Cover image courtesy of The Image Is Everything
What began as a whisper of property talks between the Australian Turf Club and the NSW Government has unravelled into one of the most chaotic and contested episodes in Australian racing history.
A deal to sell Rosehill Racecourse, the Club’s most valuable land asset, has been pitched as a $5 billion “once in a lifetime” opportunity. But behind that headline lies a timeline built on minimal consultation, political pressure, and shifting plans - a sequence of events we've attempted to untangle through this article.
At the outset members were asked to make a trust leap; to support the biggest decision in Club history without a public valuation, or a clear strategy. Members received trickled-out details, contradictory explanations, and procedural stop-starts.
Rosehill Racecourse | Image courtesy of Australian Turf Club
The latest proposal, by far the most complete proposal to date, answers many of the questions that members have asked over the 18 month lead up to it's release.
However with each passing week, the plot continues to thicken. In just the last seven days, members learned of a new MOU to purchase Penrith Golf Club, changes in plans for shifted Warwick Farm-based trainers, a letter from Racing NSW assuring the funds would stay with the Club, and targeted Daily Telegraph media attacks on Gai Waterhouse and the Save Rosehill movement.
With more twists than a Dan Brown novel and just as many secret meetings, here’s how the landscape currently lies after eighteen months of discussion, false-starts, and one very expensive question mark hanging over Rosehill.
Rosehill’s foundation
Rosehill Racecourse has been a fixture of Sydney’s racing landscape for 140 years. In 1883, John Bennett purchased the land and named it ‘Rosehill.’ Construction of the track took two years and cost £17,000. The first meeting was held on 18 April 1885. By 1888, Bennett had completed a railway line to the course, which was later taken over by the NSW Railway Commission.
Rosehill aerial shot in 1943 | Image courtesy of Parramatta History & Heritage collection
In 1943, the Sydney Turf Club was formed and acquired Rosehill and Canterbury Park. The NSW Thoroughbred Racing Board (now Racing NSW) followed in 1998. In 2011, the ATC was formed via the merger of the AJC and STC, with Rosehill and Randwick designated as core assets. A 10-year moratorium on asset sales expired in 2021.
Chapter 1: The Proposal surfaces
In October 2023, the ATC and the NSW Government began discussions about developing a portion of Rosehill. By November, the proposal had expanded to encompass the entire site.
On 7 December 2023, the ATC and NSW Government announced a proposal to sell and redevelop Rosehill Gardens into a $5 billion housing and transport precinct with 25,000 homes and a new Metro station. Premier Chris Minns called it a “once-in-a-generation opportunity,” while ATC Chairman Peter McGauran said the plan would future-proof Sydney racing. The sale was contingent on ATC member approval and subject to the state’s Unsolicited Proposal process.
Chapter 2: Attempted member consultation
In February 2024, four member forums were promised. Two were held, the others were cancelled without explanation and never rescheduled.
The sessions that did take place were highly charged. Dozens of members spoke passionately, many voicing frustration at the apparent fait accompli.
Trainer Chris Waller spoke directly at the Rosehill session:
“Your designs have just been whipped up overnight, and they’re not good enough for what’s about to happen. The negatives have barely been touched on... Why are you losing money? You can’t just continue to lose seven or eight million a year without being accountable for it.”
Chris Waller | Image courtesy of Georgia Young Photography
Concerns were also raised over the lack of independent valuation for the $5 billion figure, and the limited detail members had received at that point. Some described the forums as “venting sessions” with no structured follow-up.
For many, the forums set the tone for what was to follow: frustration, confusion, and a growing distrust.
Chapter 3: Political scrutiny increases
On 21 February 2024, NSW Premier Chris Minns stated in Budget Estimates that the sale would not proceed without member support and government comfort.
On 11 March, Parramatta Council rejected a motion to heritage list Rosehill.
On 8 April, the ATC finally issued members a formal timeline, five months after discussions with the Government began.
The Save Rosehill group formally launched in June.
In August, The Thoroughbred Report was denied media passes by the ATC, with the Head of Media and Broadcast stating that our views “did not align with the ATC.”
Chapter 4: The Parliamentary Inquiry
On 15 May 2024, the NSW Legislative Council established a Select Committee to investigate the proposed sale of Rosehill Gardens. The inquiry was prompted by concerns over the use of the Unsolicited Proposal process, the lack of early consultation with ATC members, and questions around government involvement.
Four hearings followed:
22 July: Industry stakeholders including Gai Waterhouse and John O’Shea voiced strong opposition to the sale, warning of long-term damage to racing and criticising the lack of consultation. Save Rosehill raised concerns about governance failures and erosion of member rights.
9 August: Racing NSW CEO Peter V’landys denied any misconduct and accused critics of running a smear campaign. The hearing explored Racing NSW’s role, revealed early Cabinet planning, and highlighted deepening divisions within the industry.
12 September: This session focused on the Government’s involvement prior to the public announcement, with officials questioned about the timing, probity, and transparency of the Unsolicited Proposal process.
21 October: The final hearing examined inconsistencies in the Premier’s meeting records with the ATC and raised concerns about political influence, accountability, and public trust.
During the inquiry, the Committee examined potential replacement venues for Rosehill, including Warwick Farm and the Brickpit site at Homebush. Witnesses expressed serious doubts about their suitability, with Racing NSW CEO Peter V’landys warning it must deliver “competitive racing, which gives the horse less injury and gives the punter the best opportunity to win.”
Peter V’landys | Image courtesy of Racing NSWQ
Meanwhile, the ATC Board saw its first electoral consequences.
On 28 November 2024 at the ATC AGM, Tim Hale was re-elected and Annette English became a new director - both strong 'no' sale campaigners. An earlier petition to remove Chairman Peter McGauran in January did not eventuate, but the ballot box delivered a more subtle verdict.
Chapter 5: The Inquiry Report
On 2 December 2024, the Select Committee tabled its final report. Among the key findings:
• The Unsolicited Proposal process had not upheld best-practice standards for probity and public interest evaluation
• The Government had been involved in the planning and media strategy well before the proposal was formally made
• The Premier, Chris Minns, should be referred to the Independent Commission Against Corruption (ICAC)
• The Thoroughbred Racing Act 1996 was outdated and in need of review
The inquiry report noted that it received confidential evidence raising allegations of bullying and unacceptable behaviour within Racing NSW, including concerns from whistleblowers that pointed to a culture lacking transparency and accountability, serious enough for the Committee to recommend a separate inquiry into the organisation’s governance.
On 5 December, the Premier was formally referred to ICAC. The corruption watchdog soon responded that it would not follow through with an investigation.
The Government’s formal response was issued in March 2025, supporting greater transparency in ministerial diaries and acknowledging the importance of ensuring that the Thoroughbred Racing Act 1996 was fit for purpose, indicating a review was needed in the context of broader governance and industry reforms.
Chapter 6: Three vote delays
The vote on the proposed sale of Rosehill was initially expected at the ATC’s December 2024 AGM. As opposition grew and scrutiny intensified after ATC-funded cold calling and intense social media feedback, the timeline shifted first to 3 April 2025, then to 12 May, then to 27 May.
Racing NSW intervened on the April vote, only five days before it was to take place. Citing concerns about member transparency and detail around the governance of sale proceeds, it used its powers under the Thoroughbred Racing Act to demand the vote be delayed.
It raised questions about who was really in charge: the ATC Board, or Racing NSW?
Chapter 7: The new proposal
On 6 May 2025, members received a 111-page Notice of Meeting. The document included:
• A guaranteed $5 billion sale price of $1.9 billion up front in five years, $3.1 billion in $100 million annual instalments over 10 years
• $800m redevelopment of Warwick Farm
• $557m investment into Randwick
• $10m in upgrades to Canterbury
• $522m to acquire a new training centre (site not disclosed in the proposal)
A $57 million member loyalty package including:
• Five years of free membership
• Lifetime membership for 20+ year members
• $1,000 in food and beverage credits annually for five years
The ATC positioned the sale as a historic opportunity to modernise and secure the Club’s long-term future, arguing that without bold investment, Sydney racing risks stagnation.
The Save Rosehill group issued a swift response, calling the revised proposal “a shiny new document with personal incentives designed to distract from the flaws.”
Racehorse owner Wilf Mula was more direct: “I have one word for you - bribery.”
Among the key concerns:
• No independent legal guarantee that the ATC will control the full $5 billion
• Warwick Farm is located on a floodplain with no DA approval
• The proposed training centre remains unconfirmed
• The $5 billion is not fully secured, just $1.9 billion is committed upfront
Peter McGauran | Image courtesy of Australian Turf Club
McGauran defended the Loyalty Program, saying: “It recognises and rewards our most loyal and long-term Members... aimed at revitalising flagging raceday attendances while growing new membership over time.”
Critics said it created a perception of inducements, a view enhanced by the timing of its release. Others questioned how the Loyalty Program would grow membership when its benefits apply only to existing members, ones that are eligible to vote.
The same day the 110 proposal was sent to members, voting opened, allowing Members to pick their vote for the resolution and nominate a proxy.
Chapter 8: More quick pivots
However, the 110-page proposal wasn’t the end of the information rollout.
On 8 May 2025, ATC executives met with Warwick Farm trainers, who were told their horses may be relocated to provincial tracks during redevelopment.
The next day, the message changed: Randwick, Canterbury, and Rosehill would carry the load.
Many trainers raised concerns about staff relocation, lost IP, and flood risk. A 2022 chute proposal had previously been blocked by Liverpool Council on floodplain grounds. Now, the ATC proposed a full-scale rebuild without approved plans.
“If you're going to put forward something like they're talking about, you've got to really understand what your trainers are thinking,” said one attendee to The Straight.
Then, on 11 May, only five days after the proposal was released, the ATC confirmed it had signed an MOU to acquire Penrith Golf Club for $370 million. The release said this would become a training site in Sydney, with 300 stables - a cost of $1.23 million per box.
On 13 May, the ATC issued two formal letters from Racing NSW:
• Confirming support for the Warwick Farm redevelopment
• Confirming Racing NSW would not seek any sale proceeds (beyond existing loans)
• Supporting the proposed governance of the ATC’s Future Fund
The ATC used the letters to rebut Save Rosehill’s criticisms.
They also reconfirmed that if the deal negotiated with the Government changes from what is in the resolution or falls through entirely, Rosehill Gardens remains “core” property, and Members’ rights are preserved. This is an important consideration that was concerning many members.
Information evenings began on 13 May and will continue for the next week.
ATC Member Peter Beer attended the first evening on Tuesday and said, “I expected something tangible from the night, but there was absolutely nothing. There were three groups of people standing around the room focused on three different areas of expertise, and if you wanted to know anything, you had to go up to the specific person and ask them a question. Only one person could hear the person at a time, it was an individual question and answer arrangement with no clear briefing.”
Beer also made a point of mentioning that “none of the Minister-appointed ATC Directors turned up, again.”
Decision day approaches
The member vote will be held on 27 May 2025.
Whatever the outcome, the Rosehill proposal has already triggered one of the most significant debates in the Club’s history. It has prompted new scrutiny of racing governance, raised questions about long-term planning, and brought long-standing tensions between stakeholders to the surface.
For ATC members, the vote represents a defining moment - not just about land, but about the direction, priorities, and accountability of the Club in the years ahead; will it proceed with or without Rosehill Racecourse?
