THE ‘JUICE MAN' AND THE JOCKEY CLUB
Bloomberg Businessweek|July 05 - 12, 2021 (Double Issue)
After a rash of suspicious wins, investigators started to probe horse racing. Eventually, 29 people would be indicted in a multimillion-dollar scheme to defraud bettors
Jesse Hyde
THE ‘JUICE MAN' AND THE JOCKEY CLUB

STUART JANNEY III STOOD IN HIS BOX seat lounge high above the grandstands at Belmont Park in Elmont, N.Y. It was the middle of 2015’s fall season, and three of his horses were running that day.

Janney is a member of horse racing’s patrician elite: His family started one of the sport’s most fabled breeding farms, Wheatley Stable in Kentucky, which produced Seabiscuit, the Depression-era champion. He’s also chairman of Bessemer Trust Co., which started as a family investment fund and has grown into a wealth management company for 2,500 families, with $140 billion in assets.

Recently he’d been elected chairman of the Jockey Club, the registry for thoroughbreds that’s based in Midtown Manhattan. He saw it as his mission to protect the integrity of the sport, which was in decline.

Since 2000, 39 tracks across the U.S. had closed, and the number of foals born annually had plummeted from 40,000 to half that. Belmont’s days of hosting railroad tycoons such as Henry Phipps Jr. (Janney’s great-grandfather) and celebrities like Jackie Kennedy to huge crowds were long gone. Now the stands were mostly empty.

There were many reasons for the sport’s troubles, including the perception that it wasn’t safe for horses. Gruesome, high-profile breakdowns had drawn the ire of animal welfare activists who wanted a national ban. Eight Belles had to be euthanized on the track at the 2008 Kentucky Derby after finishing second and then breaking both front ankles; two years earlier, Barbaro fractured his right hind leg while running the Preakness, eventually leading to his being euthanized.

هذه القصة مأخوذة من طبعة July 05 - 12, 2021 (Double Issue) من Bloomberg Businessweek.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

هذه القصة مأخوذة من طبعة July 05 - 12, 2021 (Double Issue) من Bloomberg Businessweek.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

المزيد من القصص من BLOOMBERG BUSINESSWEEK مشاهدة الكل
Instagram's Founders Say It's Time for a New Social App
Bloomberg Businessweek US

Instagram's Founders Say It's Time for a New Social App

The rise of AI and the fall of Twitter could create opportunities for upstarts

time-read
4 mins  |
March 13, 2023
Running in Circles
Bloomberg Businessweek US

Running in Circles

A subscription running shoe program aims to fight footwear waste

time-read
3 mins  |
March 20 - 27, 2023
What I Learned Working at a Hawaiien Mega-Resort
Bloomberg Businessweek US

What I Learned Working at a Hawaiien Mega-Resort

Nine wild secrets from the staff at Turtle Bay, who have to manage everyone from haughty honeymooners to go-go-dancing golfers.

time-read
10 mins  |
March 20 - 27, 2023
How Noma Will Blossom In Kyoto
Bloomberg Businessweek US

How Noma Will Blossom In Kyoto

The best restaurant in the world just began its second pop-up in Japan. Here's what's cooking

time-read
3 mins  |
March 20 - 27, 2023
The Last-Mover Problem
Bloomberg Businessweek US

The Last-Mover Problem

A startup called Sennder is trying to bring an extremely tech-resistant industry into the age of apps

time-read
10+ mins  |
March 20 - 27, 2023
Tick Tock, TikTok
Bloomberg Businessweek US

Tick Tock, TikTok

The US thinks the Chinese-owned social media app is a major national security risk. TikTok is running out of ways to avoid a ban

time-read
10+ mins  |
March 20 - 27, 2023
Cleaner Clothing Dye, Made From Bacteria
Bloomberg Businessweek US

Cleaner Clothing Dye, Made From Bacteria

A UK company produces colors with less water than conventional methods and no toxic chemicals

time-read
3 mins  |
March 20 - 27, 2023
Pumping Heat in Hamburg
Bloomberg Businessweek US

Pumping Heat in Hamburg

The German port city plans to store hot water underground and bring it up to heat homes in the winter

time-read
3 mins  |
March 20 - 27, 2023
Sustainability: Calamari's Climate Edge
Bloomberg Businessweek US

Sustainability: Calamari's Climate Edge

Squid's ability to flourish in warmer waters makes it fitting for a diet for the changing environment

time-read
4 mins  |
March 20 - 27, 2023
New Money, New Problems
Bloomberg Businessweek US

New Money, New Problems

In Naples, an influx of wealthy is displacing out-of-towners lower-income workers

time-read
4 mins  |
March 20 - 27, 2023