GRNSW Take 70% Stake In The Gardens To Stop NCA’s Debt Foreclosure
Greyhound Racing NSW (GRNSW) has announced it will enter into an agreement with the NSW National Coursing Association (NCA) to acquire a 70% share in Betchoice Gardens to ensure the
Newcastle track's long term sustainability.
The $1.2 million transaction provides GRNSW with a 70% ownership share of the track that has been developed by the NCA and plays a pivotal role in the region hosting 130 TAB race meetings each year.
On completion of the transaction, GRNSW would have contributed 70% of the total capital construction costs associated with the development of Betchoice Gardens and therefore will hold a
70% share in the ownership of the property.
Under the new arrangement, the NCA as a co-owner will effectively lease and operate Betchoice Gardens subject to meeting all the GRNSW Club Operating Standards and retaining its registration as a club.
GRNSW Chairman Professor Percy Allan AM said the transaction will also allow the NCA to eliminate its outstanding debts and prevent a potential creditor foreclosure of Betchoice Gardens
which could have resulted in the venue being sold and used for non-greyhound racing purposes.
“The last three years has been a difficult journey for the NCA. However this decision will allow the NCA to now solely focus on making Betchoice Gardens the heart of greyhound racing in the Hunte region.
“The Gardens proposal and initial funding was approved by the Board of the Greyhound Racing Authority prior to the formation of GRNSW in 2003. Rather than abort the project, the Board of GRNSW decided to help fund its completion.
“This arrangement will put this chapter to bed and ensures that the complex will remain a permanent fixture of the greyhound racing landscape with majority ownership by the sport as a whole through GRNSW,” Professor Allan said.