Australian Turf Club faces critical meeting with regulator over financial concerns

Australian Turf Club will soon face a make-or-break meeting with Racing NSW as financial records reveal an $8.7 million deficit in current assets.

Racing fans at The Everest, a flagship event for the ATC. Picture: Sam Ruttyn

The Australian Turf Club faces a critical meeting with the industry regulator in Sydney next week as its future hangs in the balance.

Racing NSW issued a show cause notice to the ATC Board in September demanding the club prove why it should not be placed in administration over financial and governance concerns.

The ATC has responded in writing and after ongoing correspondence between the two bodies, the process will move into a face-to-face stage.

As the embattled club whose members blocked a proposed $5 billion sale of Rosehill racecourse earlier this year prepares to sit down with Racing NSW, financial issues are also spelled out in the just released ATC Annual Report.

As at 31 July 2025, the ATC’s current liabilities exceeded current assets by $8.7 million and the club recorded a loss of $2.5m after making a $500,000 profit the previous year.

Notes to the financial statements also flagged possible future challenges, including the refinancing of a $30m bank loan, and payments that flow to Racing NSW if property assets are sold to repay the debt.

Flow-on effects if the potential issues were realised would create “material uncertainty” over the ATC’s ability to “continue as a going concern”.

ATC Chairman Tim Hale said the club was satisfied it could “meet its obligations”. Picture: Jonathan Ng

In a message to members, ATC chair Tim Hale said: “The Board has reviewed detailed cash flow forecasts, tested key assumptions, and considered the Club’s asset base, debt levels and trading performance.

“We are satisfied that the Club can meet its obligations as they fall due.”

He also flagged in the Annual Report that the ATC “remains asset rich and full of opportunities to further futureproof our long-term plans”.

Mr Hale said they included looking at “the potential of land holdings around the Camellia Precinct (adjoining Rosehill) and Canterbury (racecourse)”.

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Originally published as Australian Turf Club faces critical meeting with regulator over financial concerns