Just what the heck is going on with that dodgy merger proposal between the AJC and the STC? My mail is that opposition to it is mounting by the day. And there's also plenty of info to suggest the NSW Govt's recent $175 million 'injection' for Sydney racing is nothing but spin. In fact, according to retired STC Board member Evan Sperling, the Govt has pulled out of their $150 million for Randwick. In a letter to members he says: '...Despite all the spin you may have read, at this time there is no
Just what the heck is going on with that dodgy merger proposal between the AJC and the STC? My mail is that opposition to it is mounting by the day. And there's also plenty of info to suggest the NSW Govt's recent $175 million 'injection' for Sydney racing is nothing but spin. In fact, according to retired STC Board member Evan Sperling, the Govt has pulled out of their $150 million for Randwick. In a letter to members he says: '...Despite all the spin you may have read, at this time there is no $150 million non-repayable loan either. In fact, Racing NSW are trying to borrow the money at commercial rates. One day this loan must be repaid.'
There are lots of STC members strongly opposed to the merger deal. Evan Sperling says: 'The STC is an asset rich club and reasons to merge no longer exist. To sell out for $24 million just so the AJC can have a new grandstand and amenities would be irresponsible and absurd. The STC Board shouldc publicly denounce the proposed merger as the situation existing now is dividing the AJC and STC members and must be quite demoralising to the STC staff.'
And what about this observation from a longtime STC member? He says: 'As a member of the STC I have been against the proposed merger with the AJC as I believe it is just a smokescreen to allow the sale of Canterbury to fund, in due course, improvements at Randwick and to bail out Racing NSW from the dire financial position it is increasingly finding itself in. In addition the 25% stake in TVN is also very valuable and it would be worth a lot to Tabcorp to have TVN closed down (I think TVN is the best thing to have happened to Racing in Australia.)'