Waller calls for clarity from Racing NSW over ATC notice and funding model

2 hours ago 1

By Craig Kerry

September 20, 2025 — 4.45pm

Premier trainer Chris Waller has called on Racing NSW to provide clarity over its decision to issue a show-cause notice against the embattled Australian Turf Club and address the state’s funding model.

Racing NSW issued the notice on Friday, asking the ATC to show cause why an administrator should not be appointed to replace the board because of grave concerns over the club’s corporate governance and financial situation.

Rosehill-based Waller, winner of the past 15 Sydney trainers’ premierships, on Saturday said he felt for the ATC and that “Racing NSW need to come out and say why they are doing it”.

“We are all in the same industry,” Waller said.

“The ATC put on a great show 52 weeks of the year and, yes, they can do some things better, but they need some support.

“And everybody knows that the funding model has changed, and they don’t get as much money, and Racing NSW gets a lot of money now. Everybody knows that, so that needs to be publicly addressed.

Peter McGauran left his post at the ATC in July.

“We’ve got a great leader in [Racing NSW CEO] Peter V’landys, and he needs to address the participants and tell them what the story is.”

Friday’s move by Racing NSW came at the end of a week that started with the ATC sacking its chief executive, Matt Galanos, on Monday. Steve McMahon, the ATC’s head of corporate affairs and government relations, moved into the role on an interim basis.

Directors Ben Bayot and Natalie Hewson resigned on Thursday over the axing of Galanos and the board’s direction. Bayot said the board “has shown poor corporate governance and faces significant financial strain”.

“I don’t see a positive future for the club under this board,” he said. “Unfortunately, it was untenable to continue working with a dysfunctional board.”

‘The ATC put on a great show 52 weeks of the year and, yes, they can do some things better, but they need some support.’

Champion Sydney trainer Chris Waller

This week’s departures, and the resignation of chairman Peter McGauran in July, left the board with just four directors, down from seven.

The club has been under financial distress and has a $30 million debt to the Commonwealth Bank due for repayment by October 2026. It also owes Racing NSW $145 million under a non-interest accruing loan, which is only repayable if it sells a major asset. That major asset was to be Rosehill Gardens Racecourse before ATC members in May voted down a proposal to sell it to the NSW Government for $5 billion.

It is understood letters have been exchanged in recent years between the organisations detailing Racing NSW’s concerns, and this week’s dramas were the final straw for the governing body. The ATC has two weeks to respond to the notice.

The notice came amid a dispute between on-course Sydney trainers and the ATC over proposed increases in stable rent, track, acceptance, and barrier trial fees from October 1.

The NSW Trainers’ Association had proposed public protests if the hikes went ahead. McMahon said on Saturday the increases had been deferred to allow for further discussion.

As for the show-cause notice, McMahon said: “Obviously, we are taking it very seriously.”

“The board is united. We will spend the next weeks putting together a strong case as they consider the important matters raised.

“Our first focus is the members and putting on an awesome Everest spring carnival because that’s what the punters want.”

McMahon conceded the ATC had “cash challenges” but it was an asset-rich club that was strong and resilient.