Australian Turf Club members will get their say on whether the proposed sale of Rosehill racecourse goes ahead at an extraordinary general meeting of the club on April 3 next year.
Chairman Peter McGauran had initially said the member vote, which the ATC is committed to as part of the process for approving the Rosehill deal, would take place in 2024, but this has been pushed back as due diligence is completed amid a parliamentary inquiry.
McGauran wrote to members on Wednesday to update them on the intended timeline.
“As you know we are currently pursuing due diligence as part of Stage 2 of an Unsolicited Proposal (USP) with the NSW government,” McGauran wrote.
“As part of the USP, we have received a preliminary report from Moelis Australia Advisory which has been engaged by Racing NSW to conduct the financial due diligence in relation to the proposal.”
McGauran said the advisors are still obtaining a number of reports from planning, environmental and engineering experts about Rosehill and other sites which have been identified as possible replacements for the racecourse.
Racing NSW has said it will need a replacement site to consider supporting Rosehill’s closure.
Those details will not be ready ahead of the ATC annual general meeting on November 28, hence the requirement to push back the member vote.
“This delay is challenging, however, the potential of the Rosehill Gardens proposal could realise the funds to transform all of our facilities for the next generation of members, participants and racegoers and secure the ATCs financial future, independent of wagering,” McGauran wrote.
“This opportunity demands that we fully and rigorously investigate it for the benefit of all members.”
The potential sale has been a highly contentious issue among members, with several influential groups calling for McGauran to stand down over how the issue has been handled.
“I respect there are strong views regarding the Rosehill proposal. This is understandable considering it is the single largest undertaking the ATC have ever considered,” he said.
Bren O’Brien
“However, I ask for your patience as we continue due diligence and encourage you to keep an open mind until more information can be communicated.”
The parliamentary select committee investigating the proposal's details is expected to hand down its findings on December 6, the 12-month anniversary of the Rosehill plan becoming public.
“This delay is challenging, however, the potential of the Rosehill Gardens proposal could realise the funds to transform all of our facilities for the next generation of members" - Australian Turf Club chairman Peter McGauran
