New Zealand's Avondale Jockey Club has suspended racing for the forthcoming season because of financial problems.The last race day at the Auckland track this season will be July 3, following which the club will only operate its training facility along with non-race related activities based there.The club will negotiate to race its Group events, including the Avondale Cup, Concord Handicap and Avondale Guineas, at other northern region racetracks in the 2010/2011 season.The economic downturn alon

New Zealand's Avondale Jockey Club has suspended racing for the forthcoming season because of financial problems.

The last race day at the Auckland track this season will be July 3, following which the club will only operate its training facility along with non-race related activities based there.

The club will negotiate to race its Group events, including the Avondale Cup, Concord Handicap and Avondale Guineas, at other northern region racetracks in the 2010/2011 season.

The economic downturn along with the changing dynamics of the gambling industry have had a widespread impact, club president Ron Murphy said.

Additional pressure on the club's finances has come from the recent cost of debt servicing combined with the reduction in racing income and associated overheads.

Murphy said while the recently released New Zealand Thoroughbred Racing (NZTR) funding model impacted favourably on his club, it did not provide enough relief for it to work its way back into a positive financial position.

"There has been a steady deterioration in our finances over the years caused by a number of factors and the responsible thing to do at this point is to pause while we are still financially viable," Murphy said in a statement.

"The club is in negotiations for the sale of some of its land and when the sale is completed the club's long term debt will be repaid allowing the club to look at resuming racing at Avondale.

"While the decision may come as a surprise to the general public and our membership, I don't think the industry will be surprised by it. The club understands discussions have taken place in industry circles from early 2010 to consider reallocation of our 2010/2011 dates to Counties, Whangarei or Auckland racing clubs."

Murphy said the club would talk to its members and discuss its vision for the future.

"The committee is confident that the membership will back this decision that is designed to help make the club financially stronger so that racing at Avondale can be put on a sustainable footing," he said.