News

STC opens door for super racing club

19th Oct 2010

The Daily Telegraph - Ray Thomas - Wednesday, 20 October 2010

THE State Government will legislate to approve the formation of a super race club after the Sydney Turf Club agreed to merge with the Australian Jockey Club yesterday.

In a historic day for NSW racing, STC chairman Bill Picken advised Gaming and Racing Minister Kevin Greene that his board now supported the merger.

"We believe the decision to merge the two Sydney clubs is in the best long-term interests of STC and its members, and in the best interests of thoroughbred racing in Sydney," Picken said.

STC chief Michael Kenny said concerns about the financial wellbeing of the club and wagering revenue trends meant the merger was seen as the first step to revitalising Sydney thoroughbred racing.

The new club, tipped to be called the NSW Racing Club, will receive a $150 million funding package that was negotiated by Racing NSW chief executive Peter V'landys, Tabcorp and the State Government, and will be used for the redevelopment of Royal Randwick.

A further $24 million in government grants will be invested in facilities at Rosehill Gardens.

AJC chairman Ron Finemore said the new club would be a formidable player in Australian racing.