Australian Turf Club rocked by resignations

Australian Turf Club directors Natalie Hewson and Ben Bayot resigned their positions on Thursday, leaving the board with the minimum quorum to operate, capping a disastrous week for the club.

The pair joined former chairman Peter McGauran, who resigned his position in July after the failed bid to sell Rosehill, in leaving the embattled, fractured board in the past three months.

It is understood that the pair cited a lack of confidence because of leaks that come out of the club as part of the reason for resigning.

It comes days after chief executive Matt Galanos was sacked via email, while on sick leave.

There are now two government-appointed positions, and one member-elected, available on the ATC board, which leaves only four members, the bare minimum for a quorum.

There is speculation that the club could be put into administration because of its financial woes.

The ATC is going into its most important time of the year, the Everest carnival, and would want to focus on racing, but questions over its finances will not go away.

The ATC has a $30 million line of credit, which is guaranteed by Racing NSW, until the end of next year, but what happens beyond that is unclear.

 A system where it was getting more than $80 million in funding from Racing NSW was recently changed, adding to financial uncertainty.

“The actions of the board do not align with my personal values,” Bayot told The Straight. 

“The board lacks alignment, recently shown poor corporate governance and faces significant financial strain. I don’t see a positive future for the club under this board.”

ATC will start a process to replace Bayot, who was member-elected, on Friday. The club are hoping to have an interim board member in place by Everest day.