Dear Member

We want you to be the first to know the outcome of the meeting held this morning at Racing NSW about the possible merger of Australian Jockey Club (AJC) and the Sydney Turf Club (STC).
Today, a report conducted by firm Ernst & Young about the viability of a merger was presented to the Board and Chief Executives of both clubs.

It is important to note that the report was commissioned by Racing NSW at the request of the Minister for Gaming and Racing, The Hon. Kevin Greene MP. The report does not reflect the views of either race club but serves as a platform to which further debate on a possible merger can take place.

The report cites economic benefits by year five of the integration of $21m – this coming from approximately $10m in cost savings with a projected $11m in new income opportunities largely attributed to events management, sponsorship, membership and increased hospitality.

The process from here

AJC and STC have been given until 11 July 2009 to make a submission in response to the report. Between now and then, your Board of Directors and Executive team will thoroughly review the report and its recommendations and will prepare a formal submission in response to the report.

A meeting between both clubs, Racing NSW and the Minister has been scheduled for 13 July. At this meeting, further debate will occur about the Ernst & Young report and our submission, along with that of the STC will be fully considered.

We have posted a copy of the Executive Summary of the Ernst & Young report on our website. To view a copy of the report, click here. You also have an opportunity to email us any questions or feedback you have about the merger.

By the end of this week, we will summarise your questions into a frequently asked questions document which will be both emailed to you and available online.

For Members who are interested in the finer details of the Ernst & Young report, the entire version will be available on our website by the end of this week.

Our ongoing commitment to you
We will continue to keep you updated on any developments relating to the possible merger.

In the meantime, please be assured that it is business as usual at the AJC and we are committed to delivering the 2009/10 racing and membership programs as outlined in your renewal packs.

We will ensure that the views of our Members are well-represented and that we continue to deliver a great racing experience to you.

Yours sincerely,


Ron Finemore AO
Chairman