Avondale value is loose change compared to Rosehill Gardens.

[Chief Stipe]

ATC confirms Members vote on April 3rd on the sale of Rosehill

• 13 March 2025
•  
• by Rob Burnet

The Australian Turf Club (ATC) issued a statement on Thursday confirming that ATC Members will be asked to vote on Thursday, April 3rd, on the proposal to sell Rosehill Racecourse.

The statement said that under the Unsolicited Proposal process, the NSW Government will consider a proposal which provides ATC with minimum sale proceeds for Rosehill Gardens of $5 billion over 15 years.

The proposal requires a majority of Members voting to vote in favour at the Extraordinary General Meeting at Randwick on April 3rd.

ATC Chairman Peter McGauran said: “This resolution is without any doubt the most important and consequential in the history of our Club and it is vital that every ATC Member votes.

“Many Members love Rosehill Gardens and are reluctant to see it go but the truth is it’s an outdated venue with declining crowds and this proposal can rejuvenate and secure the racing industry for many generations to come,’’ he said.

The statement said that the proposal will seek proceeds from the NSW Government to be paid in full to the ATC over a 15-year timeframe, with instalments timed to fund several major investments to racecourses and ATC Members facilities.

It also said that the ATC would replace Rosehill Gardens with a 'new Group 1 quality racecourse' without saying where that would be in the Sydney Basin and the cost of developing a new track facility including training. It said that Warwick Farm would be redeveloped to a 'Group 1 racecourse' and the the balance of sale proceeds will be invested by the ATC to create a future fund to secure the Club’s financial independence.

Group 1 racing used to held at Warwick Farm, including the Chipping Nortion Stakes, until the races were moved to Randwick for higher wagering turnover.

The proposal to the NSW Government is currently in Stage 2, with the ATC saying it expects to submit a formal proposal to the NSW Government later this year, depending on the outcome of the vote on April 3rd.

When the sale was announced in December, 2023, the figure of $5 billion was mentioned as the sale result for the ATC. This figure has fluctuated and has not yet been confirmed by the NSW Government as the correct and final figure. Whatever the amount, if the figure is paid over 15 years as the ATC statement suggests, the real return to the ATC will be diluted through inflation and rising construction costs over that period.

An example of the cost of a new state-of-the-art racecourse with training facilities and grandstands is the Hong Kong Jockey Club's Conghua Racecourse in China with an all up cost of around US$3 billion. Those costs are based on a Chinese land and construction cost base and not a Sydney land and construction cost base.

With the cost of finding a suitable new site for a racecourse and training facilities in the Sydney basin, let alone building a course and training facilities, it would remain to be seen how much funding was available to create an ongoing investment fund to future proof the industry in Sydney. If indeed there was any funding left over after building a new racecourse and training facilities.

The Winx statue at Rosehill, picture ThoroughbredNEWS

[Special Agent]

The Aussies don't do things by half.

What happens if the members vote "no"?

[Murray Fish]

 

[Freda]

Mentioned in his address was ' reducing costs to owners.....' and attracting young trainers.

What a refreshing attitude. 

Very different from reducing training options on already dated and poorly-maintained facilities and hitting the poor owner in the pocket all the way.

Edited 3 hours ago by Freda