Guild Owes Jockeys $440K
Every bit of news that comes out about the state of the Jockeys’ Guild post-Wayne Gertmenian points to an organization in a deepening crisis. This week, Liz Mullen of Sports Business Journal reports that the Guild owes jockeys $440,000 because its former management used members’ savings accounts to fund operating expenses. Guild attorney Barry Broad, who has accused Gertmenian of leaving the Guild in “financial shambles,” said only $200,000 remains in the organization’s operating account as of last week, which means the Guild is in the red $240,000 just in money owed to riders. (Never mind the unpaid office rent and health insurance premiums or Gary Birzer’s lawsuit.) “The problem now is if everybody wanted their money back at once, the Guild would probably be bankrupt,” said Broad. [Thanks to Robert Colton for the pointer to Mullen’s article.]
