The Australian Turf Club is expected to save around $4 million a year with the axing of several senior executive roles and the recent departure of ATC chief executive Jamie Barkley.
Barkley resigned in April and four executive general managers were made redundant last week as part of a “crucial restructure” aimed at saving money and “modernising” the business.
“The Australian Turf Club has implemented a crucial restructure to modernise its operations for the future benefit of Sydney racing,” ATC chairman Peter McGauran was reported as saying. Acting CEO Matt Galanos will oversee the new management structure until a new CEO is found.
Last year the ATC, which runs race events and hospitality at Royal Randwick, Rosehill Gardens, Canterbury Park and Warwick Farm, made an operating loss of $7 million.
“A new, streamlined management structure will ensure ongoing financial sustainability during a tightening economy,” McGauran said. “This marks the new way of how the ATC will be doing business, a leaner organisation which is adapting to commercial realities.”
The ATC was formed after the merger of the Australian Jockey Club with the Sydney Turf Club in 2011.
McGauran said the was looking to foster fresh ideas and new approaches to create further success with some cultural change at the top of the organisation which employs about 300 full-time staff and more than 1000 casual staff across its four venues.
The search for a new ATC chief executive will not start until after the Everest carnival.