I'm all for staying at Wentworth Park, but I realise there's little we can do to stay on past 2027.However, perhaps there is one thing we can do to stay on. It's a bargaining chip we have based on the fact that our landlord is asset rich but cash poor. Before the Wentworth Sporting Complex Land Manager (otherwise known as the Trust) kicks us out when the lease is up, it is imperative that GRNSW stridently seeks repayment of the nearly $6.5 million dollars it loaned to the Trust in 1998 - but which the Trust refuses to repay. One reason for this, I would suggest, is that the Trust doesn't have the money to make the repayment. A review of the Trust's latest annual report shows that it has total assets of $67,689,000, but this is made up of nearly $64,000,000 in plant, property and equipment (i.e. land/buildings/grandstand etc) and only $3,740,000 in cash or investments. Significantly, the annual report also refers to the loan from GRNSW as a liability. The Trust makes mention of the GRNSW loan in its annual report in the following manner on page 32; "As at 30 June 2022 a balance $6,478,000 remained outstanding. As a result of the privatisation of the TAB, certain assets, agreements and rights of the former Racecourse Development Fund were transferred to the Greyhound Racing Authority as the body administering the Industry development Fund. That transfer was made in accordance with the direction published in the Government Gazette with effect 1 July 1998. Due to an administrative restructure, responsibility of the loan is now held with GRNSW. In January 2007 GRNSW requested repayment of the loan. The Land Manager requested that GRNSW convert the status of the loan to a grant. In July 2015 the Land Manager received Notice from GRNSW in respect of the claim. Based on legal advice the Land Manager has declined in writing any liability in respect of the claim. No response has been received from GRNSW." EXTERNAL LINK Significantly, a review of the latest GRNSW annual report lists the loan to the Trust as a financial asset, and makes the following comment; " Loan receivable Included within financial assets is a receivable of $6,497,681 due from Wentworth Park Sporting Complex Land Manager (WPSCLM) (formerly Wentworth Park Trust). In assessing the accounting treatment of the receivable GRNSW has sought the assistance of its legal consultant to gather evidence to support its view that the loan is a debt instrument within the relevant laws and regulation that affect GRNSW and the WPSCLM. Based on the fact that the loan is recorded in various government documents, including the NSW Gazette No. 100 26 June 1998, as being a repayable loan, those charged with governance have exercised their judgement and determined for financial reporting purposes that the loan is contractual in nature, and it has been treated as a financial asset in accordance with AASB 9 at amortised cost. Whilst GRNSW has determined, at this stage, not to call on the loan until cessation of racing at Wentworth Park, it reserves its right to do so. GRNSW has also assessed the expected credit loss (ECL) of the receivable, and based on the credit worthiness of the counterparty considers the ECL to be nil." From my reading of the above, it would appear that; a) the Trust recognises that it has loan repayable to GRNSW, but doesn't have the money to do so, and has therefore asked GRNSW to now consider it a "grant", and b) GRNSW still considers the money to be a "repayable loan" that it can call in at any time but recognises the Trust doesn't have the money to do so. Surely there can be a compromise, and a win/win for both sides. I suggest that the compromise be that GRNSW doesn't call in the loan on the proviso that our lease on Wentworth Park be extended indefinitely, or at least until a date well into the future. If nothing else, I think it's something worth considering. There's no point slinking out of Wentworth Park in a couple of years with our tail between our legs when we actually have the landlord by the balls. | 
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