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Bankruptcy May Corral Famed Riding School

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By WILLIAM J. KOLE, The Associated Press

Published: January 12, 2008

VIENNA, Austria - 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 Friday.

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.

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