Making Claims: The Vibes Are Good In Virginia
In 'Making Claims,' Paulick Report bloodstock editor Joe Nevills shares his opinions on the Thoroughbred industry from the breeding and sales arenas to the racing world and beyond.
Take a look at the racing map, and you'll find a lot of states and tracks fighting for their lives right now.
In Louisiana, Churchill Downs had a gun to the Fair Grounds' head as it negotiates its way into more favorable historical horse racing rules.
In Florida, Gulfstream Park's days appear numbered, whether the final bell comes sooner or later.
The Northern California circuit has been wiped off the face of the earth, and things aren't exactly rosy in the southern half of the state.
Pimlico Race Course is about to face the wrecking ball in Maryland, and while plans call for long-term stability in the Baltimore area (at the cost of Laurel Park), a project of that magnitude often comes with a sense of fragility.
Illinois is still recovering from the loss of Arlington Park, and Hawthorne Race Course has seen better days.
I could keep going, but I'm sure you get the point.
Advertisement
With so many North American outposts struggling, it's fair to wonder if anyone out there has things going in the right direction.
Yes, Virginia. There is a state with positive momentum.
Through a combination of creative incentive programs, finding a niche on the crowded Mid-Atlantic racing calendar, and getting support from a deep roster of quality horsepeople, Virginia's upward trajectory is something worth noting as the July 9 opening day at Colonial Downs approaches.
The Jockey Club State Fact Book shows the Virginia-bred foal crop hit its highest level in over a decade in 2023, the most recent year reported, and it's not hard to imagine that trend will continue in the foaling seasons that followed. The four biggest years for average earnings by a Virginia-bred runner since 2004 have been the past four racing seasons.
On the racing side, the average purse per race in Old Dominion hit a record high in 2024, at $65,263. The state's 323 races last year was the most since 2012, Virginia's 1,516 starters was the most since 2010, and the purses exceeding $21 million was a record.
Colonial Downs has already had a turn in the national spotlight this year, when it hosted the Virginia Derby as a Kentucky Derby prep for the first time in March, introducing some fans and bettors to the track for the first time. Two of the Virginia Derby starters - winner American Promise and runner-up Render Judgment - ran in the main event on the first Saturday in May.
The seeds for the success that Virginia is enjoying today were planted during a dark period in the state's history. In 2016, the Virginia Thoroughbred Association introduced the Virginia-certified program, which rewarded developers of eligible horses with a 25 percent purse bonus for wins in open races throughout the Mid-Atlantic.
Colonial Downs had been closed for two years when the program was introduced, and the incentive structure, requiring horses to spend at least six months in residence in Virginia prior to the end of their 2-year-old season, gave horsemen a reason to keep their horses within state lines and kept farms and training centers in business while they awaited whatever the future held.
When Colonial Downs was revived for the 2019 racing season, the state already had an infrastructure and set of incentive programs in place to make make a running start into the next era of Virginia racing.
In some ways, that next era looked like the previous one. Colonial Downs' signature is its turf surface - with its Secretariat Course stretching out to 1 1/8 miles, and holding the title as the widest turf course in North America.
Over 80 percent of the races at Colonial Downs during the summer meet are held over one of its two turf courses, meaning horsepeople with turf-leaning runners are presented with a unique opportunity to get quality starts over grass that might not be as readily available elsewhere.
Perhaps most of all, the vibes are just good in Virginia.
I made my first visit to Colonial Downs in March for Virginia Derby week, and people seemed excited about the general direction of the state's industry at a level one rarely sees elsewhere these days.
There's a generational depth of knowledge when it comes to horsemanship in Old Dominion that would be a crime to be left dormant. They care about the product they put on the ground in the foaling shed and on the racetrack, and what it says about their program at large. Not everyone thinks with that kind of big-picture mentality when it comes to their place in a greater ecosystem.
That's why I think Virginia will manage to keep the momentum going for the long haul. The state's horsepeople have a median level of competency, both on the track and off, that ensures when they're given an opportunity like they were with HHR, they won't fumble it.
Few entities survive without the good graces of someone else in a higher position of power, and with Colonial Downs being owned by CDI, Virginia is no different. But, strong leadership can help a program weather a lot of storms, and we've already seen that in action.
We've seen Virginia survive in the darkness. Next month, we'll see how they can thrive with another season in the light.
This story was originally reported by Paulick Report on Jun 30, 2025, where it first appeared.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
3 hours ago
- Yahoo
Michigan Adds Blue-Chip Receiver Commitment to Top 10 Recruiting Class
Michigan Adds Blue-Chip Receiver Commitment to Top 10 Recruiting Class originally appeared on Athlon Sports. In recent weeks, coach Sherrone Moore and the Michigan Wolverines football team have been on a recruiting hot streak. The 2023 national champs have secured 14 commitments since June 1. Advertisement One of those commitments was from five-star EDGE Carter Meadows, who is ranked No. 6 player in the country by On3 and 36th overall in their industry composite rankings. On Friday, Michigan earned another blue-chip commitment when four-star wide receiver Travis Johnson announced his pledge. The 6-foot-4, 190-pound receiver from Chesapeake, Virginia, caught 21 passes for 490 yards and five touchdowns in five games played. When discussing what it meant to join the Big Ten program, Johnson shared his enthusiasm. 'It's amazing to be a Michigan man,' Johnson said. 'Michigan was the best fit for me.' Hailing from Oscar Smith High School, Johnson had more than 30 offers but chose Michigan over North Carolina, Penn State, South Carolina, Indiana and more. Advertisement 'Coach Bellamy and coach Moore, we clicked from day one when they offered me," Johnson continued. "Then Chip Lindsey, the new offensive coordinator, I love the new system, and with Bryce Underwood being the new quarterback, I could see myself thrive there for sure.' Michigan Wolverines quarterback Bryce Han / USA TODAY Network via Imagn Images The Wolverines now boast the No. 9 class in On3's 2026 team rankings. Michigan has 21 commitments, 13 of which are four-star players. 'Just the culture for real and they won the (national championship) two years ago,' Johnson added. 'I want to win one, too. I'm trying my best, I'm going to give my hardest every step of the way to try and get another one.' Advertisement Related: Michigan Adds Third Blue-Chip Commitment in Three Days Related: Paul Finebaum Gets Real About Jeremiah Smith's Fiery Jab at Michigan This story was originally reported by Athlon Sports on Jul 4, 2025, where it first appeared.


Entrepreneur
7 hours ago
- Entrepreneur
Why Your Company Needs Flexible Capital (and How to Get It)
Can your capital stack flex when you need it to? Opinions expressed by Entrepreneur contributors are their own. Most business leaders have a story about a great opportunity that slipped away. Maybe it was an acquisition that fell through or a major client that signed with a competitor instead. Or a promising market expansion that had to be postponed due to "poor timing." During the post-mortem, it's easy to blame sales, marketing or a lack of resources. But often, the core issue isn't execution — it's liquidity. Not a lack of capital but a lack of access to it when it matters most. In today's environment, timing is everything. The difference between winning and waiting can be measured in hours, not months. And the companies that come out ahead are often the ones whose capital stack can move at the speed of business. Related: The Hidden Risk That Crashes Startups — Even the Profitable Ones Liquidity, not just capital, drives growth Imagine a competitor stumbles, and one of their top clients is suddenly up for grabs. You're the right fit, and the client is ready to move, but only if you can scale quickly. That could mean hiring new staff, securing inventory or ramping production before the first payment clears. This is when your capital stack either works for you or gets in your way. Many mid-sized businesses don't lack capital — they just can't access it quickly enough to take action. And while they wait for accounts receivable to clear or a loan approval to be processed, the deal goes to a competitor who's ready to act now. Why "cash on hand" is the wrong metric It's easy to feel prepared if your cash reserves look healthy. But in fast-moving markets, the real question is this: How quickly can you turn your company's assets, receivables or credit into usable funds? True financial flexibility isn't about stockpiling cash — it's about building a system that keeps money flowing. That includes: Reliable credit lines Faster payment collection Smarter inventory management Vendor terms that free up working capital These are the building blocks of a capital stack that can support growth during good times and periods of uncertainty. Companies with these systems don't just survive challenging business environments — they thrive in them. They grow their market share, attract new talent and invest in opportunities while competitors struggle to meet payroll. Related: 4 Ways an Entrepreneur Can Increase Liquidity When timing beats planning Even strong companies miss growth opportunities, and it's not always because their strategy is wrong. Instead, it's usually because their timing is off. Picture a key customer doubling their order with little warning. The vendor that wins that business might not be the cheapest or the most well-known, but the one that can say "yes" right away and follow through. The same principle applies during economic downturns. While some companies pull back, others are buying distressed assets, hiring top talent and preparing for the rebound. The edge isn't in their forecasts but in their ability to move. Speed is often more valuable than size, and the companies that win are often the ones with financial systems built for action. Inflexible capital doesn't just slow you down, it also chips away at your growth over time. You may pass on projects with high returns because the cash isn't available when needed. You may consider taking out a short-term loan with unfavorable terms to meet payroll. Or you may delay hiring because receivables are stuck in limbo. Individually, these decisions seem small, but collectively, they slow your progress and put unnecessary stress on your team. And while these missed chances don't show up on a balance sheet, they're often the reason promising companies fall behind. How to build a capital stack that can move Smart operators don't see capital as something to sit idle — they build systems that allow it to move with the needs of the business. A key piece of that is understanding your cash conversion cycle, which is the time it takes for a dollar spent to return to your account. The shorter and smoother the cycle is, the more responsive your business becomes. Here are some practical ways to improve it: Send invoices quickly and enforce payment terms Keep inventory lean without hurting service levels Renegotiate supplier terms to match your cash flow Secure credit facilities before you need them Related: 5 Top Financial Tips for Entrepreneurs It's not about preparing for a worst-case scenario but being able to act when the best-case scenario shows up unexpectedly. When your capital system is built for flexibility, your decision-making process changes. You don't put off action because of delayed payments, and you don't lose sleep over a tight cash balance. You don't say "no" to a great opportunity just because your funds are temporarily tied up. Instead, you move with confidence and negotiate from a place of strength. And your team has the clarity and support to focus on execution, not firefighting. Companies with flexible capital move faster, stay focused and seize opportunities others miss.
Yahoo
7 hours ago
- Yahoo
Blackstone acquires Cvent stake from Vista in $1.3bn deal
Blackstone has acquired the remaining stake in US-based Cvent from Vista Equity Partners for $1.3bn, reported Bloomberg, citing sources. The transaction marks Vista's complete exit from Cvent, a Virginia-based software company. Vista retained this stake following Blackstone's $4.6bn acquisition of Cvent in 2023. Representatives from both Vista and Blackstone declined to comment on the deal. Cvent's platform provides software tools designed for event planners and marketers, enabling online registration, venue sourcing, event marketing and management, virtual and in-person event solutions, and attendee interaction. Founded in 1999, Cvent had more than 5,000 employees and more than 24,000 customers worldwide as of 31 December 2024. Vista initially invested in Cvent in 2016, purchasing the company for approximately $1.7bn. Throughout its ownership, Cvent navigated the challenges posed by the pandemic, which severely impacted the events and hospitality sector. The company has since rebounded, with a surge in events and the adoption of hybrid in-person and virtual conferences. Vista had previously rolled a portion of its ownership into Blackstone's take-private of Cvent through a non-convertible preferred equity investment. The acquisition is the second recent monetisation event for Vista, which recently raised $5.6bn to maintain its ownership of Cloud Software Group. Investors in Vista's fifth buyout fund received a 4.1 multiple on invested capital if they opted to cash out. In May, Vista agreed to acquire Acumatica, a cloud enterprise resource planning (ERP) solutions provider for small and mid-sized businesses. The deal valued the company at around $2bn, including debt. Acumatica's platform supports mid-market organisations by automating critical processes such as financial management, payroll, and customer relationship management. The cloud-native platform offers AI-driven visibility across businesses, with industry-specific functionality tailored to sectors like manufacturing, distribution, construction, retail, and professional services. "Blackstone acquires Cvent stake from Vista in $1.3bn deal " was originally created and published by Verdict, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.