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Home / News / Thoroughbred Times Declares Bankruptcy

Thoroughbred Times Declares Bankruptcy

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  • September 15, 2012 3:40 AM

Thoroughbred Times, a Lexington-based magazine dedicated to the horse racing industry, declared Chapter 7 bankruptcy and terminated operations Sept. 14, editor in chief Mark Simon confirmed Sept. 15.

The company is now under the control of a bankruptcy trustee who will determine the outcome of assets, including the resolution of debt to several freelance journalists and photographers.

Twenty-seven full-time employees received a FedEx letter Sept. 15 indicating the Times had been shut down and advising them of their termination. The building is locked and is currently inaccessible.

 
"I was surprised, but I wasn't surprised," said Simon. "I just feel bad for all the employees and contributors who worked so hard to put out what I feel was a good product."


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What the Nation is saying about Thoroughbred Times Declares Bankruptcy...

what happens to all of us subscribers?? No more magazine, no refunds, that's it? So sad, I've been reading TT since I was 12 years old.
I agree with edgaropena. Simon was not just editor but also president and second in command of the now-defunct Thoroughbred Times. (see page 3 of the most recent issue). I find it interesting that he was surprised. I know some people inside the Times - and it is reported that ad revenues dropped as much as 80% since the recession. Ridker acquired the magazine in 1993 which at the time was also on the verge of financial ruin. Ridker brought Simon along as they worked to rebuild the publication. Sounds like Simon had a pretty good run of almost 20 years as head of the magazine under Ridker. I don't dispute his accomplishments as an editor - he's very good - but what about his accountability as president? I think it's less than genuine to blame the mess on a handful of employees from Bowtie. I have to believe there was more to the Times downfall than that. Facts are facts and Simon's tenure at the Times included a near bankruptcy before the Ridker acquisition and now the final fate of the magazine reported in the last few days. It's sad the way the employees were given the news ... I hope they recover soon. It's also somewhat offensive to see an industry not support one of the few voices they have - and then lament its passing.
And have next to nothing to put into the track facilities. Racing has lost market share because of poor publicity and marketing. The retirement of horses in their three yr old year has been cataclysmic for racing. But then again if you look at Europe, German racing is in dire straits with almost half of their facilities due to close and the situation is worse in Italy according to the Racing Post. Horse racing is forced to make a Faustian bargain with the casinos because of short sighted policies.
Many of the racetrack casinos I have seen stateside are poorly maintained. There is a huge difference between the casino side and the racing side. Scioto downs is using their casino money to rebuild the grand stand and track areas. Tioga Downs has new facilities. Aqueduct is actually using some of the monies to spruce up the facilities. As to Canadian facilities, woodbine and Mohawk may be nice, but without the slots monies, what are they going to do? Mohawk backstretch is closed now to save monies. After reading the Interim report on the slots at the racetracks, I sincerely doubt few if any of the tracks will survive, Woodbine and Mohawk included. If you look at that report Flamboro and many of the smaller tracks use over 80 percent of their gaming revenues to support purses because handle etc. does not.
Flip side of the coin: Hastings Park in Vancouver is owned by Great Canadian Casinos and they have made it abudantly clear that they do not support racing. They have "run into the ground" thier other track near here, Flamboro Downs too. GO to that track and the barns are collapsing, paint is peeling off the walls (all the while they pour more money into the casino). Even comparing the bathrooms in the OTB and the casino , you see which ones are maintained and which ones left to stink. They did not hold up theri bargain to improve the grounds by a certain date and are in the process of being sued by the city of Vancouver al the whil they are claiming proverty, THIS is spite of a huge boost that Mario Guriterrez's run in the Triple Crown gave them a huge boost in attendance. In the summer, their share their grounds with the Pacific National Expostion (like a county fair), so what do they do? they CLOSE the race track on weekends, (THE BIGGEST draw of the week) so they can sell parking space in the infield. They have an incompetent 30 year old general manager who is fond of telling anyone who will listen that the answer to attendance is to "GET RID OF ALL THE OLD PEOPLE!" A real true schmuck. That place has three to four years tops as purses keep getting reduce and dates cancelled. Just like the books title says, they are HEADLWSS HORSEMEN.
Wiat a minute. Woodbine is a NON profit company. Ever seen the grounds? Yo could eat off the sidewalks there. The barns are in great shape, two new ones in the last 15 years, top class restaurants, one of the best turf courses anywhere, THE ONLY staff I have ever heard of that tries (CONSTANTLY I MIGHT ADD as I gave a seminar over the summer on pace handicapping that was well received with 100 guests) to inform the bettor and has one night a week where they give vouchers to 10 fans and then, on camera, follow their fotrunes duing the course of the card. Maybe other palces blew it, but it certainly was NOT that way in Toronto.
Scary, we may have the casino coming to East Boston but I think without it our sport is doomed here anyway. Unless something changes soon.
The problem with horse racing is they do not use the racino money wisely. They do not invest in keeping up or improving the facility or in advertising and marketing or improving food choices etc. you don't get people in if the facility looks like a dump
the racino is just like selling your soul to the devil. THEY beg to come on board and after a few years want racing kicked out of their own venue!
American job insecurity. What else is new? Simon said: "'I was surprised, but not surprised.'" Well, I understand his point, but his choice of words to describe it is a bit idiotic.
anothre nail in the coffin from the RACINO carcinoma
I feel awful for my friends that work at Thoroughbred Times.
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