Racing NSW has appointed administrator Morgan Kelly to take control of the Australian Turf Club’s affairs after a Court of Appeal decision upheld the regulator’s right to appoint him.
Kelly will be reviewing “ATC’s operations, financial position and governance arrangements” to find efficiencies in the first instance.
Racing NSW has established an advisory committee, which sidelines ATC directors David McGrath and Annette English, to guide the process.
Racing NSW board members Michael Crismale and Simon Tuxen will be joined by ATC chair Tim Hale, Caroline Searcy and Bernie Brookes to assist in making decisions about the club’s future.
The ATC board remains in place without any powers other than to ensure the business remains solvent.
Racing NSW has committed to providing funding and cash flow by guaranteeing the ATC credit facility.
The first project to be announced is the repair of escalators in the Queen Elizabeth Stand, which have been out of action for five years.
The source of the funding for the escalator project is unclear, but is likely to be intangible loan to the club.
The day-to-day operation and racing program will remain the responsibility of ATC chief executive Steve McMahon and his staff with oversight from the administrator.
