The article critiques the current leadership in horse racing regulation, particularly focusing on the conflict between HISA and Churchill Downs over unpaid fees and the broader financial mismanagement within HISA. It highlights that HISA owes millions in startup loans to key industry organizations but has allocated no funds for repayment in its 2026 budget, raising concerns about its impartiality as a regulator. Mike Repole’s federal-level challenge underscores the problem of a regulator beholden to lenders, which compromises fairness and integrity in the sport.

As a solution, the article promotes the Masry Model, proposed by Louis Masry of Westlake Racing, which calls for a mandatory, interest-bearing escrow account for every foal at registration to ensure funded aftercare—a shift from the current voluntary charity-based system. The author sets an 18-month deadline for the industry leadership to implement such reforms or prove their unfitness to lead, urging stakeholders to participate in the public comment process on upcoming HISA rules and demand financial transparency and mandatory aftercare funding to save the sport.