Australian Turf Club members reject historic $5bn redevelopment plan for Rosehill Racecourse
Australian Turf Club members have resoundingly rejected a $5 billion proposal to sell Sydney's Rosehill Racecourse, with the state government hoping to use the site for a new 'mini city'.
ATC club chairman Peter McGauran made the announcement on Thursday afternoon, noting he had supported the sale and was personally 'disappointed by the result'.
Debate ahead of the vote lasted more than an hour, with 56 per cent ultimately voting against the sale and 44 per cent in favour.
The vote marks the end of a 17-month saga for the club and the state government, who have proposed redeveloping the land for a 'once in a generation' housing project.
The government had planned on erecting 25,000 new homes, as well as a Metro West station, on the western Sydney site, if the sale is approved and then on-sold.
The ATC has vowed to use the sale money on $1.9bn in upgrades to other Sydney race tracks, including upgrades to entertainment and other amenities.
Mr McGauran said the ATC would now face an uphill battle, with the lack of funding doing nothing to help address a decline in attendance and run down venues.
'It's more of a challenge because we don't have the funding that could have been available to us through the sale,' he said.
'Nonetheless, we are a viable and strong club and the future is in our hands and we're united behind shared and common goals.'
Mr McGauran admitted he was 'disappointed' by the vote, but said he understood why people had opposed it.
He said much of the vote was influenced by the well-intended 'racing establishment' who had 'made their fortunes from racing'.
Taking a sombre but matter-of-fact tone, Mr McGauran warned of an uncertain future, with declining interest in the sport.
'What what we have to do is go back to core business and seek to reduce our operating costs,' he said.
'Where we can discuss with Racing NSW and the state government, how we can better align with their objectives and strategies.
'The funding would have transformed the entire Sydney racing scene for the next hundred years.'
He went on to add: 'I believe that racing (in Australia) is quickly becoming a niche sport, and this lost opportunity will further accelerate that decline.'
Noting the land value of the racecourse as $27.5m, Mr McGauran lamented the missed opportunity to sell it at '128 times' the value.
Mr McGauran was, though, unreserved in his criticism of independent MP Mark Latham, an outspoken critic of the proposal.
'Mark Latham is a blight on the political landscape, let alone on the racing landscape,' he said.
Some 11,000 members voted on the proposal on Tuesday afternoon.
Mr McGauran, in a letter to members earlier this year, described the vote as 'without any doubt the most important and consequential in the history of our club'.
'This proposal offers a one-off opportunity to make the ATC the most financially secure racing club in the world,' he said in March.
'Many members love Rosehill Gardens and are reluctant to see it go, but the truth is it's an outdated venue with declining crowds.
'This proposal can rejuvenate and secure the racing industry for many generations to come.''
The vote was initially due to be held on April 3, but was postponed following concerns about 'fairness and transparency'.
Information has since been provided to members detailing the perspectives of both the 'Yes' and 'No' camps.
Under the proposal, state government payments to the ATC are timed to fund 'several major investments' over 15 years.
The funds will, among other measures, be used to redevelop Warwick Farm into a replacement Group 1 track.
Premier Chris Minns told ABC Sydney radio on Tuesday he would be 'disappointed' if the ATC shot down the deal.
'I thought this would be a good step forward for Sydney,' Mr Minns told Craig Reucassel.
'This would be infill development, but effectively untouched land for over 100 years so didn't have the contamination risks in a lot of other parts around the Parramatta River.'
Mr Minns ruled out compulsorily acquiring the site if the club voted against the sale.
'I think that it would be disingenuous of me,' Mr Minns said.
'We're leaving it up to the members of the ATC.'
'The question we're asking ATC members is: as we're driving a tunneler underneath the racecourse, do you want us to put a Metro station in as well? Once we're through, that's it.'
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