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STC Lists "Amendments" To Merger Deal

Wednesday, 20th October 2010

However the STC Board also determined that "in order to realise the benefits of a merger & at the same time recognise the real concerns raised by its members in general meeting, it needed to obtain a number of amendments to the proposed deal". The following "are issues which have been agreed to be included in the legislation of the new club". 

  1. That the board of the merged club will determine (in consultation with the NSW Government) how the $24 million is to be spent at Rosehill Gardens & how the $150 million is to be spent at Royal Randwick to upgrade their grandstands, having regard to expected returns on investment from projects proposed.  
  2. That the selection panel to appoint the initial 3 independent directors to the merged Board (made up of 1 STC nominee, 1 AJC nominee & 1 Racing NSW nominee) require a unanimous vote for each of the persons selected.
  3. That the makeup of the initial Board of the merged club will be 3 STC nominees, 3 AJC nominees & 3 independent directors for the first 12 months; reverting to 2 STC, 2 AJC & 3 independent directors thereafter.
  4. That the moratorium on the sale of Canterbury be extended to 10 years with no ability for the new Board to deal with it until after that period.
  5. That a merger agreement between STC & AJC be signed & published & its authority acknowledged within the Act of the merged club, so that issues of concern such as the protection of races & prize-money, members' entitlements & other matters (as listed by STC & AJC) are determined prior to the incorporation of the club. In relation to this point, the merger agreement would contain the following conditions: (a) That the name of the merged club will not be "Sydney Turf Club" nor "Australian Jockey Club"; (b) That for 5 years, current STC group & feature race prize-money will not be reduced to increase AJC race prize-money (nothing in this agreement restricts the merged club Board from increasing AJC group & feature prize-money from other club sources) & thereafter that prize-money for group & feature races held at Rosehill Gardens & Royal Randwick & the number of group & feature races held at Rosehill Gardens & Royal Randwick be kept to a standard & a level befitting each venue as a major metropolitan racecourse in Australia. (Nothing in this agreement restricts the merged club Board from developing new or existing group & feature races at Rosehill Gardens or Royal Randwick); (c) That prize-money per race for standard Saturday races will be kept equal between Rosehill Gardens races & Royal Randwick races & that the number of Saturday race dates run at Rosehill Gardens & Royal Randwick will be split as near to equally in number & in dates throughout the year as the track conditions will allow; (d) That the Golden Slipper Stakes & a Golden Slipper Festival of races of similar status to the existing Golden Slipper Festival will remain at Rosehill Gardens during the autumn each year; (e) That Rosehill Gardens & Royal Randwick will be maintained as premier racecourses & event centres in Sydney with racing, training & patron facilities of a standard & upkeep equal to a premier Australian metropolitan racecourse; (f) That the rights & benefits of STC & AJC members at the time of the merger be maintained & where possible enhanced for those members after the merger & that there will always be a category of membership in the merged club which allows membership privileges for Rosehill Gardens only members & Royal Randwick only members at a reasonable price; (g) That the annual general meetings of members of the merged club will alternate annually respectively between offices at Rosehill Gardens & Royal Randwick.
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