Short arms, long speeches
Show them the money
Two of the largest and most powerful organizations in the industry with significant payrolls sit around 150 million people while horses starve, die and suffer. Can we call ourselves the Sport of Kings?
It’s hard to digest that.
No independent media outlet has pushed the issue with The Jockey Club harder than Past the Wire. Not with whispers. Not with tweets. Immediately open letterimmediately 18-month mandateand with direct questions.
To date:
- No formal response to our open letter.
- No direct answers to the questions from Louis Masry and Westlake Stables.
- No meaningful involvement with the Eclipse Town Hall.
They did hire Charlotte Clemens – and that is a good appointment. Credit where it’s due. But hiring one competent director does not answer structural questions.
Here’s the bigger one:
If it’s all about the horse, why are aftercare organizations still looking for hay money?
The money that no one likes to talk about
Publicly available nonprofit filings show that The Jockey Club and its affiliates have control tens of millions in net assets. Depending on the year and reporting entity, figures between $40 and 50 million are not unreasonable.
The Breeders’ Cup Limited has reported on a publicly filed Form 990s that its net assets are close to or even higher $100 million in recent years. The Breeders’ Cup makes for a phenomenal event. World class. No dispute there. But let’s be honest about what “rainy day fund” means in a sport whose participants are flesh and blood animals.
When rescues are posted publicly:
- Emergency hay runs
- Fundraiser for vet bills
- ‘We have reached capacity’ pleas
…the rain is already falling.
So what exactly are we waiting for?
Aftercare: the topic of conversation versus reality
There are excellent people in this industry who go above and beyond. Individuals. Trainers. Owners. Silent donors. Operators with boots on the ground. But institutionally?
Aftercare remains largely dependent on:
- Voluntary donations
- Small contributions per start
- Race office add-ons
- Fundraisers
- And the same generous handful of checks over and over again
Meanwhile, we have centralized organizations that have significant reserves. Let’s be clear here:
- Nonprofits are legally allowed – and often expected – to maintain operating reserves.
- Donations and liquidity are wise financial management.
- Boards have fiduciary duties to protect long-term viability.
All true.
But fiduciary duty does not equal moral insulation. When you publicly position yourself as steward of the breed and guardian of the sport, optics matter. Alignment is important. Proportionality is important. Even more important the horses are important, as are those who rescue and care for the discarded, injured or sometimes slow horses.
The unanswered question
To what extent is the aftercare stabilized by:
- A structured, recurring percentage allocation of revenue from major events?
- A fixed formula for annual contributions, linked to net asset thresholds?
- A matching program funded by reserve growth rather than operating budgets?
We are not talking about emptying the treasury. We are talking about meaningful participation. Even 3-5% of the excess annual surplus of entities sitting on nine-figure reserves could materially stabilize several accredited aftercare groups. That’s not rhetoric. That’s math.
The Repole & Cummings financing model – ignored
Mike Repole and Pat Cummings weren’t the only critics. They put forward ideas – including more formalized financing mechanisms. If you agree or disagree with Repole on other points, it’s harder to reject the financing conversation entirely. Silence can be strategically important. But silence also looks like avoidance. I would find it funny if it weren’t sad that more of their plans were continually requested, while the one they offered ended up in the trash without being circulated.
Hoarding versus stewardship
No one accuses anyone of illegality. No one denies that The Jockey Club and the Breeders’ Cup operate within non-profit organizations. But!
But perception is important.
When:
- Aftercare groups beg publicly
- Industry leadership speaks of compassion fatigue
- The phrase “for the betterment of the breed” is often repeated
…yet tens of millions of people remain largely untapped and people are starting to ask uncomfortable questions.
And they should. Because if this really is “all about the horse,” then the horse shouldn’t have to rely on Facebook fundraisers once its earning days are over.
Short arms and long speeches
Here I say it clearly. It’s time to get over the short arms and write a check.
No symbolic check.
No press release control.
A structural, recurring, meaningful check.
The kind that changes the landscape, not the headline. Because rainy day funds are defensible – until the shed roof leaks.
The question of broader responsibility
This isn’t just about money. It’s about involvement.
- Answer open letters.
- Responding to Owner Coalitions.
- Participate directly in public forums.
- Tackling aftercare financing transparently.
If you want to claim stewardship of the breed, you cannot be selective. Leadership requires you to show yourself.
The question that matters
Can anyone watch with a straight face:
- Difficult rescue operations
- Fundraising pleas for basic care
- Horses are leaving a shrinking industry
…and say that the current financing structure reflects “it’s all about the horse”?
Many individuals are doing their part. Institutions must do their part. Because at some point the “rainy day fund” starts to sound less like caution and more like hoarding – especially when the horses we claim to love are the ones in the storm or in the kill pen.
And that is not an attack. That’s a question. One that deserves an answer.
This is the answer:
#million #horses