New Chair, Deputy for Thoroughbred Racing SA
Frances Nelson QC has been elected as the new Chair of Thoroughbred Racing SA at a meeting of Directors immediately following yesterday’s Annual General Meeting at Allan Scott Park Morphettville.
Simon Ward was elected Deputy Chair, with both appointments being made unanimously. The new Directors of Thoroughbred Racing SA are Ken Smith, David Cross and Brian Foster who replace outgoing Chairman Philip Bentley and retiring Directors Greg Boulton and Andrew Killey.
Earlier at the Annual General Meeting, the financial statements, Chairman’s and Chief Executive Officer’s reports were presented to shareholders, outlining the key financial results of the 2009/2010 year which included:
- A surplus of $278,000 after a one off expense relating to the back-dating of Racing Victoria Limited race fields legislation of $1.865m;
- Cash reserves at 30 June 2010 of $5.4m and are forecast to be $8.1m at 30 June 2011;
- Prizemoney including SABOIS Bonuses for the year ended were $ 28.97m, up 16.3% on the previous year;
- Industry Payments taken up by Thoroughbred Racing SA rose by $2.135m (+58.13%) to $5.807m; and
- Direct funding to racing Clubs increased to $3.49m, an increase of 34.4%.
Chief Executive Officer Jim Watters said the industry could take confidence from the figures and Thoroughbred Racing SA’s ability to maintain current and future prizemoney increases.
“It was pleasing to be able to report another surplus while our two major expenditure items -prizemoney and industry payments - were increased by a combined $6.1 million,” Mr Watters said.
“The Board has undertaken a high-level forecast and cash flow budget to 2015-16, which coincides with the end of Clawback to ensure the prizemoney increases announced and budgeted for are both
sustainable and affordable. The Board retained a major portion of the additional revenue achieved in the 2008/09 year to adopt a structured approach for the implementation of prizemoney increases.”
Mr Watters said the industry could also look forward to further steady increases in TAB turnover.
“We have just endured one of the wettest winters on record with two abandoned meetings here in South Australia and numerous meetings cancelled interstate, yet TAB turnover on thoroughbred racing in South Australia is up by 4.27% year-to-date,” he said.
“Across the three racing codes, we have seen an increase of more than 3.8% so far this year which we believe is an excellent result and shows the confidence across the industry as a whole.”
Mr Watters said the Thoroughbred Racing SA Board and Management remained focused on developing and achieving “a vibrant and financially sound racing industry”.
“Racing participants in South Australia are more optimistic as to the future of thoroughbred racing in the State, no doubt boosted by the significant prizemoney increases which have now been fully implemented,” he said.
“The Thoroughbred Racing SA Board intends to maintain and increase the momentum generated over the past three years to ensure the ongoing and sustainable growth to provide a vibrant future for racing in South Australia.”
Media enquiries: Samantha Firth, Michels Warren on 0408 715 585
