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Sydney Clubs Call For Fresh Merger Analysis
Sydney's 2 race clubs the Australian Jockey Club (Randwick & Warwick Farm) & Sydney Turf Club (Rosehill & Canterbury) "have condemned figures compiled in an independent report calling for the formation of a metropolitan mega-club," according to the Sydney Morning Herald. In knocking the "138-page report that proclaimed instant savings of $21m and the prospect of competing for $140,00 a race in the metropolitan area," it was also made clear that the sale of Canterbury is not up for consideration. The STC's chief executive Michael Kenny told the Sydney Morning Herald, "We were disappointed with the way the Ernst & Young report was compiled. We believe it contains inaccuracies and assumptions that cannot be substantiated. We thought the process with Ernst & Young would give us an accurate view of what the cost savings would be if there was a merger, but we didn't get that." Although both of the Sydney clubs "committed to the initial report" they have now called for a new report from L.E.K. Consulting, believing that each was "precluded from genuine participation in the formulation" of the report done by Ernst & Young. Kenny summed up: "We want the facts straight. We want them to put the facts together, we are not going to be leading the witness."