In 1984-1986, I presented a series of papers at the Academy of Management meeting that examined the issues of ownership form and the efficacy of privatization on delivering services to society. Specifically, in 1985, the papered delivered was an analysis of the competition between a public agency and a for profit business to acquire Monmouth Park Racetrack. The public entity, The New Jersey Sports and Exposition Authority prevailed in a spirited bidding to take control and ownership of Monmouth Park. In 2010, newly elected Governor Chris Christie decided that the State of New Jersey should no longer be in the racing business and announced his intention to convey ownership to private interests. His reasoning was that racing was no longer a profitable venture for the state. Obviously Christie presented a one sided version of reality that was met with skepticism by many stakeholders but given his power and popularity he was able to prevail. Nevertheless this action presents an ideal opportunity to revisit the ownership debate as it is again a topic of interest as the role of government is under sharp debate. This paper will explore the implications that the ownership changes have had on Monmouth Park and then to generalize this case to other relevant ownership and public/private issues. Given the movement by governments all over the world to improve their financial position and to reevaluate their priorities and obligations, this case seems especially relevant today.