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World-famous riding school on verge of bankruptcy
Friday, January 11, 2008 | No comments posted.
VIENNA, Austria (AP) — Vienna’s renowned Spanish Riding School — famed for its white Lipizzaner stallions and their elegant strutting and sprightly dancing — is on the verge of bankruptcy, officials warned today.
The 430-year-old school, whose shows at the former imperial stables at the Hofburg Palace in downtown Vienna are among the Austrian capital’s top tourist attractions, lost nearly $2.9 million last year, said business adviser Elisabeth Guertler.
Guertler said a planned U.S. tour has been canceled to save on travel expenses as officials scramble to put together a bailout plan.
“We must work on all levels” to keep the school afloat, managing director Erwin Klissenbauer told Austrian radio. Guertler, the former chief executive of Vienna’s prestigious Opera Ball, said high personnel costs were to blame for the school’s mounting losses. Its 17 riders are paid bonuses while on the road that can boost their monthly salaries to $14,700, she said.
In addition to canceling the U.S. tour, the school will boost the number of performances in Vienna from 38 to 69 this year in hopes of boosting ticket receipts, and plans to cultivate its own grain to cut feed costs for the prized stallions.
“Tradition is important, but tradition alone is no prescription for success,” she said.
Several unidentified riders told the newspapers Oesterreich and Wiener Zeitung this week they are worried about the welfare of the prized and pampered horses, and that the animals would risk injury if put through too many performances. In the 1980s, some stallions became lame after the number of shows was increased to 70 a year.
But Guertler is standing firm, contending the stallions suffer far more by being shipped overseas in cramped containers.
“If it turns out to be too much, I’ll put a stop to it,” she told Wiener Zeitung.
As officials awaited the release next week of an audit expected to detail the school’s financial losses, Klissenbauer played down fears that it might go out of business.
An estimated 250,000 people a year attend the school’s performances, which cost about $73 for a ringside seat and roughly half that for a standing-room-only ticket. Russian President Vladimir Putin toured the school during an official state visit last year.
“I believe the Spanish Riding School has huge potential and in reality is a healthy enterprise,” he said.
The Lipizzaners long served as a symbol of Austria’s past glory during the Austro-Hungarian Empire, which stretched across much of Europe.
Austria’s former ruling royal family, the Habsburgs, went to Spain centuries ago to buy horses and founded a stud farm in what is now Slovenia. The school was privatized in 2001, and now operates the Piber stud farm in the southern Austria province of Styria.
Today’s fastidiously trained descendants of the original Lipizzaners prance during performances beneath crystal chandeliers under the direction of riders in two-cornered hats, performing to classical tunes with grace and military precision.
———
On the Net:
Spanish Riding School, http://www.srs.at
The 430-year-old school, whose shows at the former imperial stables at the Hofburg Palace in downtown Vienna are among the Austrian capital’s top tourist attractions, lost nearly $2.9 million last year, said business adviser Elisabeth Guertler.
Guertler said a planned U.S. tour has been canceled to save on travel expenses as officials scramble to put together a bailout plan.
“We must work on all levels” to keep the school afloat, managing director Erwin Klissenbauer told Austrian radio. Guertler, the former chief executive of Vienna’s prestigious Opera Ball, said high personnel costs were to blame for the school’s mounting losses. Its 17 riders are paid bonuses while on the road that can boost their monthly salaries to $14,700, she said.
In addition to canceling the U.S. tour, the school will boost the number of performances in Vienna from 38 to 69 this year in hopes of boosting ticket receipts, and plans to cultivate its own grain to cut feed costs for the prized stallions.
“Tradition is important, but tradition alone is no prescription for success,” she said.
Several unidentified riders told the newspapers Oesterreich and Wiener Zeitung this week they are worried about the welfare of the prized and pampered horses, and that the animals would risk injury if put through too many performances. In the 1980s, some stallions became lame after the number of shows was increased to 70 a year.
But Guertler is standing firm, contending the stallions suffer far more by being shipped overseas in cramped containers.
“If it turns out to be too much, I’ll put a stop to it,” she told Wiener Zeitung.
As officials awaited the release next week of an audit expected to detail the school’s financial losses, Klissenbauer played down fears that it might go out of business.
An estimated 250,000 people a year attend the school’s performances, which cost about $73 for a ringside seat and roughly half that for a standing-room-only ticket. Russian President Vladimir Putin toured the school during an official state visit last year.
“I believe the Spanish Riding School has huge potential and in reality is a healthy enterprise,” he said.
The Lipizzaners long served as a symbol of Austria’s past glory during the Austro-Hungarian Empire, which stretched across much of Europe.
Austria’s former ruling royal family, the Habsburgs, went to Spain centuries ago to buy horses and founded a stud farm in what is now Slovenia. The school was privatized in 2001, and now operates the Piber stud farm in the southern Austria province of Styria.
Today’s fastidiously trained descendants of the original Lipizzaners prance during performances beneath crystal chandeliers under the direction of riders in two-cornered hats, performing to classical tunes with grace and military precision.
———
On the Net:
Spanish Riding School, http://www.srs.at
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