Overview
- The regulator cited concerns the Australian Turf Club is broke, owes $175 million and has poor governance, and it warned an administrator could replace the board if the response falls short.
- The liabilities include a $145 million non‑interest loan to Racing NSW, repayable only on an asset sale, and a $30 million Commonwealth Bank facility due in October 2026 that Racing NSW doubts the club can service.
- Chief executive Matt Galanos was sacked while on sick leave, Steve McMahon was installed as interim CEO, and directors Ben Bayot and Natalie Hewson resigned, leaving four directors after the July departure of chair Peter McGauran.
- Planned increases to stable rent, track, acceptance and barrier trial fees that drew threats of trainer protests have been deferred for further discussion, according to McMahon.
- Premier trainer Chris Waller urged Racing NSW to explain the decision and address the state funding model, while the ATC said it is taking the notice seriously and focusing on the Everest carnival.