Comments on: WHO OWNS KEENELAND?

By: Paulick Report » Blog Archive » TOP TEN THINGS YOU MAY HAVE LEARNED ONLY BY READING THE PAULICK REPORT

Thu, 25 Sep 2008 12:37:22 +0000

[...] all of its original investors to turn their shares over to the association; in 2002, it quietly formed a new non-profit holding company called Keeneland Trustees, the de facto “owner” of the Keeneland run by three people: Will Farish, William Lear, [...]

By: LCM

LCM — Mon, 08 Sep 2008 23:06:36 +0000

Keeneland needs to stop pretending it’s NON=PROFIT Mr. Greathouse. Can you justify their status as NON=PROFIT? It’s absurd! Why are they sitting on untold hundreds of millions of dollars?

Ray, have you had any luck getting a copy of that 990 form? Maybe someone from the IRS can help you out!

By: Garrett Redmond

Garrett Redmond — Mon, 08 Sep 2008 18:21:13 +0000

Refer John Greathouse’s #10.

Yes, all sales companies charge commission, my point is the amount and what you get for it. One thousand for Day One and the same for Day Fourteen is just not equitable.

One way or another, it certainly is not freebie.

By: john greathouse

john greathouse — Sun, 07 Sep 2008 01:41:39 +0000

#9
well at least I had the guts to post my name
# 8 all sale Co’s charge a commission…what’s new?
#5 do you know any training centers that provide free training facilities for anyone?…
people..please…I love both sales Co’s…one is for profit and for good reason….although some of that may be changing…the other …has supported our Industry for years…if you can’t appreciate what has been built and what is there for all to enjoy…then this debate has ended
Ray…I do enjoy the banter

By: Not John Greathouse

Not John Greathouse — Fri, 05 Sep 2008 20:21:52 +0000

This post raises more questions than answers. We’re only.stratching the surface here. Keeneland runs a sound sale and solid racing operation for six weeks They have shown a modicum of leadership in some areas, notably polytrack, although they probably spend more time worrying about whether the iron gates are the right color of green. With the very future of American horse racing on the line and their own sales market domination and gravy train about to be challenged by Fasig-Tipton, can their insular, ivory tower, secretative Skull and Bones approach to business succeed for their own survival or the greater good of the industry at large?
The answer is pretty obvious.

By: Garrett Redmond

Garrett Redmond — Fri, 05 Sep 2008 18:51:08 +0000

Mr. Greathouse’s assertion the entry fee gives a “free ride” is amusing. The Entry fee is $1,000. Because KA does not charge ADDITIONAL fees on the first $20,000 of selling price does not make anything free. Moreover, it must be noted that KA charges that thousand bucks regardless of the selling price or if there is no bid. Consequently, a consignor may actually pay up to 100 per cent commission.

Keeneland has other odd practices. One example being $1,000 is charged everyone, but a privileged few are allowed to have the sales day of their choice. When Mr. Nicholson was asked why ten horses by the same sire were in the particular Hip No. order, he did not know the answer, but said he would find out and report. That was several years ago - still no report! (Incidentally, he agreed it was not related to the dam’s name)

With Dubai running one sale company and a “Secret Society” running the other, maybe breeders will realize they need the protection of a cooperative. The other advantages of a cooperative are too many to list here. In sum, it would give breeders the balance of power.

By: michael baughman

michael baughman — Fri, 05 Sep 2008 16:33:12 +0000

My first visit to Keeneland was in 1955. Thanks Mr Paulick for enlightening us.

By: LCM

LCM — Fri, 05 Sep 2008 16:02:41 +0000

Ironically, it is now Fasig TIpton that will require Keeneland to change!!! I am sure Fasig will decrease the commission rate structure and therefore make it far more attractive to consign a horse at Fasig rather than Keeneland. Seeing as Dan Pride has close ties with Duncan Taylor (Taylor Made) I will expect the conversation to go like this “Hi Duncan, it’s Dan. What would you like us to do here in order to secure the majority of your consignments”? Being the aggressive, savvy businessman that Duncan Taylor is, I’m sure he’ll have a slew of ideas!!!!! I also have to wonder about the relationship between sheikh Mohammed and Keeneland, as the late Buddy Bishop was also the President of Darley America before his death. Who is the President of Darley now?

By: Priscilla Peabody

Priscilla Peabody — Fri, 05 Sep 2008 15:52:23 +0000

The $900 free ride for the first $20,000 is so trivial it hardly merits mentioning, however I would like to point out that Keeneland also charges 8 bucks a day in stall rent when the meet is not on (raised from $7.50 last year). That is quite a bit to add on to the already expensive cost of training a horse. Does Keeneland really need that money?

By: Ray Paulick

Ray Paulick — Fri, 05 Sep 2008 14:23:30 +0000

John…Thanks for pointing out that distinction on entry fees and the absence of commissions on the first $20,000. I appreciate it.