The horse race approach is an age-old method for selecting and hiring a new CEO, pitting several highly performing senior executives against each other in an open competition with one emerging as the winner and becoming CEO. While successful for companies like General Electric, Procter & Gamble and GlaxoSmithKline – there may also be drawbacks which leave their organization vulnerable and lessen employee morale.
Thoroughbred racing may appear glamorous on the surface, but behind its allure lie injuries, drug use, breakdowns and slaughter. As animal rights groups shed light on these realities of Thoroughbred racing, more fans have turned away from it as animal cruelty becomes evident within its ranks.
Horse racing was traditionally funded by state governments and considered an “attraction for the people.” Nowadays, however, its continued existence relies solely on taxpayer subsidies in the form of tracks, live races and stud farms – while millions have left the sport over time, it now enjoys substantial investor backing that helps it keep betting alive and provides political cover for large state subsidies.
Horse races may not be for everyone, but this sport boasts a long and distinguished history of elegance and spectacle that continues to draw millions of fans worldwide. From major events’ ceremonies to betting opportunities – horse racing is an international spectacle steeped in time-honored traditions celebrating both human and equine spirits alike.
Horse racing’s supporters find it difficult to disagree that horse racing does not provide an essential social service. With thousands of jobs dependent on it across the nation and billions invested every year into the industry – more than $3 billion was contributed back into the economy since 2005 alone! – it cannot be denied that this form of entertainment provides important economic contributions.
Critics of horse racing argue that its efficiency and fairness to taxpayers are in question, while supporters say horse racing provides vital revenue for Kentucky communities as a significant source of revenue and economic benefit through breeding, sales and training of horses as well as job creation from its gambling monopoly.
But an increasing number of observers, including former horse racing insiders, are questioning whether horse racing is good for business and society. With all the mudslinging, name calling and attack ads that characterise modern politics it can be easy to lose sight of the true issues at play – so all stakeholders must join together in making every effort to improve its future; both its health and that of its horses depend on it.
