THE Sydney Turf Club is set to slash employee wages by reducing working hours in a bid to stop the financial bleeding that will leave one of Australia's most powerful clubs with a historic $3.8 million financial loss for the financial year, reports Craig Young in the Sydney Morning Herald.His report adds: The host of the world-renowned Golden Slipper has not ruled out chopping prizemoney, with club chairman Bill Picken saying at Canterbury races yesterday the financial loss will be the first res
THE Sydney Turf Club is set to slash employee wages by reducing working hours in a bid to stop the financial bleeding that will leave one of Australia's most powerful clubs with a historic $3.8 million financial loss for the financial year, reports Craig Young in the Sydney Morning Herald.
His report adds: The host of the world-renowned Golden Slipper has not ruled out chopping prizemoney, with club chairman Bill Picken saying at Canterbury races yesterday the financial loss will be the first result in the red in 70 years of operation.
The STC is aiming to cut its wages bill by 3 per cent. It has asked employees to work four days instead of five. Picken believes these moves and others "will save around $500,000 a year".
The STC employs about 120 full-time staff with a further 800 casual employees used throughout the year. The cost-cutting news came shortly after Racing NSW gave an assurance prizemoney would be maintained at the current level for the next year but couldn't guarantee stakes would not be reduced thereafter.
Racing NSW reiterated the country racing sector was facing a $5m funding shortfall, while the racing regulator confirmed the annual TAB distribution was set to grow by a paltry 1.6 per cent at best.