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21.
Ferguson responds to criticism of the BOBS scheme
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17/7/2003 |
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NSW
Thoroughbred Racing Board General Manager - Corporate Affairs, Stephen Ferguson,
in response to the criticism of the current BOBS Scheme by Arrowfield Stud’s
Byron Rogers, believes Arrowfield is depriving its clients of $5000,00 by not
nominating Arrowfield stallions to the scheme. Snippets and Flying Spur were
both nominated recently by interests not connected with the stud.
Commenting on the issues raised by Rogers of the scheme in its present format
and the changes he (Rogers) would like to see made, Ferguson described it as
“a very constructive document”. “However for the 06 scheme at present, it
is arguable that Arrowfield and others are not prepared to put their client's
interests ahead of their own. That is Arrowfield’s and the others
prerogative”, Ferguson added.
“On your sums, Arrowfield is prepared to deprive its clients of approx net
$500,000 in BOBS bonuses at a net cost to Arrowfield of $71,250 (before tax
deductions which may further reduce the net cost). That figure of $71,250 seems
even smaller when compared to gross stallion revenues of perhaps $15,000,000
(less than a half of one percent).
So forgetting any arguments about whether the scheme is fair (as perceived by
you or Arrowfield), the fact is Arrowfield has the choice to better its client's
interests by about net $500,000, and it has chosen not to do so.
It is up to Arrowfield’s clients to determine what they think of that. By the
way, don't forget that nominations close on 1 August for rising 2YO and 3YO's; I
think you have a few Flying Spur’s and Snippets' that are now eligible!
One more thing; please don't forget that Aushorse and TBNSW share in any
sponsorship revenues. If we can work out a way to all work together, that will
hopefully generate a good deal of revenue to help Aushorse in its marketing
ventures”.
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