ATTN...BREEDERS' CUP AND THE JOCKEY CLUB: IT'S TIME TO STEP UP FOR CALIFORNIA RACING I've decided now is the time to start pushing this issue. California still has the Del Mar summer meet one of the best racing products in America. But when the Del Mar summer meet ends, it gets tougher and tougher the rest of the year for California racing. That's why waiting until there's a full-blown crisis is unacceptable. If California racing collapses, this isn't going to be a California problem. The national Thoroughbred industry takes the hit. California still represents roughly 1,700 races and more than $125 million in annual purse money. But the real danger is the chain reaction: Fewer races, less wagering, fewer owners, fewer horses purchased, weaker sales, fewer mares bred, smaller foal crops, fewer horses nationally...and then the cycle repeats itself. That's why I believe the eventual national fallout in certain interconnected segments could approach 30–40%. I'm not saying national handle falls 40%. I'm saying once you compound lost owners, breeding demand, sales participation, wagering liquidity and horse inventory, the secondary damage can become dramatically larger than California's raw share of national racing. OWNERS ARE THE DOMINO If California racing disappears, California owners don't all relocate to Kentucky or New York. Some simply leave the sport. That means horses are not purchased at Keeneland, Fasig-Tipton and OBS. Training bills not paid. Fewer veterinary, farrier and transportation dollars. Fewer stallion seasons. Fewer mares bred. Fewer foals. Fewer starters. Contraction feeds contraction. SO WHERE ARE THE @BreedersCup AND THE @jockeyclub ? At the recent Jockey Club conference, with American racing confronting a shrinking foal crop and California facing an existential crisis, stabilizing California racing wasn't even whispered. California is the largest state economy in America, accounting for roughly 14% of U.S. GDP. Yet stabilizing California racing... ONCE AGAIN wasn’t even whispered at a Jockey Club conference. That should concern everyone. We're talking about the future of American Thoroughbred racing while seemingly ignoring the possible collapse of one of its major jurisdictions. Meanwhile, major industry organizations like Breeders Cup and The Jockey Club have accumulated massive financial resources. It's time to put some of that money to work. Not a blank check. Create California foal incentive grants. A pipeline of 150–200 foals per year can be bred and born in California with meaningful incentive grants. Fund owner recruitment and retention. Create purchase incentives to bring selected horses into California, with bonuses for owners who buy at recognized sales and commit those horses to the California circuit. Then create participation incentives designed to get those horses into the starting gate and rebuild field size which can lead to more racing days. Put serious money behind Southern California marketing, digital distribution and customer acquisition for California racing. Tie the money to measurable results, owners recruited, mares bred, foals produced, field size, wagering and attendance. Fund what works. Stop what doesn't. The Breeders' Cup should understand the stakes better than anyone. California has repeatedly provided the Breeders’ Cup with Santa Anita and Del Mar, two of the greatest stages in international racing. In fact, California has hosted the Breeders’ Cup 10 of the past 15 years. The Breeders’ Cup has relied heavily on California. Now California needs the Breeders’ Cup to step up. California has been there for the Breeders' Cup. Now the Breeders' Cup needs to be there for California. And The Jockey Club cannot spend years warning about America's declining foal crop while watching a major breeding jurisdiction contract. Kentucky should care. Keeneland, Fasig-Tipton and OBS should care. But The Breeders' Cup and The Jockey Club need to lead on this. California owners buy Kentucky breds. California trainers buy at national sales. California bettors contribute to national pools. California horses fill national stakes races. If California collapses, that money doesn't magically move east. Some transfers. Some disappears forever. And once those dominoes start falling, certain segments of the national racing economy could face 30–40% fallout. If protecting the industry's balance sheet becomes more important than protecting the industry itself, what exactly is the money for? The industry has the resources. And let's be clear: These are not organizations without resources. Based on their latest publicly available tax filings, Breeders’ Cup Limited reported roughly $120 million in investment accounts (and increasing), while The Jockey Club reported roughly $40 million. Combined, that's more than $160 million in investments. Nobody is suggesting they drain reserves. But if organizations with that kind of liquid investment accounts can't deploy a percentage of it to stabilize one of American racing's most important jurisdictions, what exactly are those reserves being protected for. Now is the time to use it. The Breeders' Cup and The Jockey Club have the ability to lead. Saving California racing isn't charity. It's protecting the national Thoroughbred economy before we discover what losing California actually costs. REFORM IS COMING! Repost and speak out. @FasigTiptonCo @keenelandsales @keeneland @OBSSales