Morphettville racecourse $400m development too top secret for SAJC members, club stalwart says
A “secret” $400 million proposal to build housing at Morphettville Racecourse could endanger the future of the South Australian Jockey Club according to the man widely regarded as its “saviour”.
The man widely regarded as the ‘saviour’ of the South Australian Jockey Club says “secret” plans for a $400m residential and retail development at Morphettville Racecourse could jeopardise the club’s future.
Bill Spear, a former SAJC deputy chairman, told The Advertiser that six years after the project for apartment buildings up to 12 storeys high on the racecourse was first raised, members remain in the dark.
The 84-year-old accountant is demanding the SAJC spends no more money on a venture that could see up to 1000 new homes built and the demolition of The Junction entertainment centre on Anzac Highway — without full disclosure.
He has called a special general meeting of the club’s 1300-strong membership with a resolution that members must approve all masterplan expenditure.
“It’s absolutely garbage club members know nothing about these secret plans because we own the club — no one else,” Mr Spear said.
“They’ve (SAJC board) already spent $500,000 on consultants on the project and are scheduled to spend another $400,000 this year.
“This is a club that hasn’t made an operating profit in nine years and yet they are continuing with a multi-million risk development.”
The former state basketballer says he is concerned the club is gambling with the remaining money — around $43 million — it invested after the $85 million sale of Cheltenham racecourse.
“I fought like mad to ensure we kept $50m in a trust fund from Cheltenham but they spend it like it’s going out of fashion,” Mr Spear said.
“We spent $16,000 recently cleaning up the weeds in the area where the executives park their cars.
“It’s a shambles. I can’t stand by and see these jokers wasting that money from Cheltenham.
“We’ve had nine builders go broke in the last few months — what does that tell you about building developments in South Australia?”
Mr Spear said a proposal to spend $8m to build 100 racing stables at Morphettville was a further cause of tension between members and the administration.
He was “very confident” he would win the required three-quarters of the membership to pass his resolution at the special meeting.
In 2017, the state Labor government first released details of the SAJC’s development proposal as part of public consultation on rezoning the racecourse land.
Plans included a new park-and-ride facility, 5500sq m of shop space, student and aged accommodation, serviced apartments, affordable housing and medical businesses.
The Advertiser understands the club has engaged a consultant involved in the $2 billion development of Moonee Valley racecourse in Melbourne to help plan the project.
SAJC chairwoman Bodelle Francis denied members had not been informed.
“From the members’ perspective, we always want to be open and transparent and share our information and — regardless whatever forum that is — I’m not concerned by that,” she said.
“As soon as we have information on that (masterplan), we definitely pop it to the members at that time and everything that needs to be shared has been shared.”
Ms Francis said the project was “bubbling along” but the SAJC had made no firm commitments about what it might build.
“We need to get our ducks in a row to give ourselves the best opportunity to put a business case forward,” she said.
“We are seeking approvals around what could be possible, so down the track we can make the best possible decision.”
Ms Francis could not confirm how much the SAJC had spent on consultancies.
Mr Spear first came to public prominence as the whistleblower who took the SAJC to the Supreme Court over vote-stacking at its 2008 board election.
The resultant inquiry saw the entire nine-member board sacked and a police investigation into a range of allegations against senior club officials.
No charges were ever laid.
Mr Spear was the highest vote-getter in the election re-run and spent three years on the new board before retiring in 2012.
The SAJC special meeting will be held at The Junction on Monday, July 29, starting at 7pm.