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Originally Posted by Lbigdog77
Catching up on some posts tonite and have noticed some threads/comments on Magna.
As background, there are three major entities in US racing today - MEC (Magna), Churchill Downs Inc., and NYRA. Only one of the three is headed by a person who owns, breeds, races and loves thoroughbreds - Frank Stronach of MEC.
CD has been headed for the past 15+ years by Tom Meeker, who does not own, race, breed or otherwise care about TB horses except for how they affect CDI's bottom line and stock price. NYRA has the best franchise in the sport but has almost been driven to bankruptcy b/c of corruption.
MEC is headed by Frank Stronach, who has invested hundreds of millions of dollars of his own money to enhance the TB industry. No one at CD (for sure) or NYRA can say the same.
Has he (Stronach) made mistakes? Absolutely. At least they were mistakes that had the best interest of TB racing in mind.
Stronach should be lauded for his efforts and investment. We need more like him.
LR
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Some clarifications. Tom Meeker is leaving Churchill by the end of the year.
Frank Stronach has invested hundred's of millions of dollars of investors in Magna's money into the thoroughbred industry. Your comment that he did it to " enhance " the industry is an opinion. The fact is he substantially overpaid for as much property as he could get his hands on in the hopes of getting slot revenue.
This is my favorite quote......" NYRA has the best franchise in the sport but has almost been driven to bankruptcy b/c of corruption." That is an opinion, which you are entitled to, but is unsupportable by facts. NYRA's current situation is the result of MANY things, and one being poor management IN THE PAST, but there are many, and more severe, others. Having a state OTB system, in many cases literally in their back yard, syphoning hundreds of millions of dollars directly out of the thoroughbred industry would be a major cause for the current state of affairs. A substantial financial burden levied upon them by a publicity hungry, and office hungry, district attorney would be another one. Not to defend in any way the tax fraud involving the mutual clerks, but considering that is the only concrete offense uncovered in the probe it would be far more appropriate to suggest that NYRA was run in a cleaner fashion than any racing institution in America. Try and make at least an attempt to tell the whole story to achieve any sort of credibility.
But hey....thanks for the Magna infomercial.