ITC reports positive results but with caution
The Ipswich Turf Club has reported positive results for the 2017/18 year however some objectives were not met due to a range of external constraints placed on the Club by the governing body.
Chairman Wayne Patch said he was pleased with the results that were within budget and strategic objectives but was wary of the external pressures that continue to impact the Club’s business model.
“The Club’s heavy reliance on food and beverage revenue from race days and corporate/social functions is simply not providing the revenue that the club requires to allow it to meet its full potential,” Mr Patch said.
“In the absence of significant non-racing revenue streams, the Club’s profitability remains a year to year proposition with our fortunes reliant almost entirely on the success of the Ipswich Cup.
“That is not a sustainable strategy in the long term and has been recognised by the Board for over a decade. However, alternative strategies that we have long planned to implement have been thwarted by indecisive or obstructionist elements in racing’s governing body.”
Mr Patch did update members on the major development that is days away from announcing the successful contractor to commence work in October.
“We are still working towards a majority of work being completed in time for the 2019 Channel Seven Ipswich Cup.”
Mr Patch also noted the committee’s concern with race date allocation and programming.
“Race dates play a significant part in our capacity to market our product to both the public and the corporate sector,” Mr Patch said.
“Research has clearly indicated Ipswich is best placed to conduct Friday meetings. The closure of Eagle Farm has put paid to that racing program and Ipswich is once again providing the venue for many of the reallocated metropolitan meetings.
“When the track at Eagle Farm is reopened and racing is back to normal members can be reassured that the ITC will be heavily focused on convincing Racing Qld of the sound reasoning behind our case to re-establish Ipswich as Qld’s principal Friday venue.”
In accordance with the Club rule in respect of age disqualification the Club’s long-term treasurer Liam Tansey has stepped down from the Board.
“Liam has made a great contribution to the Club and brought a level of financial expertise to the Club that has been a great assistance over many years,” Mr Patch said.
“His loyalty and support during some difficult times has been unwavering and on behalf of the committee I would like to extend our appreciation to Liam.”
Replacing Liam as treasurer will be Ipswich based CPA Brad Bulow with Ian Leavers being elected to the committee to fill the vacant position.
“Ian is currently the General President and CEO of the Queensland Police Union of Employees and will complement the board’s skill set,” Mr Patch said.
“On behalf of the committee I extend a warm welcome to Ian and look forward to working with him and the entire team to ensure our strategy for sustainability and growth to move forward with the development project which when finalised will ensure our future financial sustainability.”
Read the full Ipswich Turf Club Inc. Annual Report – click here