20 February 2009
 

Dear Members

I write to you during an exciting time for our industry, with a Racing Minister keen for reform and a new Board of RNSW who are taking on the challenge to build a sustainable and prosperous future for racing in New South Wales. Our Chief Executive Norman Gillespie will write to you separately on the potential for an amalgamation of the two metropolitan clubs, the AJC and STC. It is very early days and we shall await the outcome of the feasibility study before any firm proposal will be made. Any such merger would of course require the support of members, and we will keep you regularly informed on any developments.

When the industry is forging ahead with a sense of unity and purpose it is a source of regret that there are those who wish to destabilise and frustrate progress to promote their own self interests. You may receive correspondence to this end in the near future.

I wish to take this opportunity to alert members that we are legally obliged to provide a list of members names and addresses under the Corporations Act. The privacy of membership records is of paramount concern to us. I wish to advise members that Noel F. Bracks & Company whose principal is Mr Noel Bracks demanded a copy of our members register in January of this year, exercising their right under the Corporations Act. Mr Bracks was a former Committee member, voted off the AJC Committee by members in 2006. Acting in the interests of members we made a request of Noel F. Bracks & Company’s reasons for requiring the names and addresses of members and assurances the information would not be misused. This request was refused.

When I became Chairman some 20 months ago, I made the following statement to members: “Clearly we have a formidable task ahead of us as we move to place our Club on a more secure financial footing, to improve facilities for the benefit of members and the racing industry, and return our great Club to an era of prosperity”.

There is still much to do, particularly in bringing the physical amenities up to contemporary standards after years of neglect. However in a relatively short time the Board and management have substantially begun the turnaround; Stage one of our masterplan is in construction; our Randwick tracks have never been in better condition; we have expanded our training facilities at Warwick Farm to be the country’s largest and most successful training centre, with some 900 horses in training (exceeding 1,500 including Randwick) ; gained security of a 99 year lease for Royal Randwick, overhauled hugely inefficient IT systems; introduced basic business disciplines into everything from contract management to a proper asset register; eliminated the huge debt burden of the club; refurbished the Betting Auditorium and Shannon Bar, introduced hundreds of new LCD screens including in the Derby Bar; achieved the prestigious Australian Caterer of the Year award for our functions business, and much more.

We realise that driving so much change through an organisation such as the AJC will make some people uncomfortable. A great many of you who share our vision have offered your support and encouragement and for this we thank you. Now we must pursue with all vigour solutions to the substantial capital requirements to rebuild raceday facilities, and put the club on a sound commercial footing for the future. The amalgamation potential I mentioned above will be one of the avenues to be explored.

The timing and intent of the destabilising actions are not in the best interests of either the Club or the racing industry and are an unwelcome distraction from the tasks we have set ourselves. Nevertheless we are determined to remain focused and work collaboratively with the minister, the STC and Racing NSW to build an exciting and sustainable future for this Club and for the Racing Industry.
 

Yours Sincerely,

Ross Smyth-Kirk
Chairman
Australian Jockey Club Ltd