🏆 BREEDERS’ CUP: THE BEST DAY OF THE YEAR IS STILL TO COME!🏆 The @BreedersCup does a tremendous job hosting the second and third best days of the year for racing fans. But the BEST day should be coming soon, when their 2025 IRS Form 990 is made public! I can’t wait to see how much their $100 million plus investment portfolio earned in 2025 and, more importantly, what percentage of those gains they actually reinvested back into the horse racing industry. THAT’S THE NUMBER I WANT TO SEE! I CAN’T WAIT.

🚨 CHURCHILL DOWNS BROKE THE SILENCE. NOW WE FIND OUT WHO’S PROTECTING RACING’S 99% AND WHO’S PROTECTING HISA.🚨 Churchill Downs, home of the Kentucky Derby, has formally called on the @FTC for an independent review of HISA’s governance, information security, disclosure practices and integrity concerns. GOOD. We recently sent two letters of our own to the FTC, shared them on X and with select members of Congress. Now Churchill Downs is demanding what this industry deserves: HISA CANNOT BE ALLOWED TO INVESTIGATE HISA. So where is everyone else? NYRA? Del Mar? 1/ST Racing? Keeneland? Every other racetrack in America? This is YOUR industry too. I know some of you on this list will step up, but it needs to be all of you. SPEAK UP. And where are the organizations supposedly representing the industry? NTRA? The Jockey Club? Breeders’ Cup? They should be standing with the 99% of this industry demanding transparency and accountability. But there’s an elephant in the room: CONFLICTS OF INTEREST. NTRA and Breeders’ Cup have had financial relationships with HISA, including loans. And The Jockey Club? They aggressively pushed for HISA and FORGAVE A $1.85 MILLION LOAN TO HISA. At this point, THE JOCKEY CLUB and HISA might as well be SPOONING. 🥄🥄 How can organizations financially and institutionally intertwined with HISA be expected to lead the charge demanding accountability from HISA? IF THAT ISN’T A CONFLICT WORTH TALKING ABOUT, WHAT IS? Churchill Downs stepped forward. @RepoleStable stepped forward. The 99% stepped forward. Now it’s time for the rest of the industry to decide where it stands. STAND WITH THE PEOPLE WHO FUND THIS INDUSTRY AND DEMAND AN INDEPENDENT REVIEW, OR EXPLAIN WHY YOU WON’T. THE SILENCE IS BECOMING AN ANSWER. @jockeyclub @BreedersCup @NTRA @hisa_us @LisaLazarusCEO @1st_racing @keeneland @ChurchillDowns @AFergusonFTC @TheNYRA @DelMarRacing @TampaBayDownsFL @HSIndyRacing

🚨 OH MY! THE JOCKEY CLUB NEEDS TO COME CLEAN ABOUT UKRAINE. NOW. The Jockey Club wants everyone to know its systems weren’t breached in the Marshall Gramm scandal. That’s not good enough. The Jockey Club acknowledged a “HISA API integration.” Its InCompass/Equibase ecosystem supplies critical racing and veterinary data into HISA. Now listen to Ukrainian engineer Anton Aleksandrovych describe his HISA work through KoderShop: “One of my key tasks was developing the architecture of the central Runners Data dataset. This is the foundation of the entire system…” He says it aggregates race results, veterinary restrictions and horse activity and: “Today we process more than 3 MILLION RECORDS, which are regularly synchronized, updated and supplemented.” STOP RIGHT THERE. The Jockey Club/InCompass → HISA → KoderShop Ukraine → MILLIONS OF RECORDS. So don’t just tell us Marshall Gramm didn’t breach The Jockey Club. TELL US WHERE OUR DATA WENT. How much Jockey Club/InCompass/Equibase derived data was accessible to KoderShop personnel in Ukraine? Did that include confidential veterinary data? Could Ukrainian personnel access live production data? IMPORTANT…Did it include ANY personally identifiable information? Where was it physically stored? And let’s not forget…INCOMPASS STORES A LOT OF OUR PERSONAL AND BANKING DATA and we need to know answers about that. And no half truths @jockeyclub . The Marshall Gramm scandal proved HISA’s controls could fail. The Jockey Club is deeply intertwined with this data ecosystem. It doesn’t get to point at HISA and walk away. COME CLEAN. Exactly how much of the industry’s data was accessible from Ukraine and WHO authorized it? @hisa_us @LisaLazarusCEO

🚨🚨🚨 BREAKING: HISA’S CYBERSECURITY BLACK BOX IS BEING BLOWN WIDE OPEN AND WHAT WE’RE LEARNING IS STUNNING. 🚨🚨🚨 KODERSHOP. The name was briefly mentioned in Robin Howlett's excellent reporting on HISA's data issues. But when you start digging into Kodershop itself, the scope of its relationship with HISA raises some enormous questions. And when have you heard Lisa Lazarus publicly explain any of this? T-Soft Consulting, the Canadian technology vendor appearing on HISA's IRS Form 990, does business as KODERSHOP. A verified review attributed to HISA CTO Steve Keech describes Kodershop's work for HISA as including: • Data security • AWS cloud infrastructure • System integration • Testing & maintenance • Ongoing technical support • HISA's web based end user portal This wasn't some minor IT vendor. Kodershop/T-Soft appears to have been deeply involved in HISA's technology infrastructure, INCLUDING DATA SECURITY. And where does Kodershop say it has offices? Toronto, Canada Beaverton, Oregon Lviv, Ukraine Canada. Oregon. Ukraine. OH MY!!!!!!! That doesn't establish where HISA's data was stored or who accessed it. BUT THAT IS EXACTLY WHY HISA NEEDS TO TELL US. Where was our data stored? Who could access it? From what countries? What security controls governed remote access? Why hasn't Lisa Lazarus publicly explained Kodershop's role to the industry? Why does HISA's IRS Form 990 identify T-Soft Consulting while its technology partner publicly operates as Kodershop? Now have a seat before you read this..... On March 12, 2024, Kodershop published an article describing a FIVE-DAY HISA/KODERSHOP MEETING IN TORONTO held a few weeks earlier. Participants came from Canada, Europe and the United States to discuss software architecture, business processes and product improvement. They even visited WOODBINE RACETRACK, on our dollar, and went on excursions. Woodbine isn't governed by HISA. Why were they there? Who attended? Who paid? 🚨 IF DATA SECURITY WAS PART OF KODERSHOP'S JOB, WHAT THE HELL HAPPENED? 🚨 The industry was forced to trust HISA with its information. HISA apparently trusted Kodershop/T-Soft with major pieces of its technology and data security. And now we're asking how HISA's information could be exploited. Lisa Lazarus, enough silence. WHO WAS RESPONSIBLE FOR SECURING THE SYSTEM? AND HOW THE HELL DID THEY FAIL? HISA demands accountability from everyone else. OR SHOULD WE CALL THE KODERSHOP OFFICE IN UKRAINE FOR THE ANSWERS. @hisa_us @LisaLazarusCEO @jockeyclub @BreedersCup

All racetracks are skipping from the 4th race straight to the 6th race so as not to disrespect Jayden Daniels.

5 Nights at Freddy’s has been threatened with legal action by Jayden Daniels for misappropriating the use of his Jersey number 5.

The Jackson 5 have been threatened with legal action for appropriating Jaylen Daniel’s jersey number. The Dave Clark 5 is facing similar problems.

Jayden Daniels has ordered the 5th Circuit Court of Appeals to use a number other than 5 or face legal consequence.

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

🚨THE JOCKEY CLUB ROUND TABLE: I WATCHED IT. I READ THE TRANSCRIPTS. NOW LET’S TALK ABOUT IT.🚨 Over the next four days, Wednesday through Saturday, I’m going to break down the 2026 Jockey Club Round Table. Not sound bites. Not somebody else’s interpretation. What was said. What was encouraging. What wasn’t said. And most importantly, what happens next? Let me start with something that may surprise some people: There was progress. Charlotte Clement, The Jockey Club’s new Chief Strategy and Transformation Officer acknowledged some uncomfortable realities facing American racing, declining handle, ownership, and field size, and acknowledged that the industry has not yet reversed those trends. Even more importantly, The Jockey Club said: “We heard your feedback about access to data.” GOOD. They discussed moving toward much easier, eventually self-service, access to industry data and publicly reporting important industry metrics and the results of Jockey Club initiatives. That’s a meaningful step in the right direction. The Round Table also acknowledged something else we’ve been talking about repeatedly: Racing has a distribution problem. Everett Dobson said: “Our content must be available wherever the fan chooses to consume sports.” Exactly. YouTube. Streaming. Social media. Podcasts. Creators. Stop making people search for horse racing. PUT HORSE RACING WHERE THE PEOPLE ARE. Joe Appelbaum also presented numbers that should concern everyone in this industry. Ownership has declined dramatically over the past 20 years, and far too many new owners disappear from racing within only a few years. That means we don’t simply have a recruiting problem. We have a retention problem. And that requires asking some uncomfortable questions about the owner experience itself. Perhaps most interestingly, Appelbaum questioned racing’s fragmented decision making structure and called for a more sustainable industry wide structure, even pointing to the centralized models used by NASCAR and Formula 1. Now we’re getting somewhere. For months I’ve argued that American racing desperately needs national coordination and leadership rather than dozens of organizations pulling in different directions. So when The Jockey Club moves in the right direction, I’ll say it. GOOD. KEEP GOING. But here’s where my four day series is headed. Because while there were encouraging words at the Round Table, there were also some very large elephants that never seemed to make it into the room. @hisa_us and its escalating costs. Aftercare and how we permanently fund it. The @jockeyclub ‘s money. The @BreedersCup ‘s money. California racing. National leadership. Opening racing’s data and racing feeds. And the difference between talking about reform and actually implementing it. We’ll get to all of it. A LOOK AHEAD THURSDAY DAY 2: OWNERSHIP, LEADERSHIP & THE FUTURE OF THE SPORT The ownership numbers should scare this industry. And buried inside that discussion may have been one of the most important statements made at the entire Round Table about how American racing is governed. Four days. No free passes. Give credit where it’s deserved. Ask the hard questions where they’re required. PROGRESS deserves recognition. INACTION deserves exposure. And PROMISES now need to become results. The industry is listening. The industry is watching. REFORM IS COMING. Repost and speak out.

The dreaded “house silks” indeed. Something you all may not know… To be clear, I have no idea whether the owner’s silks were lost, unavailable, or didn’t conform to NYRA/The Jockey Club rules. But IF they or anyone else’s didn’t conform, and were forced to have their jockey wear the house silks, then the rule is a joke and needs to change. For those who don’t know, owners at NYRA tracks can’t simply design the silks they want. There are rules governing the number of colors, where colors and designs can appear, including restrictions such as four colors and how multiple colors can be used on the same side of the silks. Seriously? It’s 2026. Owners are spending hundreds of thousands sometimes millions, buying, training and racing horses, and @TheNYRA and @jockeyclub are still telling them how they’re allowed to design their own racing silks? Enough with the horse and buggy rules. Unless there is a legitimate safety or wagering integrity issue, LET OWNERS BE OWNERS. Let them design their silks and build their own identity. This industry desperately needs owners. Stop ordering them around over things that simply don’t matter. And @jockeyclub has FAR more important things to be doing than regulating what an owner’s silks can look like at @TheNYRA . END THIS RULE IMMEDIATELY @NYSGamingComm . Reform is coming! Repost and speak out.

🚨$140 MILLION. MILLIONS OF VIEWS. AND TOTAL SILENCE FROM THE BREEDERS’ CUP.🚨 For months, millions of people have read or viewed posts raising serious questions about the Breeders’ Cup and its failure to meaningfully support the U.S. Thoroughbred racing industry. And what has the Breeders’ Cup said? Nothing. They reportedly sit on approximately $140 MILLION in investments while an industry that helped create their wealth struggles with shrinking foal crops, racetrack closures, aftercare needs, declining participation and an uncertain future. Where is the plan? What is the $140 million for? How much of it will be reinvested into American racing? How much will go toward aftercare? How much will go toward rebuilding ownership, improving wagering, expanding distribution, supporting racetracks and actually growing the sport? Nobody knows, because the Breeders’ Cup apparently doesn’t believe the racing public deserves an answer. That silence has gone from disappointing to INSULTING. The Breeders’ Cup was created to serve and promote Thoroughbred racing. It was not created to become a $140 million investment portfolio that happens to put on two days of racing every November. This industry deserves transparency. It deserves a plan. And it deserves leadership willing to explain why an organization sitting on roughly $140 million apparently believes accumulating money is more important than investing aggressively in the industry that created it. $140 MILLION IS NOT A TROPHY. It is an obligation. The racing community should demand one simple answer from the Breeders’ Cup: WHAT ARE YOU GOING TO DO WITH OUR MONEY? Because at this point, their silence is becoming their answer. REFORM IS COMING! Repost and speak out. @BreedersCup

THE HISA FILES PART I: THE $5.3 MILLION QUESTION Yesterday I broke down HISA’s proposed 2027 gross budget of $74.03 million. Today, let’s discuss something you won’t find in HISA’s press release. According to HISA’s most recent 2025 audited financial statements, HISA ended the year owing: • $3.3 million to Breeders’ Cup • $500,000 to the NTRA • $250,000 on an additional NTRA line of credit That’s $4.05 million in loan principal. Add approximately $1.25 million in accrued interest, and HISA had more than $5.3 million in debt and accrued interest. Now here’s what should concern every owner, trainer, breeder and bettor… The 2025 cash flow statement shows no principal payments on notes payable during the year. Instead, another $1 million Breeders’ Cup line of credit was converted into a term note, increasing the amount owed to Breeders’ Cup. Now fast forward. HISA is asking the industry to fund a proposed $74.03 million gross budget for 2027. In the 2027 budget, I can find interest expense of $312,601, but I don’t see a clearly identified principal repayment. So here’s the question… How does a $74 million bureaucracy still owe millions of dollars? Has the debt already been repaid? Will it be extended? Refinanced? Forgiven? (Like The Jockey Club forgave it’s $1.85 million loan to HISA) The horse racing industry deserves answers. Because transparency isn’t publishing a glossy budget. It’s explaining where the money goes, and how the borrowed money gets paid back. Tomorrow in The HISA Files… The August 15 deadline every person in horse racing should be watching. REFORM IS COMING! Repost and speak out. @hisa_us @LisaLazarusCEO @jockeyclub @BreedersCup @NTRA @FTC

The $130 Million Question the Breeders' Cup Board Must Answer The Breeders' Cup has accumulated approximately $130 million in cash and investments. It's July. Why has the industry heard virtually nothing this year about a bold plan to put those resources to work? The sport is facing declining participation, an aging customer base, shrinking foal crops, track closures, and serious questions about long-term sustainability. Yet one of racing's wealthiest organizations has been largely silent. The Breeders' Cup's mission isn't to maximize the size of its investment portfolio. Its mission is to promote the growth of Thoroughbred breeding, racing and sales through proactive leadership, innovation and service. So where is the leadership? Where is the innovation? Where is the urgency? Why isn't there: • A major initiative to attract younger fans? • A transformational investment in marketing? • A fully funded aftercare plan? • A national strategy to grow owners and breeders? • Emergency funding for racing jurisdictions in crisis? • A public roadmap showing how these assets will strengthen the industry? Money sitting on a balance sheet doesn't save horse racing. Leadership does. The industry deserves more than another spectacular two-day event. It deserves 365 days a year of leadership from one of its wealthiest organizations. Breeders' Cup: It's time to tell the industry what your $130 million is going to do for the future of Thoroughbred racing. @BreedersCup @banke_barbara @Gainesway @woodfordracing @spendthriftfarm @claibornefarm @AshviewFarm @TomRyanKY @WinStarFarm

ATTN. HORSE RACING INDUSTRY: BREAKING NEWS….HORSE RACING SAFETY SHOULD NOT REQUIRE CONSTITUTIONAL EXCEPTIONS. Let me be clear: I am 100% in favor of horse racing safety. Every owner, trainer, jockey, breeder, and fan should want the safest possible sport for our horses and participants. But the Fifth Circuit Court of Appeals just ruled that HISA’s enforcement structure VIOLATES THE CONSTITUTION. Let that sink in. Five years after its creation, we’re still debating whether the organization itself is constitutional. How many millions have been spent on lawyers, litigation, consultants, appeals, and compliance? How many millions more will be spent? And while all of this is happening, HISA continues to carry millions in outstanding conflict of interest loans from industry organizations. Horsemen pay. Owners pay. The industry pays. Five years. Millions spent. Outstanding conflict of interest loans. No due process. Multiple constitutional challenges. At what point do we stop defending the system and start questioning whether the system is working? REFORM IS COMING! Repost and speak out. thoroughbreddailynews.com/fi… @hisa_us @jockeyclub @BreedersCup

A logo. Merchandise. Hospitality offerings. Ticket sales. Fan amenities. Another press release. Meanwhile, the @BreedersCup mission states that it exists to promote the growth of Thoroughbred breeding, racing and sales through proactive leadership, innovation and service. Fair questions: Where is the press release announcing the plan to grow ownership? Where is the plan to grow fan participation? Where is the plan to increase foal crops? Where is the plan to modernize industry technology? Where is the plan to address the long-term sustainability of the sport? The 2024 tax filing shows approximately $120 million in investments. The 2027 logo is unveiled. The merchandise is available. The tickets are coming. The hospitality is expanding. And at the end of the release we’re told the event will be broadcast on FanDuel TV. The same network that is abandoning us!!!! WHY? If the industry has spent the last year debating racing’s shrinking television footprint and distribution challenges, where is the strategy to expand racing’s reach beyond the same audience? Where is the proactive leadership? Where is the innovation? Where is the growth plan? The Breeders’ Cup mission doesn’t say accumulate assets, unveil logos, and sell merchandise. It says promote the growth of Thoroughbred breeding, racing and sales. The mission statement promises leadership. The industry is still waiting to see it.

DID YOU KNOW? HORSE RACING’S BIGGEST HOARDERS LIKELY JUST MADE ANOTHER $17.3 MILLION. Did you know? If the Breeders’ Cup’s approximately $120 million investment portfolio and The Jockey Club’s approximately $42 million investment portfolio simply tracked the S&P 500’s roughly 10.7% gain in 2026, they would have generated: Breeders’ Cup: approximately $12.8 million in investment gains The Jockey Club: approximately $4.5 million in investment gains Combined: approximately $17.3 million in gains in just the first five months of 2026. Read that again. $17.3 million. While the industry struggles with aftercare funding, declining foal crops, shrinking field sizes, fan engagement challenges, California racing uncertainty, closed data systems, and a lack of meaningful growth initiatives, the industry’s wealthiest organizations continue to grow their investment accounts. Imagine what $17.3 million could be doing right now: • Funding meaningful aftercare solutions • Supporting owners and breeders facing rising costs • Investing in California racing stabilization • Opening racing data and APIs to innovators • Launching a national fan recruitment campaign • Developing the next generation of racing fans • Creating a permanent industry growth fund Instead, the money keeps piling up. The industry doesn’t have a money problem. It has a deployment problem. The money exists. The need exists. The urgency exists. Why is the capital still sitting on the sidelines? REFORM IS COMING! Repost and speak out. @jockeyclub @BreedersCup

MAJOR UPDATE REGARDING THE BREEDERS’ CUP INVESTMENTS HORSE RACING’S “LEADERS” INVEST IN OIL, MINERALS, HEDGE FUNDS & VENTURE CAPITAL, BUT NOT HORSE RACING The most recent publicly available Breeders’ Cup Ltd. IRS Form 990 is staggering. While horse racing struggles for relevance, leadership, marketing, fan growth and aftercare funding… Breeders’ Cup Ltd. is pouring millions into: • Oil & gas exploration • Mining & mineral investments • Hedge funds • Venture capital • Private investment vehicles Read that again. According to the filing, of their over $100 million in investments: • Yorktown Energy: approx. $1.85 MILLION • Venture Capital: approx. $9.58 MILLION • Hedge Funds: approx. $13.59 MILLION • “Investment in BCP”: approx. $10.52 MILLION Meanwhile what does horse racing get? Two days of championships per year. Minimal transparency. Tiny charitable contributions. And an industry left fighting for survival. • Tracks are struggling. • FanDuel TV is scaling back. • The next generation of fans is disappearing. • Innovation is almost nonexistent. • The data remains locked down. • The signal remains controlled by the chosen few. Apparently horse racing leadership believes enriched minerals, hedge funds and outside speculation are better investments than horse racing itself. And while they chase Yorktown Energy’s enriched minerals… The rest of the industry gets stuck holding the sand. Imagine if even a fraction of this money was deployed toward: • Modern streaming distribution • Open racing data & APIs • Fantasy gaming • National marketing • Fan acquisition • Technology modernization • Permanent aftercare infrastructure • Industry growth initiatives This industry should be furious. The money exists. The leadership priorities are the problem. REFORM IS COMING! REPOST AND SPEAK OUT. @BreedersCup @jockeyclub yorktownenergy.com/portfolio

💰 $120,000,000 IN THE BANK… AND THIS IS WHAT HORSE RACING GOT BACK? 💵 🚨 DAY 115 SINCE THE ILL-ADVISED JOCKEY CLUB OPEN LETTER TO THE INDUSTRY 🚨 Now let’s talk about the @BreedersCup . The same Breeders’ Cup that reportedly sits on roughly $120 MILLION in cash and investments while horse racing continues begging for leadership, transparency, marketing, aftercare funding, and modern distribution. 🚨READ THAT AGAIN Approximately $120 MILLION. And yet the industry is still told to be patient. Some very serious questions need answers: 1. Why are Breeders’ Cup loans to HISA reportedly still outstanding? 2. Why did HISA’s proposed 2026 budget reportedly show no meaningful loan repayment line? 3. How did millions become available for loans to HISA… but not for a fully funded national aftercare infrastructure? 4. Why are bettors, horsemen, owners, and racing fans constantly told there’s “not enough money” while investment balances balloon year after year? 5. And while all of this was happening, how much has Breeders’ Cup executive compensation and salaries totaled over the last decade? Because according to public filings, compensation and salaries reportedly totaled tens of millions of dollars over that period while the industry itself continued struggling. 🚨READ THAT AGAIN TOO. Tens of millions in compensation… While the sport keeps talking about sacrifice, shortages, and “limited resources.” And let’s not forget where some of this leadership operates from. 250 Park Avenue. New York City. Some of the most expensive office space in America. 🚨READ THAT AGAIN TOO. While horse racing participants across the country are told to tighten belts, cut costs, accept shrinking visibility, and operate with “limited resources,” leadership sits in one of the most elite corporate corridors in the nation. And where exactly has Breeders’ Cup leadership been during all of this? Why haven’t we heard meaningful public answers from Breeders’ Cup President & CEO Drew Fleming? Is this being taken seriously? Because the rest of the industry certainly seems to be paying attention. More than 2.5 MILLION views on my X posts tell me horse racing stakeholders, fans, bettors, and horsemen are demanding answers and demanding change. ⚠️And now let’s get to the part that should stop the entire industry in its tracks.⚠️ According to public filings, Breeders’ Cup Charities reportedly showed just $355 in contributions/revenue in 2024. $355. No, that is not a typo. Read that again. Three hundred and fifty-five dollars. An entity connected to one of the wealthiest organizations in horse racing… An organization tied to roughly $120 MILLION in assets… And THAT is the charitable contribution figure the public reportedly sees? Let that sink in. While: • Aftercare groups fight for scraps • Horses continue slipping through the cracks • FanDuel TV pulls back coverage • Racing struggles to reach younger audiences • Tracks close and visibility shrinks The industry keeps getting speeches, panels, buffet lunches, and public relations campaigns instead of aggressive investment and leadership. Horse racing does not need another slogan. It needs accountability. It needs transparency. It needs modern leadership. And it needs organizations sitting on massive reserves to finally reinvest in the sport they claim to protect. And if the current leadership is unwilling to modernize, reinvest, and aggressively fight for the future of horse racing… Then they need to step aside and let people in who are ready to do the job. REFORM IS COMING! Repost and speak out. @jockeyclub @hisa_us

🔥 HORSE RACING CANNOT SURVIVE ON “THIS IS HOW WE’VE ALWAYS DONE IT” 🔥 That mindset is becoming a death sentence for growth, innovation, and the future of the sport. This right here is the conversation horse racing SHOULD have. Light Up Racing was a good start to meaningful dialogue. It showed the fight for the future of this industry is very real. Unfortunately, like many reform efforts in racing, it appears to have lost funding, momentum, and sustained industry backing. That alone should concern everyone. “Because this is how it has always been done” is not a business strategy. It’s how industries slowly decline while convincing themselves everything is under control. Where is the friction? 1. Data lockdowns and gatekeeping. 2. Resistance to innovation and outside perspectives. 3. Leadership structures built to preserve power instead of grow the sport. 4. Fear of transparency and accountability. 5. An industry still operating with horse-and-buggy era thinking in a digital, mobile-first world. What would make collaboration easier?
 Open the data. Open the signals. Open the doors to innovators, technologists, marketers, bettors, owners, and younger audiences. What support is needed? 
Real investment into growth, distribution, technology, aftercare, and fan engagement, not endless committees and recycled talking points. What should the next version of this work look like? 
A modern racing industry built around transparency, accessibility, accountability, and innovation instead of monopolized control and resistance to change. Horse racing doesn’t need less conversation.
 It needs leadership willing to turn conversation into action. REFORM IS COMING! REPOST AND SPEAK OUT. @jockeyclub @BreedersCup