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STC Lists "Amendments" To Merger Deal
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".
- 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.
- 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.
- 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.
- 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.
- 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.