Quote:
|
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
|
What else is Meeker supposed to do? The sad fact in business today shouldnt be lost on you here. Tom Meeker's main responsibility is maximizing the value of each stock in the hands of CDI's shareholder and in the long run the business will be better for it. That's what good CEO's do. One example would be James Kilts with the Gillette Co. He took over a struggling brand, greatly enhanced its value, making it attractive to potential suitors and sold it to Proctor and Gamble. He squeezed every dime of profit possible from the original Gillette stock and the shareholders reaped the rewards.
The fact that Stronach actually owns and breeds, etc and runs one of the major brands in racing today would worry me more than anything. Not to say he is a bad guy, because I doubt he is, but sometimes when you have emotional investment in something you are charged with running, that emotion can blind your otherwise sound judgment. In the short run, maybe that is good for people in the game, but it is possible any emotional decision could be a short term fix that is detrimental down the road. Who would want that? Another CEO responsibility is to ensure long term growth. Sometimes, emotional decisions hinder that.
I would rather have a beer and talk the game with someone like Stronach. But, if I wanted someone to make cold hard decisions, without any emotional attachment, give me someone else. That doesnt make Stronach a bad guy by any means. Its just business.