Tabcorp to give $150m to Sydney racing
Racing NSW has reached in principle agreement with Tabcorp and the NSW government to provide a $150 million non repayable grant to Sydney racing contingent on a merger between the two clubs.
Members of the Australian Jockey Club (AJC) voted in favour of the merger last week with Sydney Turf Club (STC) members to cast their votes on Monday.
Racing NSW chairman Alan Brown said the funds would be used to redevelop Randwick racecourse and upgrade facilities at Rosehill.
“These funds, together with the $24 million grant to be provided by the NSW government for Rosehill, will ensure that Royal Randwick and Rosehill Gardens will have facilities that will be as good if not better than anywhere in the world,” Brown said.
“The NSW government and minister Kevin Greene, through this initiative, have provided an opportunity never before offered to racing.
“The $150 million is not a loan, which means that neither the clubs nor Racing NSW have to encumber their assets.
“Further the initiative does not affect the existing income of the NSW Thoroughbred Racing Industry.
“The $174 million will be made available to the new merged club as a non-repayable grant.”
Details of the funding arrangement will not be announced until cabinet approval is given.
Plans for the $150 million to be spent at Randwick include new grandstands and a Theatre of the Horse mounting yard behind the stands.
The $24 million for Rosehill has been earmarked to improve pedestrian and vehicular access to the course.
The upgrades to both racecourses would enable them to be used more frequently as multi purpose venues.