employees, our participants and our fans remains Keeneland's top priority,” Keeneland President and CEO Bill Thomason said. “We have the most loyal fans in the world and we cannot wait for the day when we can welcome them back for live racing. The decision to close the meet to the public was made after consulting with local and state government officials and public health experts and monitoring how various sporting venues and events around the world have operated during the pandemic. With the guidance of these experts and lessons learned from recent events, we know this is the responsible course of action.”

“Sunday's kickoff of the 12-day September Yearling Sale, which is followed by the Fall Meet, the Breeders' Cup World Championships and the November Breeding Stock Sale, marks the beginning of a significant three months of business for Keeneland and the horse industry as a whole,” Keeneland President-Elect and Interim Head of Sales Shannon Arvin said. “It is paramount that we conduct our sales and racing operations in a safe and responsible manner that promotes the health and success of everyone involved.

“We will remain flexible and vigilant leading up to and throughout our Fall Meet to ensure that we observe the most current health and safety protocols and respond to any changes in a timely and thoughtful manner,” Arvin added.

To combat the spread of COVID-19, strict compliance with the following health and safety protocols will be required for participants and employees while they are at Keeneland. Similar protocols were in place for the Summer Meet and are in effect for Keeneland's current September Yearling Sale:

· Individuals permitted to come onto the Keeneland grounds will be credentialed or ticketed in advance. Seating will be assigned and properly social distanced on race days.

· Participants include those with a competing horse, including a limited number of owners and trainers. Keeneland also will allow limited access to sponsors, box holders and Club members.

· Keeneland will not permit any general admission or walk-up attendees. Credentialed participants will be assigned a seat for the race day.

· Keeneland will maintain records to allow for contact tracing.

· Health screenings, including a series of questions and temperature checks, will continue at all entrance gates.

· All individuals must wear a face mask and maintain proper social distancing while at Keeneland.

The post Keeneland’s Fall Meet To Be Held Without Spectators, Only Essential Personnel appeared first on Horse Racing News | Paulick Report.

Source of original post