funk, I too thought sterlings double theory was pure lunacy! If he did go to the races, he must have inhaled too many fumes!
I do not know if sterling was actually privy to some "not generally known" information in the past, but I do believe if Urban had been letting anything out in the past, Glenn has now muzzled him. This leads me to believe either:
1) Sterling was not really at the race and created this himself to cover that up.
2) Sterling was there, but Urban was not talking, so sterling wanted something to say.
or
3) This was a plan concocted by Glenn and Urban to make the shorts think that the general shareholders and company are too confused to ever get out of this short. If true, this could help Glenn and Urban sneak the final death blow in.
Take your pick, it could be any of the three.