Racing: AJC has $227m good reasons to persuade STC into merger

Photo / APN

SYDNEY - The Australian Jockey Club will continue to push for a merger of Sydney's two clubs despite the Sydney Turf Club members' rejection of the proposal.

Just 462 of the 5000-plus STC members voted with a show of hands of about 60 per cent scuttling the merger, despite the promise of a cash injection of A$174 million ($227 million) to Sydney racing.

The money was in the form of a non-repayable grant to a new "super club" funded by Tabcorp with A$150 million to go to the AJC's premier track, Randwick, and A$24 million to Rosehill, run by the STC.

A vote last week by 1176 AJC members came out in support of the merger.

"The simple fact is that the NSW racing industry overwhelmingly supports the A$174 million merger proposal," said AJC chairman Ron Finemore.

"The Government's A$174 million proposal represents the largest one-off investment the NSW racing industry has ever seen. Make no mistake, the only way Sydney racing can grow is through one merged club, supported by the proposed A$174 million investment in Sydney racing.

"It would make our industry a laughing stock if 277 people cost the racing industry A$174 million and a secure future.

"All-in-all, in a combined membership of 13,000, we cannot allow 3.5 per cent of them, who voted no to the merger, to derail such a critical package of benefits for the whole NSW racing industry.

"If we are unable to progress the merger and arrangements with Tabcorp are in place, the AJC will continue to lobby its case with government for the proposed A$150 million investment in Royal Randwick to continue, to help attract and grow major events in Sydney."

NSW Racing Minister Kevin Greene said he was disappointed and would wait for the directors of both clubs to get back to him.

- AAP