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Mark Di Stefano

Barrenjoey and the $5b property deal lurches towards defeat

Bankers were deployed to help convince Australian Turf Club members to sell Rosehill racecourse.

On Tuesday afternoon, paid-up members of the Australian Turf Club will file into Randwick to vote on the proposed sale of Rosehill racecourse to the NSW government for $5 billion.

NSW Premier Chris Minns hatched the plan with ATC chairman Peter McGauran in 2023. His new Labor government struck an MOU to buy Rosehill, Sydney’s second-biggest racetrack. The ATC gets billions. Minns gets a housing supply policy on steroids: The 57 hectares in western Sydney would be flipped to developers, there’d be a new Metro line and 25,000 new homes.

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Mark Di Stefano is Rear Window columnist, based in the Sydney newsroom. He previously worked at BuzzFeed, the Financial Times and The Information before joining the Financial Review as a media and tech correspondent. Connect with Mark on Twitter. Email Mark at mark.distefano@afr.com

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    Original URL: https://www.afr.com/rear-window/barrenjoey-and-the-5-billion-property-deal-headed-for-defeat-20250526-p5m28e