Region. ACCC approves turf clubs merger

The merger of the Sydney Turf Club and the Australian Jockey Club needs only to be signed off by NSW Racing Minister, Kevin Greene, after being given the all-clear by the ACCC. An incentive of a $174 million package will be used to refurbish Randwick and Rosehill racecourses. The $150 million renovations to the stands at Randwick will be funded through a deal with the TAB, while the NSW government has provided a $24 million grant for an upgrade to the facilities and access routes at Rosehill. The combined membership of the two clubs will be about 14,000, with about 250 full-time and 200 part-time staff. The name of the meged club is yet to be announced.

Rosehill. STC agrees to merge with AJC

The Sydney Turf Club has advised the NSW Government that it supports the merger of the STC and the Australian Jockey Club. “A single strong metropolitan club is pivotal for the future of racing in NSW and the AJC and STC Boards have shown great vision in supporting the merger,” said the Minister for Gaming and Racing, Kevin Greene.

Rosehill. STC members reject merger

Members of Sydney Turf Club have voted against a merger with Australian Jockey Club. STC chairman, Bill Picken, said he was disappointed the resolution which had been recommended by the board had been rejected. STC CEO, Michael Kenny, said despite news that a $174 million funding package would be paid to the merged club as a non-repayable interest-free grant and did not require Racing NSW to obtain loan funds from the market, members still felt the merger would not be in the best interests of the club. Some $24 million would have been committed to improvements at Rosehill Gardens. The board will consider defying its members to pursue a merger with the AJC.

Rosehill. AJC gives OK for merger with STC

Some 85 per cent of voting members of the Australian Jockey Club have agreed to a merger with the Sydney Turf Club. “Should STC members agree to support the merger, Royal Randwick and Rosehill Gardens will become modern, world-class racing and multi-purpose events venues and Sydney racing will have two shinning jewels in the Australian racing crown,” said AJC chairman, Ron Finemore. He said the merger would mean a green light for the $150 million redevelopment of Royal Randwick and a $24 million dollar rejuvenation of Rosehill Gardens. STC members will vote on Monday night.

Rosehill. Merger vote on Monday

The Sydney Turf Club will vote on Monday on a merger with the Australian Jockey Club. Tabcorp has reached a $150 million in-principle agreement to refurbish the Randwick racecourse, conditional on the merger, according to The Australian Financial Review.

Parramatta. Merger talks continuing

The next few weeks are crucial if the merger between the Sydney Turf Club, at Rosehill, and the Australian Jockey Club, at Randwick, is to get across the line, according to The Australian Financial Review. The two clubs have been locked in merger talks for many months. Racing NSW’s chief executive, Peter V’Landys, said negotiations between the clubs, state government and his own organisation were continuing.

Rosehill. Clubs still on track to merge

The Sydney Turf Club and the Australian Jockey Club are seeking a substantial annual cash injection from the NSW Government, plus freedom to redevelop their racetracks as 24-hour entertainment, hospitality and gaming centres in return for agreeing to merge.

Rosehill. Racing clubs seek new merger report

Having reviewed the Ernst & Young’s report, the STC and the AJC do not have confidence that the economic benefit of $21 million per annum is either achievable or sustainable, and have jointly commissioned a fresh report to assess the economic benefits of a merger. The clubs said they agreed to the Minister for Racing, Kevin Green’s, request to consider a merger and approved the commissioning of the report, viewing it as a unique opportunity to properly evaluate the merits of a merger. The clubs were disappointed after committing to the process of a merger review that they were precluded from genuine participation in the formulation of the report.