Australian Turf Club AGM told Rosehill sale needed to bolster dwindling funds

Chairman Peter McGauran has painted a bleak future for the Australian Turf Club unless Rosehill Racecourse is sold to bolster the budget.

An extraordinary plan to sell off Rosehill racecourse and transform it into 25,000 homes is being labelled the financial fix the industry needs to secure its long-term future in Sydney.

The claim was made by Australian Turf Club Chairman Peter McGauran at the group’s AGM, where he addressed an audience of more than 100 to explain the reasons behind the proposed move, which would involve relocating the racecourse headquarters.

ATC members opposed to the redevelopment have targeted Mr McGauran in recent months, calling for his removal from the board, while directors Tim Hale and Caroline Searcy have expressed concerns over elements of the process.

In the vote on Thursday for two positions on the seven-person board, Mr Hale was re-elected and a candidate backed by the Save Rosehill group, Annette English, emerged successful from a field of 10 candidates.

Ms English will join the Board in February when longstanding director Angela Belle McSweeney ends her second four-year term.

Adam Hyeronimus and Ikasara win Race 1 at the ATC Bookmakers Recognition Day Handicap at Rosehill Gardens in April. Picture: Getty Images

While board dynamics continued to play out, Mr McGauran told members – including politician Mark Latham – that the ATC faced some significant challenges in 2024 and needed to have a focus on the future.

“The ATC’s revenues from sponsorships, race day admissions and hospitality have all faced headwinds, due to higher inflation and cost-of-living pressures,” he told the meeting.

Australian Turf Club Chairman Peter McGauran. Picture: AAP

“We have also seen wagering continue its downward trend of the last few years.

“With about 62 per cent of ATC revenues derived from wagering turnover, it is a growing and serious issue for the club.

“Significant and ongoing investment is also required to our racing and training surfaces and stabling facilities. This will ensure the ATC continues to attract the best trainers, jockeys and horses, who in turn provide the very best racing.

“It is for all of these reasons that this year we commenced investigating a proposal to redevelop Rosehill Racecourse.”

Mr McGauran said the unsolicited proposal process with state government was at the stage two due diligence phase but a final decision on whether to proceed would be in the hands of ATC members.

“Contrary to some reports, there has been no decision or commitment to sell Rosehill to date,” he said.

“Indeed, this would be impossible without the members’ approval. What has been agreed by the board is to fully explore this opportunity.”

Members will vote on the proposal on April 3 next year.

While fireworks had been expected, members leaving the AGM described the meeting as “civil”, with one opponent to the redevelopment adding: “Surprisingly so”.

Another anti-sale member added: “It wasn’t fiery, it was informative.”

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