The people have spoken!!!!! 85% have voted for meaningful change and transformational reform. 15% still enjoy pheasant hunting. 😂😂🤣

$580M vs $350M one-day handle. Japan’s biggest racing day vs the U.S.’s biggest racing day. Japan has ~33% of our population. Let that sink in. Japanese racing is booming. Congrats to the Japan Racing Association (JRA) and everyone involved breeders, owners, horseplayers, and fans. Why does it work??? Because the JRA is a true governing body that oversees all of racing with NO conflicts of interest, unlike the U.S. Imagine if we had one authority with real oversight over: - The Jockey Club - Breeders’ Cup - HISA - State Racing Commissions - Track operators If the National Thoroughbred Alliance (NTA) and I had the power with elected officials and true representation across all stakeholders we wouldn’t just save racing. We’d double this sport in every metric over time. I’ve accomplished a lot tougher challenges in business than this. Let’s be honest about the problems: The Jockey Club - Antitrust issues - Conflicts of interest - Self-dealing - Controls the process while benefiting from it Breeders’ Cup - The biggest waste of money in the sport - Adds zero long-term value - Those funds could be deployed far more productively HISA - Good intentions - Horribly executed - Mismanaged - Influenced and funded by the Jockey Club - Only track operators and owners pay the bill Track operators - Just trying to keep the lights on - Not aligned - Would have more power with a united voice State Racing Commissions - Inconsistent - Clueless - No national vision The uncomfortable truth This game ends tomorrow if: - Owners stop buying horses - Horseplayers stop betting The foal crop will be down again this year. Hearing in Lexington: - Top 5 stallions are overbooked - Freshman sires are filling…slowly - 3rd and 4th crop stallions are struggling - Everyone else is ice cold Expect fewer than 15,000 mares bred this year. I’ll admit it…I’m failing. But at least I’m trying. If I strike out, I’ll strike out swinging, while the rest of industry leadership strikes out looking. 🤷‍♂️