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AJC Staff Plan To Sell Warwick Farm
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."