KRNV News about RARA

[AirDOGGe]

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.


.

[SkyvanDelta]

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.

[AirDOGGe]

Re: KRNV News about RARA

...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?

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

[N22252]

Re: KRNV News about RARA

"Calling all deep pockets...."

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

[supercub]

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

[SkyvanDelta]

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?

[Bob]

Re: KRNV News about RARA

http://www.mynews4.com/news/local/st....cspx?rss=3298

ruh roh

[ChrisMX105]

http://www.mynews4.com/news/local/story/Reno-Air-Racing-Association-needs-1-Million-to/SnHh12bPs06bxCUK9jb4ig.cspx?rss=3298