Owner Mark Sham is conducting a survey that he has financed as a private endeavour with the sole aim of demonstrating to the National Horseracing Authority that their inaction in routing out defaulters is having a material adverse effect on the future and sustainability of the industry.
He has called on all service providers, participants and stakeholders in the racing and breeding industry to step up and make a difference.
With the assistance of an accounting professional, it is intend to collate all the information received in a financial report, which will be submitted to the NHRA.
The aim of the report is to give the racing regulator a comprehensive and detailed view of the financial position of the various categories of suppliers within the industry, as far as their debtors are concerned and the extent of the bad debt.
“You will appreciate that for the planned report to have the intended credibility and force, we need to disclose your name, against the information supplied, in the report. By providing the information to us you consent to the disclosure of your name in the report,” says Mr Sham, who added that the confidential report was solely for the NHRA’s information and would not be disclosed to the media.
Mr Sham told the Sporting Post on Monday that the initial response to the request for information had been heartening and that he enjoyed the backing and support of some major players.
The questionnaire states that while it is not foreseen that providing the information requested can have any adverse effect on the individual providing it, the organisers do not accept any liability which may flow from the provision of the report to the NHRA.
They have set out questions below, which with the individual input will provide the detailed information and data required:
- How long have you been a service provider in the South African horseracing industry?
- What is your current accounts receivable aging – from current to 90 days – as at 31 October 2019?
- How much are you owed in your accounts receivable aging – 120 days to 1 year?
- How much do you estimate you have had to write off as bad debt in the past 5 years?
Thank you for taking the time to assist us in our efforts to secure the future of South African racing.
Information provided by and terms accepted by: _______________________________(Signed)
- All responses and enquiries can be directed to email – [email protected]