Administrator takes over Ballina Jockey Club
RACING NSW has appointed an administrator to the struggling Ballina Jockey Club after all directors resigned earlier today.
Directors had been advised that further financial assistance would only be provided by Racing NSW if the directors stepped down.
It is understood the club has debts totalling about $200,000.
In a written statement today, the jockey club said Racing NSW would now "make funds available to pay outstanding creditors and for ongoing operations".
"The financial position of the club and the deterioration of its reserves over a period of time has been made clear to members of the club and Racing NSW in detail over the past four years," the statement reads.
"The fact is that fixed and operational costs of country race clubs are increasing at a rate that far exceeds any potential increase in revenue.
"In the case of Ballina, the wet weather resulting in lost or deferred race meetings has been the final straw that has depleted the club of its financial reserves."
In January the Ballina Jockey Club wrote to Racing NSW asking for a cash injection so that it could continue to function.
The club has struggled in recent years with a number of race meetings being cancelled because of the wet weather.
The retiring directors have thanked all staff of the club, its contractors and all participants and stakeholders for their assistance and support during this difficult time.
"Resignation is painful for all directors, and especially so for those who have given long term support to the club," the statement reads.
"We hope that in its centennial year, the club's long term plan can be implemented so that racing in Ballina becomes vibrant again."