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Saturday, January 21, 2012

$5 Million to Go

Note: When originially written the mentioned press release led me to believe this investment was in addition to the $75 milllion already collected.  It now seems the Clairvest investment was part of the $75 million.  I still think getting the $25 million remaining is academic.

Jeff Gural estimated that it would cost $100 million to build the new grandstand for the Meadowlands.  Having $75 million lined up, the doubters (which harness racing seems to have a lot of) figured in this economy, he would have a hard time getting the remaining $25 million to get the project underway.

Well, the magic number is now $5 million as Gural got an investor who bought in to the project for $20 million.  Clairvest, a Canadian private equity management firm committed this much to the project.  Actually, Clairvest is investing $4 million while the balance of its investment is coming from funds it invests for investors.

Only $5 million remains to be raised.  Do the doubters still think Gural will never get the $100 million he needs?  When will people learn not to bet against this man?  Maybe it is because this is an industry which tends to go round and round and accomplish nothing.  Gural has no time for this.  He has a goal and he gets there; no time for saying you can't.

Well the Northeast is finally getting its first snowfall, if you don't include the October 29 nor'easter which dropped about 8" in this area.  For those who don't think there will be racing this evening, the Meadowlands is still hoping to race.  With the snow expected to start tapering off after noon and wrap up around 4pm, there is still a good chance racing will be occurring there.  Yonkers Raceway has already cancelled..  However, for those who are concerned, it is time to handicap Northfield Park, they close as frequently as the New York Mets win the world series.  Actually, I wish it wouldn't stop snowing that quick; nothing nicer than seeing a trotter racing in the snow (the drivers will probably have a different idea).  If you prefer warmer environs, Pompano Park and Cal Expo will be certainly be racing tonight.

Being it is a snowy day here, those of you who are going through cabin fever and missed it the first time, PTP had a great blog entry about lobbying politicians.  Granted he aimed high, but the point has been made.  It is time for racing to use some of that slot revenue to lobby for horse racing.  If you don't read PTP regularly, you really should.  While I tend to focus on the standardbreds, PTP tends to cover harness and throughbred racing from the business side.  He should be on your must read list.


Anonymous said...

Please show that your comments are based in fact. Are you certain this money was not already included in Gural's prior estimate?
Even the way it is explained in the release suggests that to be the case. Is it possible the money from other investors might already be included?
Not certain myself, since there was no accompanying Gural quote in release.

Pacingguy said...

Anon, based on an article this morning, you may be right. It would seem this company is part of the $75 million already raised.

Just the same, I have no doubt he will get the rest of the money.