The problem is that racing clubs are not experts on property development or even straight forward property purchases. In the case of Race, they were "know it all's" and should have at a minimum sought advice from experts in the property development field and for significant property transactions they should have always sought final approval from members.
In the case of Hastings, it is pleasing that they are consulting their members something The Wellington Racing Club never did for the 20 plus years that I was a member.
In the case of Hastings, I think that the proposal can work if they hire the right people and not try to be the experts on property which they are not.