Re: KRNV News about RARA

ruh roh

Re: KRNV News about RARA

Here's the text from the link:

"RENO, Nev. (KRNV & MyNews4.com) -- The Reno Air Racing Association has about a month and a half to raise roughly $1 million or else the Air Races will not take flight this year.

Mike Houghton, President and CEO of the Air Racing Association, went in front of the Airport Authority Board today and said they have raised about half of the $2 million insurance premium needed for this year's event.

The hotel-casino industry has committed to pledge $600,000 to support the event, and Houghton plans to go in front of the RSCVA Board tomorrow to continue to ask for support. If the insurance premium is not reached by September 1, the races will come to an end. Houghton, however, is confident, and went on to say the FAA has approved changes made to the race course and granted the necessary waivers to run the event this year. He is urging the community and local businesses to continue to support the event."


What does this translate to: The hotel-casino industry has committed to pledge $600,000? Does this mean the Hotel-Casino Industry is giving/loaning RARA $600,000?

Just did the math on a 2 million dollar insurance charge. Figure if they use Stead for 7 days, it comes out to $285,714 per day for the insurance charge. Was the prior insurance rate $500,000 for the 7 days before last years accident then increased to 2 million?

What is their coverage for 2 million dolllars? Usually works out to so much per person and so much per event? Is any of this public information?

I wonder if the Insurance Company will accept an IOU for the balance if they cannot come up with the full amount or if they would accept a lower rate/lower coverage?

Who in this forum understands how Insurance Companies operate?

Re: KRNV News about RARA

This comes as a BIG surprise to me. I thought everything was a go. I hope they're able to raise the money, but if they do, I'm wondering about 2013. Time will tell. Seems like years ago, back in the 60's and 70's the casinos were 100% behind the races and posted most if not all the money for the purses. Let's keep our fingers crossed that all works out.
Brian

Re: KRNV News about RARA

"Calling all deep pockets...."

"...everybody else, buy more t-shirts"

Re: KRNV News about RARA



I'm hoping that this is a contribution by the casinos/hotels. The air race events are probably the biggest time of the year for them, filling rooms AND drawing more people to casinos in the evenings. it would be good business sense for them to help keep it alive.


Fingers crossed

Re: KRNV News about RARA

Quick, somebody call Larry Ellison of Oracle. He just bought 95% of the Hawaiian Island of Lanai for 600 million dollars. I think he could afford to make up the difference without hurting himself financially. He could change the name to Oracle Air Racing or something.

Re: KRNV News about RARA

If Ellison got into it, you'd see a Tsunami-like home-built on the track in no time made of all carbon fiber, designed by aero experts from NASA, fabbed by modern yacht-hull craftsmen and propelled by some "wonder engine" designed by a start-up company he purchased and made in a secret facility, the location of which unknown to all.


You can do a lot in air racing when your wallet is bigger than some U.S. state budgets! Mr Ellison could buy several planes and rent-a-pilots and hold his own unlimited class if he wanted to (Hey! is that a "Larry-class" racer?" )




Really, I wish one or more of of today's successful entrepreneurs would catch interest in this game. At what it cost to support a competitive unlimited team today, it's practically become a "Sport of Kings" as far as finances go. Even the RARA is feeling the bite of hungry bottom-feeders now.


.

Re: KRNV News about RARA

This is going to be a year when we fans really have to step up to the plate to make this..

I'm not exactly how the mechanics of this will all play out but I'd wager that the amount we fans can bring to the table with donations, fund raisers, support clubs (someone mentioned a "save the reno air races foundation" or something like that?) might well spell the difference. If not directly, a major good show of fan support can't be ignored.

Spoke with a "well placed source" earlier this evening, right now, 22 of 27Unlimited slots are filled! I'm not sure I'm at liberty yet to list any that were mentioned but "all the big ones" was a quotable...

But, the support we can gather, I mean the grass roots, get more butts in seats, get our own dollars in the hands that have made and will continue to make this happen! (With our help!!!!)

Permits are in place, waivers are in hand, insurance quoted, to be bound on no later than September 01, 2012 when funds must be in place...

I personally don't have it, nor does this scrappy old publication but I'm digging out $100. to show my support..

$100. from each of those who want the races to continue and we will have more than made it happen. Beat the bushes, tell your friends, make new ones!

Join RARA, get window stickers... Damn't I'd hate to get this far, lose the friends we have lost and have it be for nothing. Let's make it to the 50 year Anniversary of this grand sport... we can do it!

Re: KRNV News about RARA

Well put, Wayne!



I had some un-spent $ in the travel budget last year because my wife and I left Reno Sunday morning instead of on Monday. This money is now in the hands of those that give us a reason to go to Reno.

Race Fans, it's time to step up. As the man in the movie said "No bucks...No Buck Rogers."

Re: KRNV News about RARA

I guess I'm not all that surprised. I actually see this as an improvement over what was quoted by Houghton at the RARA volunteers banquet at PRS. At that point he noted that the amount was 1.7 million. That silenced the crowd pretty effectively for a few seconds. That it's only a million now is an improvement.

Re: KRNV News about RARA

Sent my $100 through the donation link. Anyone else?

Re: KRNV News about RARA

That's great! I paid for my box last week to the tune of $3,150.00... My guess is I will never see that money back after the event is cancelled and RARA files bankrupt papers. So much for Mike saying not to long ago that the 2012 Reno Air Races would go on...

Re: KRNV News about RARA

$100 Donated.

Re: KRNV News about RARA

.....and no place does it say that they are cancelled either.


I bought my tickets and pit pass, cant afford any more. Not giving up and I am sure the casinos will step up to the plate and help more. Its is Reno's biggest people draw.