The Australian Turf Club has reported a $13.4 million operating surplus for the last financial year.
The club said it was a record operating surplus for the ATC following the merger of Sydney’s two race clubs five years ago.
The ATC has also reduced its legacy debt to $10 million, down from $55 million three years ago.
“Prizemoney independently funded by ATC from its operating surpluses grew by $4.075 million as part of an increase in total prizemoney to $96.2 million in 2016,” an ATC statement said.
“With prizemoney increases recently announced, including $100,000 minimum or each Saturday race, ATC prizemoney will exceed $100 million for the first time in the 2017 financial year, to support and strengthen racing in NSW.”
The strong result was driven in part by full-year income from its broadcast deal with SKY Racing, negotiated in partnership with Racing NSW.
ATC chief executive Darren Pearce said the improved position of the club would mean investment in world-class racing and training infrastructure.
“For the past five years we have undertaken a disciplined business strategy to retire debt and improve profitability and we have now turned the corner allowing strong investment in our future,” Pearce said.
“It’s now time to deliver world-class racing and training assets.
“In the five years post merger we have also retired some $45 million in debt whilst also being able to refurbish spectator facilities, including most recently across Rosehill Gardens.
“All Sydney course proper surfaces will be renovated in a scheduled program, starting with a spring renovation of the Royal Randwick course proper ahead of summer and The Championships in the autumn, and a full rebuild of the Kensington track, which is currently out to tender after a comprehensive design process.”No tags for this post.