10 May 2011 - Chairman’s Report

I trust that all competitors’ and their team that attended the Nitrochamps have returned home safely. We have been working since the event finished with the numbers so as to report to all concerned about the payment of the prize money.  I would like to stress that the venue is not owned by the sub Board or any person and that at all times we have taken the firm position that every obligation that the track has made a commitment on will be addressed. It has come to the attention of the board that there may be the non payment of prize money from the Nitrochamps. That is not correct. The management have been working at establishing an accurate financial position to ensure the continued operation of the venue as well as address prize money payments.

So that that you can understand why we have been cautious not to finalise with haste any payments due, I have a summary of the figures relating to the gate and entry takings that were realized over the weekend. These are as follows:

Friday
Weather was wet and difficult and stopped at just after 5pm
Adults                   302
Children              107
Total Spectator Revenue for Friday $13,082

Saturday
Weather was like dodging bullets all day and was stopped around 8pm
Adults                   1219
Children              383
Total Spectator Revenue for Saturday $52,986

Sunday
Weather sunny
Adults                    1542
Ladies Free         992
Children              683
Total Spectator Revenue for Sunday $58,482

Totals for the three days combined
Adults                   3063
Ladies Free         992
Children               1173
Total attendance was 5228 for the three days.

Total Spectator Revenue $124,550

With 335 competitors the entry fees received by all classes was $111,390.

Total event revenue including the gate and competitors was $235,940.

The performance of the event was not the failing of the competitor and their team, the officials or the staff at the track but the cost of poor weather. The call to continue with the event was one not taken lightly. Interstate  and regional competitors that travelled great distances, championship points leading into the final race of the season, the Winternationals, sponsorship commitments for the competitors, the track and television.

This openness of disclosing the revenue is something most competitors would not have received in the past. Our view is that the progress of the track, and ultimately the progress of the sport, will be greatly assisted by enabling all stakeholders to better understand, not only our current position, but an opportunity to review how we may look at options for the future.

When all the expenses have been forwarded to the track we will be in a position to update you further. We are hopeful within the next two weeks to discuss with competitors how we will resolve the payment of prize money to the satisfaction of all stakeholders. With your patience, we believe we will have a resolution.

Again, I thank you for your continued support and look forward to providing a further report.

Yours faithfully

Sam Sofi
Chairman
sam@sydneydragway.com.au