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AJC-STC Say "Limited Cost Benefits" In Club Merger
Sydney's 2 metropolitan race clubs, the Australian Jockey Club (Royal Randwick & Warwick Farm) & Sydney Turf Club (Rosehill Gardens & Canterbury Park), yesterday presented the LEK Consulting Report (which they jointly commissioned) into potential benefits of a merger, to NSW Racing And Gaming Minister Kevin Greene & Racing NSW (following last month's Ernst & Young report, commissioned at Greene's request, which found significant financial benefits in a merger). In contrast to Ernst & Young, LEK found "limited economic benefits directly related to a merger"; however both Clubs "agree a merger could be advantageous to the future of racing in NSW if part of a broader agenda of reform involving Racing NSW & the NSW Government". The Clubs acknowledged "change is necessary to achieve progress & to enhance the structure & strategy of the industry & believe the Minister (through the commissioning of the original merger report by Ernst & Young) has initiated an opportunity to plan for the next generation of racing for which he should be congratulated". The Clubs advised Greene "they desired a strong & robust racing industry founded on a new era of co-operation between Government, Racing NSW, the Race Clubs & other stake-holders".