Date posted June 26, 2009 | Posted by Michele Cullen | Filed under
Industry CommentAN OPEN LETTER TO THE NSW RACING INDUSTRY
As a significant investor in the racing industry and particularly in New South Wales, I welcome the findings of Ernst & Young on its report into the proposed AJC/STC Merger. The report has highlighted an outdated and unsustainable club governance structure, which is leading both the AJC and STC to financial ruin. It is obvious from the report that change must occur to secure the future of the racing industry in Sydney.
Nathan Tinkler
I applaud the Minister for having the foresight and vision to commission the report, which has since been the source of healthy debate and discussion. Constructive commercial debate over the next month should now shift to how the merger is immediately implemented. With strong leadership this much needed restructure of racing in New South Wales should begin in the near term and take no longer than 6-9 months to complete, leaving the new powers to oversee the all important Autumn Carnival in the hope that Sydney’s biggest race day can attract a crowd deserving of the racing and prize money on offer.
Whilst the synergies of a merger are now apparent hard decisions must now be made. I call on the Minister to capitalise on the much needed work he has undertaken to date, and take decisive steps to implement a strategy immediately which will deliver a stronger and sustainable platform for the growth of racing in NSW for participants new and old. We are fortunate in this industry to have people with a vested interest who are also extremely successful in their commercial endeavours. At this time, our industry needs these people to play a major role in building a sustainable future for racing participants in NSW. These people need to be engaged in setting the agenda for the future and bringing racing in Sydney into 2010 and beyond.
As racing club members and participants we all need to dispense with the emotion of club membership and unite to support a stronger and more sustainable product, which will deliver entertainment to the racing industry for many years to come. The core of the racing industry is pure entertainment and I call on all racing enthusiasts to address racing as such. Enough with the impassioned testimony from committees and members holding onto emotional debates. Our much-loved industry is dying, and we all now have the chance to support a new commercial model, which can secure its future. Business today is very different from what it was even a year ago given the impact of the financial crisis, yet our current racing club governance structure has not changed in a lifetime. The reality is, a merger is imminent and for it to be successful it needs to be looked at as a marriage, not a merger. It is not relevant (now or in the future) to discuss who owns what, partner up and succeed together, or die alone.
Punters and racing enthusiasts go to the races to be entertained in the sport of their choice; do they really concern themselves with who puts the event on? They just want to see a great spectacle. The numbers at our racetracks say that hasn’t happened regularly for many years.
It is time for change.
Yours in racing,
Nathan Tinkler
