Thursday, Jan.21

On Wednesday, Jan. 20 the IHHA and Maywood/Balmoral Park reached an agreement for a 2010 contract. Here are some facts which led to the agreement:

We finished last year with a $2.3 million deficit in the purse account, meaning the tracks overpaid purses by that much. After the first three weeks of this year, we anticipate returning to racing with a deficit of $1.5 million. In other words, between the outs money and the purse money generated from simulcasting, we earned approximately $800,000 for the purse account. That leaves a deficit of about $1.5 million when we start back racing on January 27th. The tracks have told us that in an effort to further reduce the debt or at least keep the debt from growing they have decided to cut purses.

There will be added nine horse fields at Maywood Park. This will allow more horses to get in per week as well as generate better handles on those nights. The tracks contribution for each nine horse field will be $100 per race.

There will be no more assignment of the rail at any time.

Horsemen have cut their purse contributions on open stake races by 50%, in yet another attempt to save purse money.

In regards to recapture the tracks will defer 70% of the amount they are owed. Meaning, only 30% of the recapture owed in 2010 will be taken out of the purse account.

No one is happy about this agreement. But, the sad fact remains because of people changing to computer betting, reduced wagering from within Illinois, and an overall decrease in handle (26% in '09) our purse account is hemorrhaging money. Simply put, we didn't come close to generating what we paid out in '09. As a result, we are ridden with debt and our lender has chosen to try and get some of the loan back. If the boat money is not released soon, 2010 will be a very long and financially unrewarding year in Chicago harness racing.