The government is yet to make a formal decision on the purchase, but Minns, a driving force behind the plan, has previously supported that idea, saying it would come at no cost to taxpayers because “ultimately, we’d be flipping the land” and on-selling it to developers.
The proposal to members makes clear it could be decades before the redevelopment would be complete. “Relevantly, ATC is not proposing to assume risk associated with the development of the site, which may occur over a period of up to 40 years,” it states.
In addition, the ATC plans to redevelop Warwick Farm into a top-line metropolitan track at a cost of $800 million should members vote to sell Rosehill.
More than $500 million would also be set aside for the acquisition of another parcel of land in western Sydney, understood to be in the Penrith area, for a training centre and track with potential for group 1 racing.
The windfall from a sale would flow towards an upgrade of existing facilities including a $518 million facelift for the Randwick racecourse.
The proposal also includes a sweetener for members in the form of a loyalty program. It would include free membership for all members for five years while fees would be waived for life for those with more than 20 years’ membership. Members would also receive $1000 food and drink credits for five years.
Loading
The ATC told members it alone would have access to and control of the sale proceeds, not Racing NSW, saying it would appoint an independent board to oversee them.
It would also set up a racing advisory body of members, trainers breeders, owners and jockeys, as well as a future investment fund.
ATC chairman Peter McGauran said the financial realities for racing were stark due to declining wagering and falling attendance numbers at Rosehill.
“The proposed $5 billion sale of Rosehill Gardens represents a significant opportunity to secure the future of the club, ensuring its continued growth and stability for future generations,” McGauran said.
The club’s 11,000 members can vote on the proposal online ahead of an extraordinary general meeting on May 27.
Start the day with a summary of the day’s most important and interesting stories, analysis and insights. Sign up for our Morning Edition newsletter.
Read the full article here
