ATC placed in the hands of an administrator | Just horse racing

Sydney’s only metropolitan racing club, the Australian Turf Club, has been placed into administration.

Racing New South Wales announced on Monday morning that it had taken the extreme step after being left unconvinced during a Show Cause process that the ATC board could improve the club’s ‘serious’ financial position.

Racing NSW has appointed an administrator who will report to a yet-to-be-formed committee, replacing the ATC board, while the club’s day-to-day operations will continue to be managed by the ATC executive team.

Racing NSW expects there will be no impact on the conduct of race meetings or events at ATC venues.

“Racing NSW has today announced the appointment of an administrator to manage the affairs of the Australian Turf Club (ATC),” the Racing NSW statement began.

“This decision follows an extensive and exhaustive Show Cause process, together with multiple formal joint meetings between the boards of Racing NSW and the ATC. These steps were taken to ensure that the ATC was given every reasonable and indeed ample opportunity to address the serious concerns.

“During the Show Cause process, the ATC Board was repeatedly invited to make detailed submissions, present the proposed strategy to improve the Club’s financial performance and its future solvency and respond comprehensively to concerns relating to corporate governance.

“In particular, the ATC board was unable to demonstrate that it could develop and implement a strategy to improve the club’s commercial performance, or to rectify its serious financial problems. In addition, concerns about corporate governance had not been appropriately addressed.”

“Racing NSW has appointed a professional administrator who will report to a committee to be established. This committee will consist of appropriate expertise and may include a mix appointed from current ATC board members, ATC members using a best practice skills matrix and other appropriate individuals.

“This committee and administrator will replace the functions of the ATC board. Day-to-day operations will continue to be managed by the ATC executive team and there will be no impact on the conduct of race meetings or events at ATC venues.

“This term of governance will provide the ATC with the opportunity to improve its financial performance, address its serious financial challenges and develop a robust and best practice long-term strategy for the club, utilizing the best possible skills and expertise.”

The ATC will host three meetings this week, with the Warwick Farm meeting on Wednesday, followed by a meeting on Friday evening at Canterbury and a 10-race card at Randwick on Saturday.

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