ATC in turmoil: Ben Bayot and Natalie Hewson resign from board

Australian Turf Club plunges deeper into crisis as two directors quit the board, with one citing poor governance and ‘significant financial strain’ at Australia’s premier racing body.

Chaos has erupted at the Australian Turf Club (ATC), with two directors resigning and concerns expressed over the financial future of Sydney’s racecourse operator.

Board members Ben Bayot and Natalie Hewson have stepped down as further turmoil envelops an organisation that spurned the chance to sell Rosehill Gardens for $5 billion earlier this year.

The ATC also parted ways with its CEO Matt Galanos on Monday.

ATC chairman Tim Hale refused to confirm the resignations from the six-person board on Thursday night.

But Mr Bayot told The Daily Telegraph his resignation had been tendered to the board and the interim CEO around lunchtime and his departure was “effective immediately”.

Ben Bayot and Briodie O’Connor at the 2024 Darwin Cup. Picture: Pema Tamang Pakhrin

“The actions of the board do not align with my personal values,” he said.

“The board lacks alignment, recently has shown poor corporate governance, and faces significant financial strain.

“There are a number of key financial agreements that need to be resolved for the club to continue to operate.

“I don’t see a positive future for the club under this board.”

Mr Bayot said he reached his decision reluctantly.

“Of course it was a difficult decision,” he added. “There’s been a lot of work put into the club since I’ve been on the board. But I truly believe it’s the right decision.”

CEO Matt Galanos left the ATC on Monday. Picture: NewsWire / Gaye Gerard

Ms Hewson could not be contacted, but sources confirmed she has also resigned.

Her letter of resignation is understood to comment on the direction of the ATC being out of step with her personal and professional values.

An independent director appointed by the NSW government, Ms Hewson has a background in tax and finance.

Industry sources said they feared there was a risk the ATC could be headed towards administration, while the departure of Galanos has also caused internal unrest.

The ATC’s 2024 Annual Report showed borrowings of $30 million from the CBA as part of a three-year financing facility which expires in October next year.

The 2025 Annual Report has yet to be released.

ATC management also declined to comment on the latest upheaval in a year of ongoing controversy.

Members voted down the Rosehill sale in May, leading to the resignation two months later of then-chairman Peter McGauran, who championed the proposal.

“I remain convinced the potential sale of Rosehill Gardens was a lost opportunity for the club and the wider racing industry,” he said at the time.

“I believe history will judge the decision to pursue the vision as having been the right one.”

Mr Hale replaced Mr McGauran as chair while Steve McMahon, the former head of corporate affairs and government relations, was elevated to the role of interim CEO after Galanos departed the ATC this week.

Originally published as ATC in turmoil: Ben Bayot and Natalie Hewson resign from board