Team Explores Advancement of FTBOA Subsidiary Racing Permit
PRESS RELEASE
OCALA, FL— John Morgan, founder of the Morgan & Morgan law firm, met Thursday with the Florida Thoroughbred Breeders’ and Owners’ Association board and leadership at the FTBOA headquarters in Ocala to outline his vision for the sustainable future of Florida thoroughbred racing and breeding.
Morgan has formed a Delaware corporation to advance the state’s last remaining thoroughbred racing permit owned by Ocala Thoroughbred Racing, a wholly owned subsidiary of the FTBOA. The entity is working with third parties to identify business models that will anchor robust purses and awards in Marion County and insulate the Florida industry from recurring decoupling threats.
Morgan, a longtime Floridian and major thoroughbred breeder, is owner and CEO of the Delaware entity. Morgan & Morgan is the world’s largest personal injury law firm.
“Kentucky may have bred me, but Florida is where I built my life, my business and my future,” Morgan said. “I understand firsthand the economic, cultural and agricultural importance the thoroughbred industry brings to a state and its people. Florida and Kentucky should not be competitors – they should be mutually supportive in preserving and growing one of America’s great sporting traditions. This industry supports thousands of jobs, protects farmland, fuels tourism and creates opportunities for generations of Floridians. We have an obligation to fight for a future that is sustainable, modern and worthy of this industry’s legacy.”
“The future of Florida thoroughbred racing cannot rest on a ‘build it and they will come’ philosophy,” Morgan continued. “We have seen the painful realities at Hialeah Park, Churchill Downs Incorporated’s Calder Race Course and Arlington International, and now the uncertainty surrounding Gulfstream Park. Florida thoroughbreds deserve a sustainable path forward.
“For more than a year, we have been in serious discussions with a highly capable third party that understands what it will truly take to create sustainable economics for Florida thoroughbred breeding and racing — because without the right partner, this simply will not work.
“The single most important component of lasting success is working collaboratively with Florida’s elected leadership and policymakers to create sustainable economic engines beyond traditional pari-mutuel gaming and government subsidies, which history has shown cannot secure this industry’s future. Our vision is a foundation where Florida racing and breeding can thrive independently for generations to come.”
“We are fortunate and deeply grateful to John for bringing his energy and commitment to Marion County and sharing this vision with our board, advisors and senior staff,” FTBOA CEO Lonny Powell said. “I have experienced first-hand, in working with him on this project, that he is applying an uncommon skills-set honed in business, law, relationship building, media and our industry to the betterment of Florida thoroughbred breeding and racing — and an entire region. Our breeders, our horsemen, our community will all be better for it.”
“We appreciate John sharing his vision with our board today,” FTBOA President Valerie Dailey added. “Our members care deeply about the future of Florida thoroughbred racing and breeding, and we welcome partners who share that commitment.”
“OTR was created with a vision that a day would come where we, breeders and horsemen, would need to control our own future and destiny. That day has come, and this partnership honors that mission.” OTR Chair George Isaacs said. “OTR is not an asset to be flipped or leveraged. We must build something that will endure with bedrock stakeholders who share our values. History has proven that Florida’s thoroughbred legacy cannot be entrusted to for-profit or out-of-state interests whose priorities lie elsewhere. Done right, this is a fundamental shift – a model for the industry and the community, insulated from the pressures of decoupling and instability faced elsewhere.”
