CHRISTIAN NICOLUSSI reports in the SYDNEY TELEGRAPH that more than 25 staffers are expected to be torpedoed next Monday as the struggling ATC comes to grips with an autumn carnival that fell well short of expectations.

The drawn-out Randwick makeover has already gone well over the $152 million budget set aside.

The Daily Telegraph also understands $2 million needs to be urgently shed from the ATC’s payroll. Despite the gaping black hole in their budget, the ATC say the sale of Canterbury won’t be revisited, “for now”.ATC chief executive Darren Pearce last night revealed “an inherited debt” from the former Sydney Turf Club’s Rosehill makeover had not helped the joint-venture’s cause.

The Sydney Turf Club merged with the Australian Jockey Club in 2011. Tensions have continued to run hot at board level.

“There’s a $35 million debt for the building of the Grand Pavilion and new stabling at Rosehill, which haven’t been generating an economic return,” Pearce said.

“We’re now in the process of selling assets, including some residential property, to pay off that asset debt.

“The Randwick (renovations) have gone over the $152 million, but the amount that it has gone over has been funded by the ATC, sponsors and Racing NSW.

“We’re also operating a business that needs to be more cost efficient, and we’re not as cost efficient as we need to be.”Pearce refused to speculate on how many jobs would be lost. The ATC were forced to release a press statement yesterday afternoon when word quickly spread around at the Warwick Farm races that jobs would be lost.

The 225 full-time staff were informed throughout the day, with ATC general manager of racing Matt Rudolph seen chatting with several staff.

The fact torrential rain fell on Golden Slipper Day and Doncaster Day – which was almost abandoned because of the shocking weather – both experienced poor attendances and betting turnover.

Pearce said Rosehill Guineas Day and Derby Day were the only two meetings the club “achieved our targets”.

Derby Day could have returned an even better result had punters not been turned away to see Black Caviar win her last-ever race because of the redevelopments.

One way to offset the mega debt for the ATC would be to sell Canterbury. Pearce, however, said: “That’s not on our radar at the moment.

“It’s about getting our operating business right.”

There were suggestions last night trainers and owners were about to be slugged extra money for stabling fees.

The ATC said in their press release: “In essence, over the last two years we have had to perform business as usual, while managing a major rebuilding program and facilitating the merger process without new or increased sources of revenue or funding assistance.”

STORY SOURCE: DAILY TELEGRAPH - NEWS LIMITED.