The controversial submission to sell Rosehill in return for a projected $5 billion windfall will come to a head next month.
An Extraordinary General Meeting of the Australian Turf Club will be held early next month to determine the fate of the proposed sale of Rosehill racecourse.
A majority of ATC members need to vote in favour of the move for it to go ahead with club officials projecting the sale to rake in a minimum $5 billion over 15 years.
ATC chairman Peter McGauran has described the proposal as pivotal and called on all ATC members to have their say.
“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,” McGauran said.
“This proposal offers a one-off opportunity to make the ATC the most financially secure racing club in the world.”
McGauran says proceeds generated by the sale will be used to significantly upgrade facilities at Sydney’s three other metropolitan tracks, particularly Randwick and Warwick Farm.
These are set to include a hotel development at Randwick, a boost to dining and entertainment options, construction of weather-proof entrances and additional stabling facilities at Warwick Farm, including several hundred new boxes.
Plans to redesign the Warwick Farm track have also been outlined, including lengthening the home straight and cambering the turns to make it suitable for high-class racing.
“Members and spectators will ultimately enjoy world-class facilities, not just on race days but seven days a week across several sites in Sydney,” McGauran said.
“Trainers and jockeys will benefit from tracks, training centres and facilities unparalleled in world racing.
“Owners of racehorses will face a greater return on their investment as the injection of funding continues to flow right through the industry.”
The ATC has also pledged to acquire a new, yet to be determined site with a view to turning it into a world-class racecourse and/or training centre.
Any remaining funds would be invested to secure the club’s financial independence into the future.
McGauran acknowledged the attachment many ATC members had to Rosehill but described the facility as “outdated”.
“Many members love Rosehill Gardens and are reluctant to see it go but the truth is it’s an outdated venue with declining crowds and this proposal can rejuvenate and secure the racing industry for many generations to come,” he said.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 EGM will be held on April 3 in the Winx Stand at Randwick.
