10 Nov 2011 - Chairman's Statement
Chairman’s Statement - 10th Nov 2011
Re FUCHS NATIONALS and prize money for NITRO’S and the Annual General Meeting
Ladies and Gentleman
I refer to my statement of July 21st prior to the FUCHS Nationals which included the following comment:
Prize money – As we have previously advised prize money can only come from sponsorships, entries and/or spectators. Prize money for this Fuchs Nationals event which totals $160,725 will be paid. We are looking towards the equivalent of 8,250 paying spectators over the two days of Saturday and Sunday as well as an equivalent of 352 entries based on 80 Group 1, 230 Groups 2, 3 and 4 and 42 Juniors. This level of support will do two things - make for a great event AND if these numbers are exceeded put us in a position to address the matter of the outstanding prize money from the NITRO CHAMPS. This should help and we want to do it!!!
Although the FUCHS NATIONALS were an outstanding success we did not reach any of the benchmarks above. Spectator and competitor income was about 14% below the benchmarks. Accordingly we will not be in a position to pay any of the NITRO’S prize money. The Board has determined this now closes the matter.
I do take this opportunity to remind competitors that Sydney Dragway did fulfill its commitment to pay the prize money due for the FUCHS NATIONALS.
I also take this opportunity to remind all of you the 2011 Annual General Meeting of Western Sydney International Dragway Limited members will be held on November 30th.
I also want to draw your attention to my statement of October 24th. The matter of GST and the Australian Taxation Office is still under consideration and the 2010 – 2011 Financial Report will be presented at the Annual General Meeting. I also repeat the paragraph on prize money:
On the matter of payment of accounts including prize money please note the board has allocated this responsibility to the current Financial Controller Rob Fielding (firstname.lastname@example.org). Therefore any questions and comments should be directed to either Rob or the track's General Manager, Tony Beuk (email@example.com). It is not a matter for any of the other staff.
As always I welcome you feed back.