Greyhound Racing NSW (GRNSW) Chairman Professor Percy Allan AM today disclosed that the final costs for merging the greyhound division of the Greyhound and Harness Racing Regulatory Authority (GHRRA) with GRNSW totalled almost $2 million.
“Since the merger we have announced a $1.5 million increase in prizemoney, unveiled the biggest ever spend on drug detection in the state’s history and appointed a General Manager for Racing and Integrity and a new Chief Steward,” Professor Allan said.
“The merger brings all NSW greyhound racing functions under one roof thereby allowing us to strengthen and streamline operations.
“But we should not fool ourselves – absorbing the responsibilities of the GHRRA have left our sport with a huge bill.
“With virtually all items finalised, the full cost of the merger, which included a significant turnover in staff, stands at $1,973,934.
“To cover the cost just over $1.2 million came from greyhound reserve funds held by the GHRRA and almost $737,000 came from GRNSW industry reserves.”
Employee expenses, including voluntary redundancies and the transfer of GHHRA staff, were the biggest expense associated with the merger, costing $1,382,993 while office relocation and IT expenditures cost $184,409 and $314,937 respectively. (See table below)
Professor Allan said that the prudent financial management of the sport by GRNSW allowed for such a smooth merger without requiring external funding assistance or negatively affecting prizemoney levels.
“The successful merger will allow us to now pursue growth opportunities that currently exist in the national market with an increased focus on promoting NSW greyhound racing to a national audience,” Allan said.
GRNSW also today announced the appointment of John Costigan to the position of Greyhound Racing Integrity Auditor.
Costigan will oversee all aspects of drug testing and control, stewards and registration and provide an independent office to investigate and resolve complaints relating to the primary regulatory functions exercised by GRNSW in its role as the sports controlling body.
GRNSW / GHRRA Merger Expenses
- Employee Expenses $1,382,993
- Accommodation & Relocation Expenses $184,409
- Professional Advisory Expenses $18,596
- IT & Equipment Expenditure $314,937
- GHRRA Run-off Insurance $73,000
- Total $1,973,934
- GHRRA Payments from Greyhound Reserves $1,168,318
- GHRRA Balance Transferred $68,800
- GRNSW Industry Reserves $736,816
- Total $1,973,934