Coffs Club’s Fund Hunt Gets Enterprising 2009: Coffs Harbour

Coffs club’s fund hunt gets enterprising

COFFS HARBOUR RACING CLUB is in negotiations with the Racing NSW Country board to build an artificial training track initially funded by private investors.
The cost of the project on the current sub-base is $500,000, with Pro Ride the preferred surface. The accepted funding model for racecourse infrastructure development now has the industry providing 80 per cent and clubs the rest. Annually there are only certain monies available with many clubs seeking financial assistance for much-needed projects. Waiting lists are long. “We need a new artificial training surface and the club considered how, for want of a better term, we could leapfrog other clubs to get funding for the project,” the club’s secretary-manager, Russ Atkinson, said. “The proposal is based on us raising monies offering opportunities for short-term investment with guarantees. “Investors would receive 50 per cent of their investment back within one or two years, depending on our negotiations with Racing NSW, and in the interim receive an agreed interest rate at better than market value.
“The balance of the investment would be paid off within five years while contributors still receive interest. It’s a win-win situation for everyone.

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