Mike Repole v The Jockey Club, Heavyweight Bout or Lightweight Mud Slinging
Facts Matter
It is often said there are three sides to every story, yours, mine and the truth. Often, the truth does lie somewhere in the middle. Today, I’d argue there are four sides to a story, some of you will know the fourth, some won’t. The fourth is the spin, the narrative, the one “they” want you to believe.
To be fair, I probably did not put as much time and resources into this article as I should or could have but in the end I don’t believe it matters. I’m comfortable with my Fact Check.
In the latest round of what has become a heavyweight slugfest for the soul of Thoroughbred racing, The Jockey Club (TJC) Board of Stewards finally swung back. In an open letter titled “Reckless Accusations,” the industry’s “high-walled” registry attempted to dismantle the scorched-earth campaign led by Mike Repole.
Repole, the self-appointed “Commissioner” and owner of Repole Stable, has spent months lobbing grenades at 822 Fifth Avenue, accusing them of everything from financial hoarding to terminal mismanagement. TJC’s response was a rare, line-by-line rebuttal. But does the “Reality” they presented hold up under the cold light of their own 2024 tax returns?
We went into the trenches, pulled the IRS Form 990s, and cross-referenced the claims. Here is the Past the Wire Truth-o-Meter on the battle for the sport.
1. The Conflict of Interest Clash
The Jockey Club Claim: The Board is comprised of volunteers who act in good faith and comply with NY Not-for-Profit laws. The Repole Charge: The Stewards are “self-dealing” for personal financial benefit.
The Factual Truth: Looking at the 2024 Form 990, TJC is technically correct: the Stewards do not draw a salary. However, “self-dealing” is a legal term, while “conflict of interest” is a perception issue. The Board is a Who’s Who of the industry elite—men who own the farms, the stallions, and the stables that the Jockey Club regulates.
- The Verdict: While no laws are being broken, the optics remain problematic. It is an “old boys’ club” regulating an industry where they are the primary stakeholders.
2. The $100 Million Question: Cash Reserves
The Jockey Club Claim: Over 15 years, they’ve pumped $112 million back into the sport. The Repole Charge: TJC is a “bank” for the elite, sitting on massive reserves while the sport’s foundation crumbles.
The Factual Truth: The 2024 ProPublica data shows TJC sitting on net assets exceeding $100 million. While they do spend (approximately $7M committed for 2026), a significant portion of that “reinvestment” goes into TJC-branded initiatives.
- The Verdict: Repole has a point. For a non-profit dedicated to the “betterment of the breed,” TJC maintains a balance sheet that looks more like a private equity firm than a struggling industry’s life raft.
3. Aftercare: Duty or Distraction?
The Jockey Club Claim: They are the largest funder of aftercare, giving $23 million over 15 years. The Repole Charge: “Nothing has changed” and the current funding model is a failure.
The Factual Truth: The Jockey Club is indeed a founding member and major funder of the Thoroughbred Aftercare Alliance (TAA). Their $2.5 million contribution this year is vital. However, in an industry that handles $12 billion in annual wagering, $2.5 million is a rounding error.
- The Verdict: TJC is doing the most, but the “most” isn’t enough. Repole’s demand for a mandatory, systemic overhaul of funding finds more traction with the public than TJC’s “stay the course” defense.
4. The Data Paywall (Equibase)
The Jockey Club Claim: Collecting data isn’t free. Other sports monetize their data too. The Repole Charge: Racing data (past performances) should be free to attract new fans.
The Factual Truth: Equibase—a joint venture between TJC and the TRA—is the gatekeeper. While the NFL and MLB monetize betting data, they provide basic stats for free to drive engagement. Horse racing is one of the only sports where a fan has to pay $10 just to see a “box score” (the Program/PPs).
- The Verdict: TJC’s rebuttal ignores the barrier to entry. They are protecting a revenue stream at the expense of fan acquisition.
5. The Death Spiral: The Foal Crop
The Jockey Club Claim: The decline from 50,000 to 20,000 foals is due to the 1986 Tax Act and economic cycles. The Repole Charge: TJC “gutted” the supply through mismanagement.
The Factual Truth: The 1986 Tax Reform Act was a nuke to the breeding industry, but that was 40 years ago. Since then, other sports have evolved; racing has contracted.
- The Verdict: TJC is using history as a shield. While they didn’t start the fire, critics argue their “140-mare cap” and lack of innovative marketing failed to put it out. Decline is decline, numbers don’t lie and we all know who is on watch.
6. HISA: The One Solid Punch
The Jockey Club Claim: Safety is demonstrably better under HISA (0.9 fatalities per 1,000 vs. 1.76 at non-HISA tracks). The Repole Charge: HISA hasn’t improved safety.
The Factual Truth: The numbers don’t lie here. The Equine Injury Database (EID) confirms that HISA-regulated tracks are seeing a significant drop in catastrophic injuries.
- The Verdict: Score one for the Jockey Club. Repole’s legal team claiming HISA has done “nothing” is statistically incorrect. On the issue of safety, TJC is standing on solid ground. On everything else, well that is another story.
My Take
The Jockey Club’s response was technically accurate—but it felt like a corporate earnings report in the middle of a street fight. Repole is winning the “vibe war” because he speaks for the frustrated fan and owner, while TJC’s defense relies on “the way we’ve always done it.” They need to realize “things change” as much as they stay the same. More importantly, “times change.” The other day prior the the Fact Check I gave my recommendations, as the “new” bodies on The Jockey Club want their chance, albeit after the horse has left the barn, no pun intended. I thought I gave them and also Repole what they wanted. Thus far, just more talk from both sides.
TJC’s 2024 tax return proves they have the money. The question is: do they have the vision to use it before the foal crop hits zero and the game is gone?
