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AJC Staff Plan To Sell Warwick Farm

Wednesday, 27th June 2007

This morning's Daily Telegraph also reports on yesterday's "extraordinary AJC press release" which "revealed senior management's plan to sell Warwick Farm - home to more than 40 licensed trainers, more than 200 track & stable staff & up to 700 racehorses - to erase the club's debt & fund the proposed master-plan for Randwick". The proposal to sell Warwick Farm "was put to the AJC Committee on May 4"; it was also seen "as a means to provide necessary expenditure to keep Randwick open & comply with all regulations including the transport & traffic concerns of the police & Randwick Council". The AJC "required an immediate expenditure of $6 million, then a further $24 million over the next 12 months just to comply with council & police regulations". In addition "the master-plan redevelopment at Randwick is another financial burden for the club, requiring $210 million over the next 10 years to fund & complete". However the AJC's 10-member committee "rejected its executive team's plan to sell" Warwick Farm "to meet these financial commitments". New AJC chairman Ross Smyth-Kirk confirmed: "The unanimous recommendation by management was that the club sell Warwick Farm in its entirety to fund the above commitments. The committee was asked to approve this as part of a broader strategy that accommodated existing Warwick Farm trainers. The committee did not support the recommendation."

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