Possible lifeline for ATC $100 milllion debt drama

As reported by the New Zealand Herald, the Auckland Trotting Club may have secured a lifeline to ward off financial disaster.

Club members will next week vote on the sale of the Pukekohe training facility for which the club has been offered $100 million.

The sale would need the approval of the members and Harness Racing New Zealand and also the rezoning of the land on the outskirts of Pukekohe, but if it proceeds, the ATC will be dug out of one of the deepest holes in the history of New Zealand racing.

The club was left owing close to $100m after major issues during the building of apartment and retail complexes at Alexandra Park.

The issues were fixed and the impressive apartments have been sold and most of the retail space leased but the ATC faced enormous debts that threatened its survival, which could have ended harness racing in Auckland.

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by Michael Guerin reprinted with permission from New Zealand Herald