13 October 2016

Board to call in Members money from Sydney Dragway

The recent announcement by Sydney Dragway to use alternative sanctioning has prompted the ANDRA Board into taking urgent action to protect ANDRA members.

ANDRA Management and its Board believe strongly that the drag racing population and licence holder numbers in Australia are not sufficient to support two separate sanctioning authorities.  The additional costs associated with two sanctioning authorities are unnecessary and onerous on our members.

Acting ANDRA Chairman Terry Jongen said; “There is no business case for a second sanctioning authority. Racers are being forced by a minority group to choose whom they support and this is dividing our racing community, costing everyone money and holding our sport back. We have made a number of offers to meet with the Sydney Dragway Board to resolve their objections without success but the offer is still there if they choose.”

ANDRA CEO Grant Goodall stated the Board have been made aware that Sydney Dragway are in breach of their loan agreement with ANDRA and as we are no longer their preferred sanctioning body ANDRA will be calling in the loan early. The Sydney Dragway (known then as WSID) loan agreement is for an amount of $309,934.

The debt, set up as a subordinated note made up of ANDRA members money, was extended to Sydney Dragway in 2012 to assist with the potential insolvency facing the venue at that time. In the best interest of Sydney Dragway, no monies have been sought ahead of the final due date of June 2017. Given the recent decision to use alternative sanctioning, we will now call this debt in. The Board approved this action today as a direct result of the Sydney Dragway announcement as it has an obligation to protect member assets. 

The ANDRA Board also calls on all ANDRA members to rally behind their organisation at this critical time to get our great sport back on track and to unite the industry. The Board also encourage members to have their say and to take appropriate action where they can to repair the damage being done to our great sport.

A reminder to all that our member meeting hosted by NSW Divisional Director Geoff Crisp has been scheduled at the Smithfield R.S.L, Wednesday October 26 starting at 7.30pm sharp.