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The Australian Turf Club board has been removed and an administrator has been appointed run the club.
The club was issued with a show cause notice in September by Racing NSW, with the governing body citing fears about the club’s solvency and governance.
The ATC recorded a nearly $2.6 million loss for 2024-2025, but said around $2 million of that could be attributed to the failure to sell Rosehill.
But on Monday, Racing NSW released a statement saying an administrator will be appointed.
The club’s executive will report into the administrator, who will in turn report to a newly formed committee.
Betsy believes the committee to oversee the club will include at least one exisiting board member and a group of industry experts.
“Racing NSW today announced the appointment of an Administrator to conduct the affairs of the Australian Turf Club (ATC),” the Racing NSW statement said.
“This decision follows an extensive and exhaustive Show Cause process, together with multiple formal joint meetings between the Boards of Racing NSW and the ATC. These steps were undertaken to ensure the ATC was afforded every reasonable, and indeed ample, opportunity to address the serious concerns raised.”
“Throughout the Show Cause process, the ATC Board was repeatedly invited to provide detailed submissions, present its proposed strategy to improve the Club’s financial performance, its future solvency and respond comprehensively to concerns regarding corporate governance.”
“Specifically, the ATC Board was unable to demonstrate it could develop and implement a strategy to improve the commercial performance of the club, or rectify the serious financial issues.”
The Racing NSW statement also said “the corporate governance concerns had not been appropriately addressed” by the former ATC board.
The governing body said it has appointed “a professional administrator who will report to a committee to be established”, but does not reveal who the appointment is.
“This committee will be constituted of the necessary expertise and may include a mix appointed from current ATC Board members, ATC members using a best practice skills matrix and other suitable persons,” the statement said.
This committee and administrator will replace the functions of the Board of the ATC. The day-to-day operations will continue to be managed by the ATC’s executive team and there will be no impact on the conduct of race meetings or events at ATC venues.
“This administration period will provide an opportunity for the ATC to improve its financial performance, address the serious financial issues and develop a robust and best practice long term strategy for the club, using the best possible skills and expertise.”
