The intriguing fine detail of the Everest slot finances
It’s becoming a fascinating topic – especially in light of the last minute deal struck between Damion Flower and the owners of exciting Moir Stakes winner Viddora.
I hasten to add that I’m not entirely sure it should be incumbent on either party to make such revelations. Nor do I suggest it’s a matter of grave importance. Just a matter of high curiosity given the intrigue.
I can’t think of a precise precedent in any other area, but racing is unlike any other industry.
It would certainly achieve the goal of generating more positive publicity than the race has had in the past week and perhaps provide an insight as to the level of confidence of owners and the trainer.
Obviously it could be made a condition of entry. I’d imagine it’s a question which might be asked at a shareholders meeting of TABcorp or Star City Entertainment even if the Everest investment is a relatively minuscule sum in their overall budgets and one which might not demand disclosure…. or if posed by an Australian Turf Club member at an AGM.
TABcorp told me its “hands are tied on this one as the agreement with the horse’s owner prevents us disclosing commercial details”.
Similarly the ATC said it “prefers to keep the commercial arrangements confidential”.
I’m not a ‘knocker’ of The Everest despite some recent scribblings which might have been interpreted thus, though I still have a punter’s reservations about how good a bet it is and massive misgivings about how Racing NSW shot itself in the foot last week via the Opera House controversy. In a misguided bid to broaden its appeal via advertising, it only managed to alienate hundreds of thousands in New South Wales.
Nonetheless, it’s a great concept which has worked chiefly because of the competitiveness of Australia’s sprinters and Saturday’s race promises to be a beauty (weather permitting).
I remain intrigued though as to who has most to lose and most to gain among the participants. Did Viddora’s owners have to stump half the $600,000 slot cost?
The mare’s owners are respecting the confidentiality of the arrangement and slot holder Damion Flower is, as the rules stand, entitled to have the deal remain private. But wouldn’t you like to know?
Flower, last week on Melbourne radio RSN, said: “Put it this way both parties are quite happy…… we’re both going in there in a situation where we both have something to lose and a lot more to gain.”
That implies that the owners of Viddora have had to part with some cash which I suspect would be a considerable risk for many of them. That is, of course, nothing more than the implication. Perhaps the deal centred on a compromise with prize money.
Before the Moir Stakes cheque (c. $300,000 less percentages and which they certainly wouldn’t have received when the deal was done) she’d won $2.1 million. Subtract $300,000 trainer and jockey percentages and probably about the same for purchase price and training fees which would leave a 5 per cent shareholder with about $75,000 – nice but not a fortune.
Not to mention the amounts spent on travel and hospitality as they’ve presumably followed their mare around the country – as she’s raced in Victoria, South Australia, Western Australian and Queensland. Plus the additional expenses which come with greater acceptance fees for major races and the cost of travelling a horse with staff.
Oh, and veterinary costs. I understand she’s been to the Ballarat Veterinary Practice at least twice for scintigraphy.
I also understand the majority of owners are ‘working people’ rather than wealthy. It’s a fair bet that many would have paid a few stakes cheques off their mortgages.
It’s a similarly fair bet to say that paying to run – or conceding part of the prize money – in The Everest is a risk. It is, of course, likely that a win would provide a significant cash bonus but finishing outside the first four would almost certainly be a loss.
So maybe Viddora’s trainer Lloyd Kennewell is confident and advised the owners it’s a risk worth taking. I hope he’s right and the $40,000 Magic Millions Adelaide purchase can entirely erase a few mortgages.
The Everest risk factors, like any other race, include veterinary soundness and the weather.
However, unlike most other races the composition of the field can change right up until 7.30am on Saturday, despite the barrier draw being announced as this column went to press last night. Viddora drew widest of the 12 runners.
The field changed as late as yesterday afternoon when the Australian Turf Club announced Osborne Bulls would replace Home Of The Brave who was withdrawn by Racing NSW Stewards on veterinary advice.
The Everest terms and conditions allow for a horse change up to scratching time. They read: “If Slot Licensee’s horse is scratched before 7.30am on the day of the Race: with a certified veterinary certificate approved by Racing NSW and confirmed by Racing NSW’s industry veterinarian, as determined by Racing NSW in its absolute discretion, then the Slot Licensee will be permitted to select one of the available emergency horses to run in the Race on the pre-established division of prize-money. If there is no emergency horse available, the Slot Licensee will receive last place prize-money”.
A replacement runner takes the gate which had been allocated to the one who is replaced.
With Osborne Bulls elevated into the field, there are five remaining emergency runners who are Clearly Innocent, Dothraki, Pierata, Spright and Jungle Edge.
Jungle Edge, remarkably, is the one I’d want if the track is a Heavy10 (which seems likely) and wouldn’t that be some story – Mick Bell, Kev Forrester and old Jungle Edge. His most recent run behind Viddora was very good (despite the 7th next to his name) and he has great right-handed heavy track form, especially at Randwick.
But how and exactly when that slot holder-owner deal is structured on Saturday morning – goodness only knows.