The club has operated with a board of management since 1996 after it hit financial trouble and a board was installed by Harness Racing New Zealand and the then-Racing Industry Board (now the New Zealand Racing Board).
The proposal, driven by Forbury Park Trotting Club president Peter Gillespie, would have seen a governing body comprised of the club president, the vice-president, and two club-appointed members elected at the annual meeting, along with appointees from Harness Racing New Zealand and the New Zealand Racing Board.
Beneath the new group would be subcommittees for race programming and disciplinary procedures.
Gillespie, who chaired the meeting, was ''hugely disappointed'' following the vote for the motion to rescind the rules covering the current structure and adopt the new structure.
The proposal needed 75% approval to be adopted, but the votes (21 for, nine against) reached only 70% in approval following a secret ballot.
''The thing is it wasn't sprung on members,'' Gillespie said after the special meeting.
''It was a consultative process. We've put that much information in front of them, invited them along to so many discussion groups.''
A draft version had been prepared by the board chairman, John Henderson, and had been the subject of plenty of debate.
''It was kicked around, argued and debated and some of them were fairly heated arguments, but what we thought we had was a very workable new set of rules - whereby the committee doubled their representation on the board, from one-third of the board to two-thirds of the board. All of a sudden, they had all the say.''
Gillespie is conscious of needing business-savvy members involved in the club, but said the proposal also gave those members only interested in racing a chance to contribute.
''The commercial reality of running a racing club these days is that non-racing income is the future of clubs,'' he said.
''I said at the last meeting, the unfortunate thing - and it's no slight on our members - is we haven't got the skill set amongst our members to run this club in a commercial world.
''Those that didn't want to take that step up to management could go on the race programme committee and do what they want to do.''
The club has 195 members but only 30 of them turned up to cast their votes, which also frustrated Gillespie.
''It just shows the apathy in members. We're a club of 190-odd people and this is an important decision. Everyone was circulated and involved and 30 people turned up - very disappointing.
''I really think this was hijacked tonight . . . There's no doubt in my mind there's a subgroup here that just want to stop this club going forward. They really need to take a look at themselves.''
Gillespie said the failure of the proposal to get the majority required actually gave a vote of confidence to the board of management which has not always met with favour with club members.
Gillespie, who advocated the change of management structure as part of his successful bid for presidency in 2011, was downcast last night.
''We'll just have to wait another year and put it again.''
