Gra Helps Richmond Get Back On Track
Newcastle Herald
Friday July 26, 2002
THE NSW Greyhound Racing Authority (GRA) has come to the rescue of the Richmond club by agreeing to re-finance existing loans.
Richmond is one of the 20 greyhound clubs that had applications to the Greyhound Industry Development Fund approved by the GRA board at its last meeting.
More than $1.5million worth of applications were approved, of which Richmond will receive in excess of $700,000.
`Around three or four years ago the GRA provided funds to the Richmond club for track improvements,' GRA chairman Ross Magin told the Newcastle Herald this week.
`Richmond had to contribute 20% to the project.
`There was a substantial overrun on the project and the Richmond club were forced to borrow money from their bank. The club then went through a lean period and were not trading well.'
Compounding the problem, Richmond agreed to race on Monday nights in opposition to Wentworth Park. This decision followed a request by the GRA.
`If Richmond had not agreed to what is known as the "greyhound spot", racing on Monday nights in opposition to Wentworth Park and other major metropolitan venues around the nation, the spot would have been lost to an interstate venue,' Magin said.
`With Stephen Jack as chief executive and a good committee in control the GRA Board believes Richmond is now going forward and the GRA is prepared to assist.
`Some time ago, Richmond secured private mortgages to pay out the bank debts and the GRA will provide funds of more than $700,000 to clear the private mortgage.'
The overrun on the track-improvements project at Richmond was in excess of $400,000 and the GRA would provide the Richmond club with an interest-free loan for that amount, Magin said.
`The remainder of the loan to Richmond will be at an interest rate in excess of that which the GRA is currently receiving on investments. However, the rate is lower than Richmond is being charged at present.'
Apart from Richmond, some of the other clubs to have projects approved include:
Coonabarabran: Painting of buildings inside and outside and a public-address system.
Coonamble: Lure cable, rollers and accessories.
Dubbo: Photo finish and timing equipment. Heating for dining room.
Grafton: Convert track to loam, relocation of water supply and replace betting-ring roof.
Kempsey: Computer, software, fax and photocopier. Modification of counterweight for track cable.
Muswellbrook: Modify seating of grandstand and regrade top and bottom turns.
Taree: Convert track to loam, connection to sewer, install bore and pump, replace purlins and gutters, public-address system and vet's room.
Wauchope: Renovation of canteen and bar building structure. Air conditioning to canteen and bar area.
Overall, the projects represent total expenditure of $1,501,681.
Magin, in announcing the significant volume (in number and value) of approvals, said that `the board decision to approve most of the applications held by the authority for industry funding from the GIDF represented a significant boost to the infrastructure development for greyhound racing in this State.
`While a small number of applications were subject to the board receiving further advice, I am pleased to announce the majority of applications received to date had been approved.'
Magin added that the authority believed that the completion of these, and similar projects, in the future would `make a significant contribution to ensuring greyhound race tracks throughout NSW are maintained to a professional standard, improving the appeal of greyhound racing to participants and the community.'
It is interesting to note that both Grafton and Taree tracks are to be converted to loam.
Grafton secretary Geoff Heath was delighted with the news of the GRA funding to the northern rivers club.
`The conversion to loam will make this place,' he said.
`We submitted the application in January 2001.
`It's great news for the club and participants in our region.'
Approval of all the projects was recommended to the GRA by its project advisory officer David Bannister.
The latter has visited every track in NSW since he took up the position.
© 2002 Newcastle Herald
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