Racing NSW to appeal ATC Supreme Court ruling

Racing NSW announced it will appeal the Supreme Court decision which blocked it from putting the Australian Turf Club into administration via its website because of  “the precarious position it places Racing NSW in funding race clubs across the State”.

Racing NSW chair Dr Saranne Cooke repeated much of the statement in chairman’s report to participants on Friday afternoon.

“During the hearing and in the judgment, the Court made findings about whether Racing NSW’s powers extend beyond matters solely related to the ‘racing of galloping horses’,” it read

“If that narrow interpretation were to stand, it could significantly restrict Racing NSW’s ability to fund important club activities such as infrastructure, facilities and operational support that underpin racing across NSW.

“Without certainty on this issue, Racing NSW’s ability to continue supporting the State’s 120 race clubs and the communities they serve could be put at risk.

“NSW race clubs, with the exception of the ATC, are in the best financial position that they have ever been, with their net current assets and cash doubling over the past decade.”

The statement pointed back to figures from Cooke’s participants bulletin from last week and claimed Racing NSW needs to provide certainty, so the industry can prosper.

Cooke said in her report on Friday that country and provincial clubs assets were up 105.9% in the past decade and they twice as much cash on hand at $39.5 million.

Country and Provincial had benefited from centralised model run by Racing NSW with top-up payments amounting to 158.4 million last financial year.

The statement announcing the appeal also pointed to the ruling that went its way in Court.

“The judgment of Justice Kunc importantly confirmed that Racing NSW’s statutory power to appoint an administrator does not conflict with the Corporations Act and dismissed the ATC’s claim in this regard,” it continued.

“Racing NSW moved to appoint an administrator to the ATC due to serious concerns about financial management and corporate governance at the club. Those concerns remain. Nothing in the judgment addressed or dismissed them.

“The case was about how the legislation was interpreted, not the merits of Racing NSW’s decision.

“Racing NSW Board members have a responsibility to act in the interests of the industry as a whole, not those sectional interests with the loudest voice.

“This appeal is necessary to provide certainty and clarity about Racing NSW’s ability to fund and support race clubs across the State and to protect the long-term stability and viability of the industry.

“Thoroughbred racing in NSW supports more than 50,000 participants including trainers, jockeys, stable staff, breeders, owners and the many regional communities whose livelihoods depend on racing and Racing NSW is committed to protecting those participants through every means available to it.”

It was also the way Cooke concluded her Chairman’s report.