by Ken Weingartner, Harness Racing Communications

Ken Weingartner

Freehold, NJ — Proficiency in math led Ivan Axelrod to a career as a CPA and eventually to his current position as chief operating officer of Provident Financial Management, a business that specializes in managing the financial affairs of members of the entertainment industry and other high net-worth individuals and executives.

But it also led indirectly to Axelrod discovering a passion for harness racing.

Axelrod is the chairman of the U.S. Trotting Association’s Board of Directors and the organization’s interim president until the end of February. He first developed an interest in racing at the age of 10 when he began to go to the track with his father and discovered the intricacies of handicapping.

“Even at that age I was good in mathematics and I found reading the Racing Form and learning from my dad to be something that was interesting to me,” said Axelrod, a Los Angeles native and lifelong resident of the area. “I enjoyed it a lot. I don’t want to call myself a gambler, because I’m not a real gambler, but I like betting and I like winning and I didn’t like losing and it was a challenge.”

USTA/Mark Hall photo

Ivan Axelrod is the chairman of the U.S. Trotting Association’s Board of Directors and the organization’s interim president until the end of February.

Axelrod’s early trips to the races leaned to the Thoroughbred side, but while he was in college at California State University Los Angeles, the state adopted nighttime harness racing, which created more opportunities for Axelrod to learn about the Standardbred game.

“That started my real interest in harness racing, because I could now go to the races at night and go to school in the daytime,” Axelrod said.

After graduating from college and beginning his career in accounting he was able to save enough money to enter horse ownership.

“Finally I got to the point where I wanted to buy a horse, so I bought my first horse in 1981. I guess you could say the rest is history from there.”

Axelrod, who owned a breeding farm in Ventura County for 16 years, was introduced to the idea of running for the USTA’s Board of Directors, representing District 3, by Charlie Meyers. Axelrod has served on the board since 1988 and has been its chairman for the last decade.

He is interim president of the USTA following the resignation of Phil Langley, which was effective Dec. 31. He will serve in that capacity until the election of a new president at the USTA’s Annual Meeting, Feb. 26-28.

“My goal is to hopefully create a seamless transition to a new president, and I think we’re doing that,” Axelrod said. “We’re giving that two-month time period for the candidates to issue their proclamations, so to speak, on their views. My position during these two months is to take care of USTA matters that need to be taken care of, but not to disrupt the day-to-day operation. I believe that’s the role I’m supposed to take.”

Away from racing, Axelrod is a managing director of Provident Financial Management, where he has worked since 1996, in addition to serving as COO. He is responsible for the day-to-day management of the firm and oversees the firm’s Tax Department, Internal Accounting, Human Resources and Information Technology departments.

“It’s hard work, but it’s a fun industry because we’re not dealing with widgets, we’re dealing with personalities,” Axelrod said. “We manage and represent, from a financial point of view, members of the entertainment industry primarily; actors, actresses, musicians, some high net-worth individuals. We basically handle their financial responsibilities while they go out and earn a living. We have a lot of interesting clients. It’s kind of exciting to help them.

“To do this for 21 years, you have to like it. I’m able to operate the firm and develop a lot of young people with talent. I like the interaction that we have and the accomplishments we have made at the firm over these past 20 years.”

It is not unlike his feelings for the USTA and harness racing. During his tenure as chairman, Axelrod has made it a point to travel to the USTA’s headquarters in Ohio for all executive committee meetings and worked to bring together industry leaders for conferences and discussions about the future of the sport.

“My role at the USTA has been very similar to my professional career. This has brought me much satisfaction over the years, and challenges me. It’s a difficult time with the changing environment where people have many more choices for what they do with their money for entertainment. But I do all of these things with the USTA because I love to do it. If I didn’t enjoy it, and have hope for the future, I wouldn’t do it.

“The people in the industry are great people. You can have a friendship with a trainer, a groom, some of the wealthiest people in the industry, and they all come together around the horses and racing. I’m not sure I could have found a better way to spend my time outside of my business than in harness racing.

“I love the sport. My objective is to enjoy it, win some races, and occasionally try to hit a home run with the yearlings we purchase and have our trainer train up. Sometimes we’re successful, and sometimes we’re not. But it’s been a great experience.”