The ATC has total assets of $403 million and borrowings of $33 million.

Its debt to total asset ratio is 8.2%, meaning that the Sydney club only owes just over 8c for every $1 worth of assets that it owns.

The BRC has total assets of $151 million and debts of $75 million.

Its debt to total asset ratio is 50%., meaning that the club owes 50c for every $1 worth of assets it owns.

The ATC debt to cash ration is 52%.

If the Sydney club paid all its debts this morning it would still have $30 million in the banks and its assets would be untouched.

The BRC is unable to pay its debts from its cash reserves.

It has only $3.5 million cash in the bank or at hand, and even that is borrowed money from an ANZ loan secured against the childcare centre property. The club is unable to pay its debts without selling at least half of its assets, however most of these assets – such as the $37.5 million infield stables and the associated tunnels – are unlikely to attract prospective buyers, and in any event due to legislative issues could not presently be sold even if the club so desired, which no doubt it does.

The ATC has made profits of $51 million over the past 4 years, meaning that its average net earnings have been just under $13 million a year.

Its debt to average net earnings ratio is 1:2.5, meaning that it could pay all of its borrowings with its profits in just two and a half years.

The BRC has made profits of just $1.3 million over the past 4 years, meaning that its average net earnings have been just $325 000 a year.

Its debt to average net earnings ratio is 1: 231, meaning that it would take the club 231 years to pay its borrowings using its profits, and that figure does not include the compounding interest on the loan which would add at least another 100 years to the amount of time required to pay off the loans.

Are you starting to get the picture?

Can you see that what I have been telling you for months about the catastrophic financial position of the Brisbane Racing Club is true?

How the hell are we in the racing industry going to get out of this massive hole that these imbeciles running the BRC have dropped us in?

Sacking the lot of them would be a good first step.