NYC Marathon Meeting With Pros At 11 am Today

long sox wrote:

Perhaps these figures might give a closer indication to the actual amount they might have lying around.

http://non-profit-organizations.findthebest.com/l/216794/New-York-Road-Runners-Inc

Asset Amount $41.2 Million

Come on man, assets != cash.

Force majeure argument is very weak. NYRR admitted this wasn't about the storm, it was about the public sentiment. Further, the storm did not affect the run; indeed the storm was over days ago and per NYRR's repeated claims earlier in the week, they were ready to go.

Force Majeure is probably not a problem. If they cannot guarantee the safety of the runners or retain the services of the public personnel that they contracted for then it is beyond their powers to control the circumstances. Since venue would be New York, do you think you could push against that claim?

I was surprised that it is standard practice for races not to issue refunds. Another marathon director told me that.

rojo wrote:

The answer is very simple. You will not get a refund but your money will go to charity.

You won't get a refund as the NYRR doesn't have $10 million plus lying around to give back to everyone.

But the good news is your money will go to charity.

That doesn't make any sense.

They have the money, because all the runners just paid it to them to run in the race.

If they don't have the money, how can they give it to charity.

Since they have the money, they should give it back to the runners, not give it away to somebody else.

Trialswatcher wrote:

NYRR has way more than 10M to give back, it kills me that you have been so insensitive and still do not get it.

Go look at their payroll, they have over 20 people with 6 figure salaries

Your fundamental lack of knowledge astounds me

Who cares that 20 people did not get a pay day, really? Do you still not frigging get this?

Maybe, maybe some people think like you do and shame on them anyway.

Eever see the demographics as to who runs a marathon out of 40K+ people?

Do your homework, it is not a thing done by the inpoverished

why are you such a kitty?

Pay the pro athletes their appearance fees as their livelihood depends on the marathon actually happening.

For the rest of the runners give them a rolling free entry into next years race or the year after only requirement is that they specify which year they will run

The money collected from people who don't turn up next year can be used to cover admin expenses in the current year

Work out a way to increase the number of competitors in next years race and the year after to make up for any shortfall from this year for the charities

I am sure the sponsor Ing can also provide a cash flow loan with generour terms to ensure they have adequate cash flow and possibly still make the donations to charity that have been committed to

Well done I am sure they will miss your millions in deposits...

'The answer is very simple. You will not get a refund but your money will go to charity.

You won't get a refund as the NYRR doesn't have $10 million plus lying around to give back to everyone'

Those 2 sentences do no make sense

How can your money go to charity if there is none. Maybe you should have phrased it not enough money for a full refund

Could the race organisers not use the act of god get out clause they are using for the runners for their expenses. They are still getting their fee! Other large expenses like police road closures are not going to be required along with a lot of other expenses

Next how much are the organisers getting paid. Unless they do it voluntarily although it may be techically 'not for profit' thesese individuals are sure as hell making more than a dime out of it while other people like marshalls volunteer like mugs and do it for free

den bosch wrote:

long sox wrote:

Perhaps these figures might give a closer indication to the actual amount they might have lying around.

http://non-profit-organizations.findthebest.com/l/216794/New-York-Road-Runners-Inc

Asset Amount $41.2 Million

Come on man, assets != cash.

The difference is purely a matter of timing.

cash = it would be *possible* to pay people this week.

other assets = it would be *possible* to pay people later.

Now I'm sure the NYRR are still counting up their liabilities and aren't in any position to make promises right now, but the "Non Profit NYRR Simply Doesn't Have $12 Million + To Give Back" argument we see on the front page isn't really valid.

Since this a thread about the pro field, I would like to see these elites paid their appearance fees before the T-shirt makers and other suppliers and the hobby runners with spare cash to pay $200+ to enter.

Hopefully they find out soon what the deal is. I suspect that the offer might end up being something less than the full payment due. Maybe part payment and some promise of future opportunities (NYC half?) to recover their loss of income.

The hobby joggers pay the bills. The elite runners are TAKERS. If you pay the elite without paying back the hobby joggers a whole nother shit storm will be happening.

The sponsors who count on the hobby joggers and the media will both be watching to see how this is handled.

rojo wrote:

Moreover, the NYRR is itself a not for profit charity. So the rest of your money goes to help promote the sport of running and pay expenses. So yes, it's going to next year's race. It's going to keep the NYRR solvent. If they had to give back $12 million but also pay their expenses, they'd likely be facing a potential bankruptcy.s.

NYRRC is a 'non-profit' in name only. It is a money-printing juggernaut that pays extravagant salaries to management and has accumulated $41 million in assets (real estate). If they don't refund the money they SHOULD be forced into bankruptcy and their assets liquidated. Then afterwards be forced to pay modest salaries, rent modest office space, and get back to their chartered mission - running club.

If the elite field don't get paid, then the agents should boycott NYRR events and WMM should withdraw the race from the series. The race could still go on of course, but would they get even half the news coverage?

Perhaps in NYC they might still get some coverage, but elsewhere?

No elite fields means less TV cameras and less sponsors willing to pay the bills for a marathon with little coverage.

Then if they don't get the coverage, why would people pay twice as much to enter a race without the prestige it had before? Why would people come from around the world?

The hobby joggers pay a premium to enter a more prestigious race. Can you name one prestigious marathon without an elite field?

Boycott New York wrote:

rojo wrote:

Moreover, the NYRR is itself a not for profit charity. So the rest of your money goes to help promote the sport of running and pay expenses. So yes, it's going to next year's race. It's going to keep the NYRR solvent. If they had to give back $12 million but also pay their expenses, they'd likely be facing a potential bankruptcy.s.

NYRRC is a 'non-profit' in name only. It is a money-printing juggernaut that pays extravagant salaries to management and has accumulated $41 million in assets (real estate). If they don't refund the money they SHOULD be forced into bankruptcy and their assets liquidated. Then afterwards be forced to pay modest salaries, rent modest office space, and get back to their chartered mission - running club.

Yes, that would be better for distance running.

agip wrote:

Isn't that $41.2 million including real estate? They have some very price real estate, which is an asset but not cash.

I think you are right, that includes their mansions (not talking about UES 89th St, which can be access by the public. That place is a run down...

Anyway, cash reserve should be north of 20 millions.

Maybe people dont want their money to go to charity. They could take that 1 million and give every runner at least 20 dollars back. They don't have the money is not an excuse. They fraudulently lead people on and then canceled at the last minute. After the way NY added maybe some people dont give a fuc k that they dont get that money. NY is a super rich area they have enough money to pay.

A few years ago the Myrtle Beach marathon got cancelled for a dusting of snow. There was absolutely no snow on the roads and the next day was sunny and about 50 degrees. No refund was given, though they did offer a discount on the next year's entry if you signed up really early. As tough as the hit to the race's reputation may be (I won't be running MB anytime soon), no race organization is going to bankrupt itself over refunds.

This makes no sense. Runners won't get their money back because the NYRRC doesn't have it but the good news is that the money is going to charity? If the money is there for them to give it to charities and to use for next year's race how can it not be there to give back to runners?

What will prob happen is that they will give runners the choice of doing the Marathon in 2013 or 2014 with a credit for 2012. NYRR does not offer refunds for the smaller races why would they start now? Makes business sense to offer a credit rather than hard cash. NYRR does have assets but to think they have a huge some of cash laying around is crazy.