South Australia Harness Racing Club agrees to land sale at Globe Derby
Members of SA’s cash-strapped trotting club have voted to sell a 12.5ha slice of its prime land for development to clear its debts.
SA News
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South Australia's cash-strapped trotting club will sell a chunk of its prime land for development to clear its debts after members approved the plan.
SA Harness Racing Club members met on Sunday and backed a proposal to sell 12.5ha alongside Port Wakefield Rd for commercial and light industrial development by a Queensland developer, Seymour Group.
The company’s owner, Kevin Seymour, provided a $3.5m loan to the financially embattled club in 2020 to prevent it from going into voluntary administration.
His company will manage the release of 22 sites onto the market, several of which will be retained by the club.
The resolution required at least two-third support from members and it is believed around 72 per cent eventually voted in favour of a deal that the club had said was vital to secure its financial future.
SAHRC president Anne Mowday confirmed the result.
“The majority of members, with the committee, look forward to working with the Seymour Group to update facilities and build a future for the club and the industry,’’ Mrs Mowday said.
A presentation prepared for the meeting by Seymour Group showed 22 sites ranging from 3170sq m to 5082sq m would be sold between Globe Derby Rd and Daniel Ave.
The area to developed includes a training track and other facilities.
The meeting was told the sale would clear the $3.5m debt owed to Mr Seymour and provide a future income stream.
The land was put up as security when Mr Seymour provided the loan when it emerged the club had made only one profit in 14 years and owed $3.1m.
In a notice to members, Mrs Mowday said the club since had lost $500,000 a year while still owing $3.5m to the Seymour Group.
Ms Mowday said the committee believed the proposed deal with the Seymour Group would “pay off existing debts and secure an income stream to support the club into the future”.
“Over time the club has experienced a total loss of its once significant on-course tote income that sustained the club’s finances,” she said.
Originally published as South Australia Harness Racing Club agrees to land sale at Globe Derby
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