The NSW government’s appetite for the risk of paying $5 billion for Rosehill is arguably a more important question than the support of the Australian Turf Club members, writes Bren O’Brien.
There are two contingencies for the sale of Rosehill to go ahead. One will be decided next Tuesday, when Australian Turf Club members vote, the other is the NSW government’s willingness to part with $5 billion for the 59 hectares on offer.
While much attention has focused on the first of those two questions, the impact of the second part of that contention will extend far beyond the 11,000 members of the Australian Turf Club to the entire eight million-plus people of New South Wales.
Under the ATC’s resolution, any sale would require a $5 billion net financial benefit for the club from the government, which, due to the fact it is going through an unsolicited proposal process, has given no guarantee that it will meet that price expectation.
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