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Keith Brackpool

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Keith Brackpool
Born1957
NationalityBritish
CitizenshipAmerican
Occupation(s)Business executive, investor, horse-racing industry professional
Years active1980s-present
Employer(s)Stronach Group, Cadiz Inc.

Keith Brackpool (born 1957) is a British-American investor and business executive.[1][2] After starting his career as an investment banker and CEO for Albert Fisher's North American operations,[2] he co-founded the water resource company Cadiz Inc. in 1983,[3] holding a number of executive positions including CEO, and is currently chairman of the board. In 1989 he started the company 1334 Partners LP.,[4] which owns and invests in residential and commercial properties in California.[1][5] From 2013 - 2018[6] he served as a shareholder and executive board member for the Stronach Group, a thoroughbred horse-racing company, and chairman of West Coast operations, including Golden Gate Fields and Santa Anita Park racetracks.[1] Brackpool has also held public policy positions in California, including co-chairman of the Agriculture and Water Transition Task Force in the administration of California Governor Gray Davis, a member of the Commission on Building for the 21st Century,[2] and chairman of the California Horse Racing Board.[7]

Biography

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Early career

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Keith Brackpool was born in 1957 in England, with his childhood spent in Surrey[2] and London.[8] Described by The Guardian as “a buccaneering self-made businessman," in the 1980s he came to the United States, after pleading guilty to criminal charges relating to securities trading in Britain.[9][10] In the United States, he headed the American division of the food distribution company Albert Fisher,[2] serving as both director[11] and CEO of North American Operations from 1989[12] until 1991.[2] In 1983,[3] Brackpool partnered with geologist Mark Liggett to found Cadiz Inc., a company focused on locating water sources for development and sale to municipalities. Studying satellite images, Liggett located an aquifer in the Mojave Desert and Cadiz bought a patchwork of plots from the railroads in the area, amassing 55 square miles of "creosote crumb."[13] Brackpool became a Cadiz Inc. director in September 1986. In 1989 he started the company 1334 Partners LP., which owns commercial real estate,[4] and was a shareholder in a Polly Peck subsidiary.[2]

Cadiz Inc.

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In the mid-1990s,[3] Cadiz developed a water transport plan that involved storing excess water from the Colorado River in an aquifer on Cadiz property, with the water to be sold to California communities during droughts.[2] The proposal was developed with[3] and then pitched to the Metropolitan Water District of Southern California (MET) of southern California, and at the time was considered “the largest public-private project in the state's history."[2] In 2001 Brackpool was appointed chairman of the Cadiz Inc. board of directors in addition to his roles as president and CEO.[4] After federal approval of the project in 2002,[14] controversy surrounded the water proposal, with critics such as Senator Dianne Feinstein[15][16] disagreeing with the U.S. Interior Department’s assessment that "any negative effects on the environment could be prevented."[14]

During early processing of the water proposal with MET, Cadiz was also involved in agricultural development.[2] In 1993, Cadiz secured permits from San Bernardino County to expand its agricultural operations and develop up to 9,600 acres (3,900 ha) of its properties in the Mojave Desert.[17] In 1996 the Cadiz Land Company acquired Sun World International Inc., which had been in Chapter 11 bankruptcy protection since 1994. At the time, Cadiz Land grew fruit and vegetables and owned 42,000 acres in Southern California.[18] Brackpool also expanded into international projects, exploring a development in Egypt which the company hoped would "become the largest single agricultural project in the world."[2] In 1998[19] Brackpool was appointed co-chairman of the Agriculture and Water Transition Task Force in the administration of California governor Gray Davis,[2] and in 1999[19] Davis appointed him to the Commission on Building for the 21st Century.[2] In October 2002 the board of the MET voted against the project "by a razor-thin margin."[14] Sun World filed for Chapter 11 bankruptcy protection in early 2003[20] and was sold by Cadiz in 2005 to Black Diamond Capital Management for $127.8 million.[21]

In 2009, Cadiz announced a new project design[3] focused on supplying fresh water solely from the Cadiz aquifer[22] to 400,000 Southern Californians.[23][24] According to Cadiz, the Cadiz Valley Water Conservation Recovery and Storage Project would pump groundwater before it evaporates and deliver it via an underground pipeline[22] stretching 43 miles (69 km), to be constructed within an existing railroad corridor.[3] Brackpool stepped down as president of Cadiz Inc. on April 12, 2011,[4] while the proposal was still in its environmental review phase,[15] with colleague Scott Slater taking over.[25] He remained CEO and chairman.[4] The Santa Margarita Water District approved the project’s environmental documents in July 2012,[22] followed by approval of the project by the San Bernardino County Board of Supervisors in October 2012.[15]

In 2013, Slater assumed the CEO role,[25] while Brackpool remained chairman of the Cadiz board.[11] The project faced several lawsuits between 2012 and 2014 brought by environmental groups and local oil and gas operatives that mine the desert for salt. In May 2014, the Superior Court rejected all claims against the project and upheld the approvals.[26] These rulings were subsequently appealed to the California Court of Appeal,[23] which sustained the lower court rulings in May 2016 and upheld the project's approvals.[27] The project approval process proved politically controversial.[16][15][28][24][29][30][25] Under a Trump Administration change of policy, the project may not have to undergo federal review.[31] As of 2018, Brackpool continues to serve as chairman of the Cadiz board.[4]

Horse racing

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Brackpool was appointed to the California Horse Racing Board (CHRB) by Governor Arnold Schwarzenegger on September 24,[32] 2009, and he was elected chairman[1] on January 15, 2010.[33][7] Later in 2010, Brackpool stated at a California Thoroughbred Breeders Association and Oak Tree Racing Association conference that the racing industry needed to increase audience attendance by improving the onsite experience. He also argued for exchange wagering as an alternative to “ontrack casino wagering," stating "if you could merge British racing experience with the American football model, you would have the greatest thing you could experience."[34] Along with other members of the board, Brackpool worked for greater distribution of races through channels such as HRTV and TVG.[1]

In January 2013, Brackpool left his role as chairman of the CHRB and became a shareholder[1] and member of the executive board at the Stronach Group.[4][35] He was appointed chairman and head of Stronach Group’s operations on the west coast,[36] which includes the Golden Gate Fields and Santa Anita Park racetracks.[1] In his position with the Stronach Group in 2013 he oversaw the restoration and expansion of San Luis Rey Downs, which had seen a surge of activity as a training center after the closure of nearby Hollywood Park.[37]

In 2013 Brackpool was[38] temporarily named CEO of the Santa Anita racetrack.[36] In the summer of 2013, Brackpool renovated Santa Anita Park, and thoroughbred horse racing returned to the park in September. He explained that the renovations “were centered around improving the audiovisual experience at the track" as well as visitor experience, with the clubhouse, sports bar, and Chandelier Room upgraded.[38] In 2013, Brackpool renovated Santa Anita Park. According to Daily Racing Form, the renovations met with “generally positive reviews."[37] In December 2013, Santa Anita began installing a new dirt track surface, after changes in state legislation made synthetic turf no longer a requirement.[39] Attendance at Santa Anita improved over the following two years.[40] Along with his Santa Anita roles, through his positions at Stronach[41] Brackpool was chairman of Golden Gate Fields[42] and chairman of the Los Angeles Turf Club.[43]

Brackpool was an active thoroughbred owner[1] with both personal ownership of race horses[44] and a stakeholder position[45] in Golden Pegasus Racing,[46] a partnership with other Stronach Group executive board members.[45] In January 2014, Brackpool's horse Gervinho competed in the Grade II Sir Beaufort Stakes with jockey Rafael Bejarano, winning the $200,000 purse.[44] Other notable horses owned by Brackpool have included Dynaformer’s sons Kolo and Bolo, who both won the Santa Anita Eddie Logan Stakes at two years of age.[47] In February 2016 Bolo won the Grade 2 Arcadia Handicap at Santa Anita in an upset.[48]

In April 2018, Brackpool stepped down from his positions at Stronach, and filed a lawsuit in California against the company, saying he was owed $40 million because of an agreement he entered with the organization when he was hired in 2012.[6][49] In October 2018, he filed a lawsuit for $400 million in Ontario, Canada, against Belinda and Alon Ossip, a former chief executive of the company, alleging that the two mismanaged company funds and illegally appropriated control of family trusts affiliated with the company.[50]

Real estate investments

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Personally invested in a number of real estate projects, since 1989 Brackpool has owned 1334 Partners LP., which holds commercial real estate.[4] Brackpool was the longtime owner of the Manhattan Country Club,[5] which has hosted since 1994 the annual Manhattan Wine Auction, a popular fundraising event.[51] In June 2017, Brackpool sold the Manhattan Country Club to Bay Club Co. for $73 million.[5]

Personal life

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A single father of two children, Brackpool lives in California.[8]

See also

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References

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  1. ^ a b c d e f g h Andersen, Steve (January 18, 2013), "Brackpool resigns from CHRB to take position with Stronach Group", Daily Racing Form, retrieved May 19, 2017
  2. ^ a b c d e f g h i j k l m Campbell, Duncan (February 2, 2001), "The British businessman who aims to make $1bn taking water from the desert", The Guardian, retrieved May 19, 2017
  3. ^ a b c d e f James, Ian (May 12, 2016), "Plan to pump water from Mojave survives court challenges", The Desert Sun, retrieved May 25, 2017
  4. ^ a b c d e f g h "Keith Brackpool", Bloomberg, retrieved May 19, 2017
  5. ^ a b c Beth Solomon, Daina (June 6, 2017), Manhattan Country Club Sold for $73 Million, Los Angeles, California, United States: Los Angeles Business Journal, retrieved October 14, 2018
  6. ^ a b Paulick, Ray (April 14, 2018), Deal Or No Deal? Brackpool Sues Stronach Group Over $40-Million Equity Stake, Paulick Report, retrieved October 14, 2018
  7. ^ a b "Board Members", CHRB, archived from the original on 2010-01-27, retrieved 2010-01-27
  8. ^ a b Andersen, Steve (January 21, 2010), "New chairman anything but bored", Daily Racing Form, retrieved May 26, 2017
  9. ^ Hiltzik, Michael (October 7, 2015). "The Cadiz water scheme: How political juice kept a bad idea alive for years". Los Angeles Times. Retrieved June 2, 2019.
  10. ^ Neate, Rupert (January 3, 2016), "How one man plans to make billions selling Mojave desert water", The Guardian, retrieved May 25, 2017
  11. ^ a b "Management", cadizinc.com, retrieved May 28, 2017
  12. ^ "Executive Changes", The New York Times, October 11, 1989, retrieved May 26, 2017
  13. ^ Booth, William (August 12, 2002), "Water's Flow From Private Hands", Washington Post, retrieved May 25, 2017
  14. ^ a b c Marie Squeo, Anne (October 9, 2002), "Cadiz's Proposed Water Deal Is Scrapped by Cooperative", The Wall Street Journal, retrieved May 26, 2017
  15. ^ a b c d "San Bernardino County approves Cadiz groundwater pumping plan", Los Angeles Times, October 1, 2012, retrieved March 26, 2017
  16. ^ a b Boxall, Bettina (October 5, 2015), "BLM decision sets back Cadiz plan to sell Mojave groundwater", Los Angeles Times, retrieved May 26, 2017
  17. ^ Steinberg, Jim (November 6, 1993), "Farm expansion wins OK", The San Bernardino Sun, p. 16, retrieved May 28, 2017
  18. ^ "Cadiz Land plans to buy Sun World for $175 million", The New York Times, May 29, 1996, retrieved May 28, 2017
  19. ^ a b Shinar, Jack (September 24, 2009), "Brackpool, Rosenberg Appointed to CHRB", Blood Horse, archived from the original on June 21, 2021, retrieved May 26, 2017
  20. ^ Douglass, Elizabeth (January 31, 2003), "Cadiz Subsidiary Files for Chapter 11", Los Angeles Times, retrieved May 28, 2017
  21. ^ "Black Diamond Buys Sun World Assets", Los Angeles Times, March 1, 2005, retrieved May 28, 2017
  22. ^ a b c Cadiz Project - CEQA Documents and PDF of the Final Environmental Impact Report, Santa Margarita Water District, July 31, 2012, archived from the original on 2017-05-22, retrieved May 28, 2017
  23. ^ a b Steinberg, Jim (September 2, 2015), "Diverse group of 11 trade, labor and agencies file briefs in support of Cadiz project", The San Bernardino Sun, retrieved May 28, 2017
  24. ^ a b Steinberg, Jim (October 11, 2015), "Cadiz chief to tackle desert water transfer project", The San Bernardino Sun, retrieved May 26, 2017[permanent dead link]
  25. ^ a b c Shinar, Jack (February 8, 2017), "California water venture tied to Trump sees prospects rise after years of setbacks", The Sacramento Bee, retrieved May 26, 2017
  26. ^ Zimmerman, Janet (May 5, 2014), "Judge sinks lawsuits against Cadiz Valley water project", OC Register, retrieved May 26, 2017
  27. ^ Steinberg, Jim (May 10, 2016), "Cadiz water project in Mojave Desert wins big in Appellate Court", The San Bernardino Sun, retrieved May 28, 2017
  28. ^ Swift, Jim (November 9, 2015), "Riders on the Storm", The Weekly Standard, archived from the original on August 31, 2016, retrieved May 28, 2017
  29. ^ Finley, Allysia (April 8, 2016), "Trying to Get Water to California but Torpedoed by Regulators", The Wall Street Journal, retrieved May 26, 2017
  30. ^ "The Pipeline and the Short Seller", Wall Street Journal, August 16, 2016, retrieved May 26, 2017
  31. ^ Boxall, Bettina (April 4, 2017). "Trump eases the way for a controversial water pumping project in a California desert". The Los Angeles Times.
  32. ^ "News", CTBA[dead link]
  33. ^ "New Chairman for CHRB | California Thoroughbred Breeders Association". Archived from the original on 2010-11-21. Retrieved 2016-06-20.
  34. ^ Arrington, Debbie (September 26, 2010), "Put the Fun Back in Racing, Brackpool Urges", Blood Horse, archived from the original on 2017-09-05, retrieved May 29, 2017
  35. ^ "Stronach Group Team", stronachgroup.com, retrieved May 19, 2017
  36. ^ a b "Brackpool Takes Over Santa Anita Operations", www.bloodhorse.com, April 23, 2015, archived from the original on 2017-04-21, retrieved May 25, 2017
  37. ^ a b Hovdey, Jay (December 12, 2013), "San Luis Rey Downs, a relic of 1970s, comes back into style", Daily Racing Form, retrieved May 29, 2017
  38. ^ a b Favot, Sarah (September 27, 2013), "Racing returns to Santa Anita as track unveils $15M renovation to appreciative fans", Pasadena Star News, archived from the original on 2017-08-19, retrieved May 29, 2017
  39. ^ Favot, Sarah (June 15, 2014), "Santa Anita to get new dirt track surface", Los Angeles Daily News, retrieved May 29, 2017
  40. ^ "Santa Anita Reports Attendance, Handle Gains", Blood Horse, July 1, 2015, archived from the original on 2016-04-22, retrieved May 29, 2017
  41. ^ Shinar, Jack (July 19, 2012), "Deal to Put Santa Anita On TVG Discussed", Blood Horse, archived from the original on 2017-06-27, retrieved May 29, 2017
  42. ^ Esper, Damin (May 19, 2016), "Albany: Golden Gate Fields donates land for Bay Trail", East Bay Times, retrieved May 29, 2017
  43. ^ Hovdey, Jay (December 22, 2015), "Hovdey: Santa Anita builds, hoping people will come", Daily Racing Form, retrieved May 29, 2017
  44. ^ a b Diroll, Patt (January 5, 2014), "On The Town: Santa Anita opening: Blue skies and blue jeans", Pasadena Star News, retrieved May 29, 2017
  45. ^ a b Martini, Jessica (December 28, 2015), "Winning Agenda for Brackpool", Thoroughbred Daily News, retrieved May 29, 2017
  46. ^ "John Clay: Carla Gaines, trainer of Derby contender Bolo, left psychology for the racetrack", Kentucky.com, April 28, 2015, retrieved May 29, 2017
  47. ^ Lintner, Jonathan (April 29, 2015), "What's in the name for 2015's Derby horses?", Courier Journal, retrieved May 29, 2017
  48. ^ Andersen, Steve (February 13, 2016), "Bolo fires fresh in Arcadia Stakes", Daily Racing Form, retrieved May 29, 2017
  49. ^ Balan, Jeremy (April 13, 2018). "Keith Brackpool Sues The Stronach Group". BloodHorse.com. Retrieved June 2, 2019.
  50. ^ Hegarty, Matt (October 11, 2018), Stronach files $400M lawsuit against daughter, former CEO, DRF, retrieved October 14, 2018
  51. ^ Curnutt, Jim (June 20, 2014), "Manhattan Wine Auction a barrel of fun", The Beach Reporter, retrieved May 19, 2017
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