Forbury Park Trotting Club has racked up a loss of more than $130,000 but it has been described as a miracle it was was not more.
The club was hit hard by Covid-19 and the subsequent loss of racing dates for the rest of the 2019-20 season.
It was also initially going to lose all its dates for the 2020-21 season but the club has managed to get back 10 dates.
At the club’s annual meeting on Wednesday night, chairman Craig Paddon looked back on the events of the past year and also pushed forward a change in the constitution which would streamline the management of the club.
The club had a board and a committee which Paddon described in his annual report as outdated, no longer fit for purpose and imperative it be changed.
The meeting agreed to change the governance structure with just a board in the future.
The board would consist of two independent members and three elected members.
The new board is Craig Paddon, Denis Aitken, Martin Denton and Lex Williams with the ability to co-opt up to three additional board members.
There is a vacancy for an elected board member. The new board may appoint another member until the next annual meeting or leave the vacancy unfilled.
In his annual report Paddon, who has been the board chairman for the past year, said there were challenges for racing before Covid and new and ongoing ones would continue for some time.
All activities ceased at Forbury Park at the start of the lockdown and when racing resumed, at a very restricted level, the venue was not made part of the revised racing schedule.
The trotting club lost half of its dates for the season as it is considered a winter racing venue.
He said a full review of all operations was done and there were personal sacrifices made by the staff.
Paddon said, though, there was worse to come.
"We were totally blindsided by the decision of HRNZ [Harness Racing New Zealand] not to support racing at Forbury at all during the 2020-21 season," he said.
The board created a strategy to lobby for the reinstatement of some dates.
It worked, and the club was granted 10 dates for the 2020-21 season in the finalised calendar, though this is not financially sustainable and more dates were needed.
Before Covid-19 hit the club was on track to post a budgeted profit of $55,000.
The eventual loss of $130,721 included depreciation of $95,843 and a $10,000 write-off for restaurant fit-out which left a negative cash balance of $24,878.00.
It made a loss of $116,000 last year.
The loss in meetings hit hard as revenue dropped by $1million on the previous season.
Paddon was full of praise for the figure.
"This is nothing short of a miracle and testament to the skills of our management team and the sacrifices made by our staff."
He said being granted the 10 meetings for this season at a reduced level of funding was something of a poisoned chalice, as it was financially unsustainable.
Racing in the Otago-Southland area was being reviewed, which would determine the future of the three codes in the region.
Paddon said the club was at a crossroads and the signposts were unclear as to which direction it would be driven in by the independent reviewers.
Its options included staying on the current site, moving to Wingatui — home to the Otago Racing Club — or starting from scratch on a greenfields site.
"Our club has had a long and rich history but now we are heading into
uncharted waters, which is both exciting and daunting.
"It will take a strong, committed and unified club if we are to make it to the other side of what lies ahead and I am now seeking your full support to lead you on that journey," Paddon said.
