Australian Turf Club (ATC) members will soon vote on the future of Sydney’s historic Rosehill Gardens Racecourse, with the club proposing to sell the venue to the NSW government in a deal worth at least $5 billion over 15 years.
The unsolicited proposal, which will be considered by the state government, is set to be decided at an extraordinary general meeting on 3 April.
ATC chairman Peter McGauran said the sale would secure the club’s financial future.
“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,” he said.
“This proposal offers a one-off opportunity to make the ATC the most financially secure racing club in the world.”
According to the ATC, it plans to reinvest the funds into major projects, including the redevelopment of Royal Randwick, which would include a hotel, new pool, gym, sauna, lifestyle facilities, upgraded dining and entertainment options, and improved stable facilities.
The club added it will redesign the Warwick Farm racecourse, expand training facilities, and upgrade member areas to create a “world-class race day experience”. Canterbury Park is also slated for similar improvements.
The proposed sale has sparked significant opposition from within the ATC, including from high-profile trainers Gai Waterhouse and Chris Waller, as well as former ATC vice chair Julia Ritchie and former ATC chair Matt McGrath.
McGauran acknowledged that many members are reluctant to see the racecourse go, but described it as an “outdated venue with declining crowds” and believes this proposal could “rejuvenate and secure the racing industry for many generations to come”.
He added members, spectators, trainers, and jockeys would all benefit from the deal.
“Members and spectators will ultimately enjoy world-class facilities not just on race days but seven days a week across several sites in Sydney. Trainers and jockeys will benefit from tracks, training centres and facilities unparalleled in world racing,” McGauran said.
“Owners of racehorses will face a greater return on their investment as the injection of funding continues to flow right through the industry.”
Previously, NSW Premier Chris Minns described the proposal would be a once-in-a-generation opportunity to redevelop the site for much-needed housing amid the state’s ongoing housing crisis.
At the end of last year, the NSW corruption watchdog cleared Premier Chris Minns of any “concerns regarding direct dealings and conflicts of interest” related to the Rosehill Racecourse redevelopment.