NCA Granted A One Month “Stay Of Execution”
As the February 25th deadline came and passed for GRNSW to effectively deregister the ailing NSW National Coursing Association (NCA) many wondered how the NCA would manage to hold their tenuous grip on NSW greyhound racing as operator of the The Gardens greyhound racing track.
And it would seem the financially and morally embattled club has pulled yet another “rabbit from the hat”.
According to Greyhound Racing New South Wales (GRNSW), its board has “now received representations from the NSW National Coursing Association (NCA) in response to the show cause notice issued to the club over concerns about the club's financial viability”.
“The Board has requested further financial information from the NCA to assist in its consideration of the matter and will also receive a report from Deloitte, who have been retained by GRNSW, on the material provided by the NCA” said a GRNSW spokesperson.
Of course the NCA is not without its own “man on the inside” with former NCA president Murray Nicol holding a seat on the board of GRNSW, and having done so since 2008.
During Nicol's tenure on the GRNSW board, the board has approved several bailout plans for the flailing Gardens Greyhound Racing Complex when the NCA was struggling to meet its repayment obligations on loans secured to purchase and development the complex. Those bailouts have resulted in GRNSW securing a 70% ownership of the complex.
The NCA's other commercial interests are the production of the printed greyhound weekly, The Greyhound Recorder; which remarkably still provides content to GRNSW despite the fact the NCA have refused a GRNSW request to remove its General Manager Adam Dobbin after it became public knowledge he had been responsible for misappropriating $155,000 of NCA money to fund a gambling problem.
In fact according to the NCA's own balance sheets it would appear Dobbin's “misappropriating” had been known of for some time as the 2011 profit loss statement includes a “Misappropriation” expense of $53,550. That figure rose dramatically to $101,758 for the year ending 30 June 2012.
The NCA balance sheets show the NCA suffered a $3.12Million loss in 2012, largely due to “impairment” through the loss of its controlling 70% interest in The Gardens complex as an asset.
The NCA has been granted registration as a greyhound racing club until 31 March 2013 when a further decision will be made.