Club shocked at huge loss

Press, 6 October 1988, Page 43

Club shocked at huge loss

NZPA-AAP Sydney The future of harness racing in Sydney’s inner city has been rocked by an announcement of a loss of almost sAustl million by the New South Wales Club for season 1987-88. The club holds meetings at Harold Park and Menangle Park and the official operating loss of $969,753 stunned generalmanager, Peter V’Landys. "A loss this big caught us totally by surprise because we anticipated a loss of about $300,000, not this much,” said Mr V’Landys.

Mr V’Landys said a major reason for the huge loss can be attributed to the poor T.A.B. distribution. “Harness racing and greyhounds received 28 per cent, yet the gallops received 72 per cent. At worst we should have got 30 per cent,” he said. “The club will meet with the state government tomorrow to discuss its current financial situation. "Compared with the loss of sAustB9,oBo for season 1986-87 the news of this loss has stunned us all.” Tuesday night racing at Harold Park continues to

cause major problems for the club. A loss of almost sAust4oo,ooo over the last 12 months has added to the club’s woes. “At this stage we will endeavour to keep the Tuesday meetings going because we believe there is a place on the harness racing calendar for them,” Mr V’Landys said. “We have requested the Government drop turnover tax from nine per cent to six per cent, so we can boost prizemoney and therefore attract more and better horses.” Mr V’Landys is confident the club can turn around last season’s disas-

trous financial situation. “Taking over the catering, cutting back on racenight staff, a fairer T.A.B. distribution and the drop in turnover tax is sure to help us resurrect the problem,” he said. “I’m confident we can make up the loss in the next 12 months but it will take plenty of hard work.” There is also speculation of a move away from Harold Park in Glebe to a proposed site at Homebush Bay in Sydney’s inner-west. Club president, Stan Hedges, said a possible move to Homebush Bay had been considered.