Sorry to see Joe go

We interpret Joseph A. Matalon's resignation as chairman of Caymanas Track Ltd (CTL) as capitulation to a noisy crowd, which is to be regretted.

Mr Matalon's sin was to recognise that CTL, the government company that promotes horse racing, is bankrupt. It is kept alive by the benevolence of taxpayers, who can no longer afford it.

The ultimate solution to that conundrum is divestment. In the meantime, the company has to contain costs, which it has been doing.

More, though, is required, hence Mr Matalon's call for a reduction in raceday purses. Owners and trainers will have none of it. Thus, their campaign to which Mr Matalon has seemingly bowed.

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