Ian Bennett

Horse racing. Fasig-Tipton Co.

[Fasig-Tipton @FasigTiptonCo]

Congrats to the connections of #FasigDigital grad LAMBETH, winner of the Sycamore S. (G2)!

O: Carl R. Moore Management
T: @mjsharp75_joe
J: @jose93_ortiz
Br: @JuddmonteFarms

[Repole Stable @RepoleStable]

BREAKING NEWS 🚨

Over the past four days, I’ve purchased 1 million shares and close to a 1.5% stake in @ChurchillDowns, and I may acquire more. I’m extremely excited about the possibilities.

Churchill has tremendous assets, led by what I believe is the global crown jewel of horse racing, the @KentuckyDerby. Last year’s Derby peaked at 24.4 million viewers. To me, that’s a major proof point of how BIG this sport can become.

As the owner of Repole Stable, one of the largest, most successful and recognizable stables in the country, I see firsthand the potential of what I believe is one of the most undervalued sports nationally and globally.

Horse racing needs more education, real marketing, innovation, and evolution. It also needs stronger leadership and greater accountability from the Old Guard racing entities that, in my opinion, have held the industry back for far too long.

Nobody loves building epic businesses and brands in a disruptive way more than I do.

I believe a meaningful ownership stake in Churchill gives me the greatest opportunity to help create value for Churchill shareholders AND make a positive financial impact across all of racing.

Growing this sport means growing opportunities for everyone, owners, breeders, track operators, horseplayers, fans, and everyone whose livelihood depends on racing.

I really look forward to working with CEO Bill Carstanjen, his board, and management team to help turn that potential into both short term and long term results.

Think Big. Dream Bigger.

[Ian Bennett @ianj_bennett]

@jockeyclub The press release states how members are elected, but not stewards. How are stewards elected? Random draw?

[Ian Bennett @ianj_bennett]

@craigbrogden Who were the 2 not in the top 10 on Dec 31?

[EliteSales @EliteRaceSales]

It’s the final countdown…⏰

Hear from @jmems24 on our top prospect for the July digital sale - LIFE AND TIMES (Hip 12 @FasigTiptonCo)

Looks to be a top notch miler and should be favored in any Alw-N2X moving forward!

July digital sale closes tomorrow, 7/28

[Pat Cummings @PatCummingsNTA]

And yes, it will be expanded to other states too.

But it doesn’t just “happen.”

The majority of Amplify funding has come from individuals, not the industry. We need to change that while appreciating the generosity and vision of a few.

@AnnisefromFargo does a great job!

[Amplify Horse Racing @AmplifyRacing]

Amplify Horse Racing connects youth to opportunities in the Thoroughbred industry through education, mentorship, and career pathways so they can discover their place in the sport and help shape its future. Watch our work in action to see how Amplify is opening doors for the next generation to be involved in horse racing!

[WESTLAKE RACING STABLE @westlakeracing]

🚨 THE JOCKEY CLUB’S DATA MONOPOLY IS SLOWLY KILLING HORSE RACING 🚨

DAY 113 since The Jockey Club published its ill-advised open letter hit piece attacking Mike Repole, and while the industry burns, leadership still refuses to address one of the biggest problems suffocating growth:

THE LOCKDOWN OF RACING DATA AND VIDEO FEEDS.

Every major sport in America figured this out YEARS ago.

The NFL opened up data.
The NBA opened up data.
MLB opened up data.
The NHL opened up data.

And what happened?

EXPLOSIVE growth in:
• Sports betting
• Fantasy sports
• Streaming
• Fan engagement
• Live betting
• Analytics
• Mobile apps
• Media distribution
• Younger audiences

Meanwhile horse racing still operates like it’s 1985.

And now the sport is paying the price.

An aging fan base.
Declining visibility.
Stagnant innovation.
And leadership completely unprepared for the modern gambling economy.

The statistics are brutal:

• Sports betting is projected to grow from roughly $100 BILLION globally in 2024 to nearly $187 BILLION by 2030.

• Sports bettors are significantly MORE likely to regularly watch games and engage with live broadcasts.

• Live/in-game betting now represents MORE THAN HALF of betting handle for many sportsbooks.

• Sports streaming subscriptions exploded from 4% of U.S. internet households in 2019 to 38% today.

Why?

Because modern sports EMBRACED access.

Horse racing RESTRICTED it.

And here’s the bigger question nobody wants to answer:

WHY NOT OPEN UP THE LIVE RACING FEEDS THEMSELVES?

Why should only a select few companies control distribution?

Why shouldn’t innovators, developers, streaming platforms, startups, and independent media companies have fair access to horse racing video feeds and data?

Imagine if horse racing actually embraced modern distribution:
• Multiple streaming platforms
• Independent race coverage
• Fantasy racing apps
• Micro-betting products
• AI handicapping tools
• Interactive broadcasts
• Watch-and-bet integrations
• Mobile-first wagering
• Real-time analytics
• Younger audiences finally engaging with the sport

Instead, the same gatekeepers continue protecting outdated business models while the industry shrinks in front of everyone’s eyes.

And now with FanDuel TV walking away from full-time racing coverage…

Where is the emergency response plan?

Where is the innovation strategy?

Where is the modern distribution model?

Where is the urgency?

The data and feeds belong to HORSE RACING.

Not to a handful of entrenched organizations protecting power, control, and old revenue streams while the sport falls further behind every year.

Open the feeds.
Open the data.
Open the sport.

Or keep choking its future.

REFORM IS COMING! REPOST AND SPEAK OUT.

[LNJ Foxwoods @LNJFoxwoods]

The incredible life & times of UNITED & @MadisonScott157 continued last week w/his visit to Bryan Station High School in Lexington. He met 200 9th graders who spent a week learning about horse racing in class through the new @AmplifyRacing curriculum. He was a ⭐️ as always 💙💛✈️ truly the coolest horse around!!!

[Fasig-Tipton @FasigTiptonCo]

Lengthy bidding war for BRAZEN PERSUASION on #FasigDigital, with @Gainesway coming out on top at $200,000! Entries close April 27 for the May Digital Sale 👉 https://t.co/ZwiOPznOeB

[Dave Portnoy @stoolpresidente]

Newest member of #gogogreys. Cue all the bloodstock agents living in their mom’s basement screaming for more meatloaf right now saying I overpaid. Yeah no shit I overpaid. Every horse at these sales are overpriced and make no sense. I’m not in it to make money. I love the horses, love watching them grow up and all of it. You can’t take the money with you when you die. If I listened to Brad and Liz on when to stop bidding I’d have zero horses. This is my hobby. Grey horses and dishing tea on the beach.

[Bradley Weisbord @BradWeisbord]

Why do @Equibase and @BloodHorse have more CAPTCHAs (puzzles 🧩) than literally any sites I use? It’s harder to get through than signing up for global entry or buying government bonds. You’d think the @jockeyclub is guarding Fort Knox.

[Riley Mott @Riley_Mott]

Barstool TV??? @stoolpresidente 🙏🏻

[Aron Wellman @AronWellman7]

My first two letters to the @theTDN were written from the outside looking in. Now I’ve met with @jockeyclub reps firsthand, inspiring me to write “Strike 3,” which can be accessed at this link: https://t.co/N5iafmcZzx #BelieveBig

[WESTLAKE RACING STABLE @westlakeracing]

YOU MAY WANT TO SIT DOWN BEFORE YOU READ THIS AND BE SURE TO REPOST THIS TO MAKE A DIFFERENCE:

THE BREEDERS’ CUP $100 MILLION QUESTION.

These numbers should make the racing industry furious.

These numbers come directly from Breeders’ Cup IRS Form 990 filings.

The mission statement of Breeders’ Cup Limited says the organization exists:

“...to promote the growth of thoroughbred breeding, racing and sales through proactive leadership, innovation and service.”

Are they following their mission statement?...Let’s look at the numbers.

According to 10 years of IRS filings through Dec. 31, 2024, Breeders’ Cup Limited has built a massive investment portfolio.

Looking specifically at Part X, lines 11 and 12 (publicly traded securities and other securities), the balance sheet shows:

2015 — $42,137,446
2016 — $47,775,257
2017 — $53,976,353
2018 — $62,757,916
2019 — $66,241,942
2020 — $76,826,950
2021 — $91,680,183
2022 — $80,183,956
2023 — $88,203,537
2024 — $108,818,752
Over the past decade the Breeders’ Cup investment portfolio increased by roughly:
$66,000,000.

Now compare that to what has been distributed back to the industry through grants and similar payments.
According to those same filings (Part I, line 13) during that same period 2015-2024, the annual grant amounts in order were:
$87,512, $42,900, $42,900, $48,002, $49,599, $73,061, $48,638, $53,903, $49,020, $3,231

Yes you are reading that right $3,231 in 2024.

Total grants over the decade:
$498,766

LET THAT SINK IN.

Portfolio growth:
$42M grows to $108M

Industry grants (10 years) total:
$498,766

Now consider this:

Over the past 10 years

Executive compensation:
Approx. $23,500,000

Industry grants:
$498,766

LET THAT SINK IN.

Breeders’ Cup executives were paid roughly 47 X more than the organization distributed in grants to the industry it claims to promote.

THAT SHOWS YOU THEIR PRIORITY.

Meanwhile the industry is still struggling to properly fund aftercare and support racing jurisdictions fighting to survive, including Southern California racing.

As demonstrated in my prior posts, aftercare infrastructure alone needs at least $20 million in immediate seed funding. The Breeders’ Cup clearly has the capital.

Yesterday, Breeders’ Cup Charities also announced more than $650,000 in donations supporting organizations including the Thoroughbred Aftercare Alliance, PDJF, RTCA and the Grayson-Jockey Club Research Foundation.

Those organizations do important work.

Every dollar helps.
But the larger issue remains scale.

When compared to $66 million in portfolio growth and $23.5 million in executive compensation, the industry is still left asking a simple question:

Is this the level of reinvestment the sport actually needs?

One more point worth noting:

Breeders’ Cup 2026 tickets go on sale April 21 at noon Eastern.

Some premium seating packages are reportedly priced upwards of $2,400 per seat.

Before asking the industry to open its wallet again, owners, breeders, trainers and bettors alike...it might be time for Breeders’ Cup leadership to demonstrate how this capital is being reinvested into the sport itself.

Because the question is no longer hypothetical:

When does the money start coming back to the industry that created it?

Tomorrow we take a closer look at Breeders’ Cup Charities.

Stay tuned.

REFORM IS COMING!

REPOST AND SPEAK OUT!

@BreedersCup

[Repole Stable @RepoleStable]

I’ve been in horse racing for over 20 years.

The more my team, and now many passionate supporters of this sport, dig into the major issues that have plagued racing for decades, one name keeps popping up over and over again: Bill Lear.

William “Bill” Lear is a powerful attorney in Lexington, Kentucky and Chairman Emeritus of the law firm Stoll Keenon Ogden.

According to his own bio with The Jockey Club, his firm represents Breeders’ Cup, Keeneland, The Jockey Club, and Thoroughbred Owners and Breeders Association.

He is also:
• A steward of The Jockey Club
• A trustee of Keeneland
• And by his own admission, the principal draftsman of the Horseracing Integrity and Safety Act.

Optically… that’s a lot of influence concentrated in one place.

When I began my legal battle with The Jockey Club, the first response letters we received came directly from his firm.

Another interesting coincidence:

The current CEO of Breeders’ Cup, Drew Fleming, and the CEO of Keeneland, Shannon Arvin, both previously worked at Stoll Keenon Ogden.

So it raises a simple question.

How many candidates were interviewed for those CEO jobs???

Because in most industries, CEOs of major organizations are usually operators, people with deep experience running businesses, building revenue, sales, marketing, and growth.

Not lawyers from the same firm.

To many people looking at this from the outside, it starts to look like a very small circle running a very big sport.

Now let’s fast-forward to today.

After three years of giving HISA a chance, many owners, trainers, breeders, and tracks feel the same thing:

Costs going up.
Participation going down.
Small participants being squeezed.

And the principal architect of the legislation is still sitting inside the governance structure of the sport.

So I’ll ask the question many people in racing are already asking privately:

How does it make you feel that the principal draftsman of HISA is also a steward of The Jockey Club and trustee of Keeneland???

Another question I’m curious about.

During the 5 Stones investigation, which targeted certain trainers, I wonder:

Were any trainers connected to Jockey Club stewards ever investigated???

Transparency matters.

I’ve been in racing over 20 years and, interestingly, I’ve never met or seen Bill Lear at a racetrack. I also couldn’t find any record of him owning a horse over the past 30 years.

Yet his influence over the sport appears enormous.

You can draw your own conclusions.

But the words I hear most often from many people in the industry when Bill Lear’s name comes up are:

“Pain in the ass for the industry.”

And

“Puppet master.”

Team Horse Racing…what do you think???

[Fasig-Tipton @FasigTiptonCo]

This is who you're watching on track 🏇 #FasigGrads

[Paulick Report @paulickreport]

The New York-bred son of Mission Impazible, a two-time winner on the racetrack, is now the country’s fastest skijoring horse: https://t.co/mJ02uF2O8Y

[Ian Bennett @ianj_bennett]

@raypaulick Running a racetrack and running a database are 2 very different things.