The Canberra Racing Club will pursue its plan to develop Thoroughbred Park and maintain horse racing at its current home, likening a surprise proposition from ACT government on Melbourne Cup day to a "hostile takeover".
Chief Executive Officer Darren Pearce said finding out two plans for the park had been presented to the public, one which involved creating a greenspace where the racecourse is, was a total surprise.
"Delivered on Melbourne Cup day when we were hosting a significant race day event of our own was akin to being a company in the middle of an AGM and to get a tap on the shoulder that a hostile takeover bid had been launched," he said.
"Let me be unequivocal about this, our charter is not to become property developers at the expense of the racing industry and the community we serve."
A second option presented in the Inner North District Strategy Plan aligns with the future financial goals of the club, which has been in discussion with ACT government for several years to rezone the land, with a hotel, housing, aged-care and community facilities proposed.
The long-term leaser of the Lyneham block has the site for another 60 years and intends to diversify its income in the same way the Australian Turf Club has done in Randwick, the Victorian Race Club has done in Flemington and Eagle Farm Racecourse has in Brisbane, Mr Pearce said.
Nine weeks into the job, Mr Pearce said he's optimistic about the club's future, however, the scenarios put forward by ACT planners had shaken the Canberra community.
"There were lots of employees of the club and racing industry participants who had a sleepless night last night worrying about what this meant for them, their careers, their businesses and their families," he said.
"Putting that plan in there without another site being identified and offered as a relocation opportunity is a completely academic argument that's done nothing but cause fear and angst amongst our community.
"It's not a great start to the consultation processes."
The ACT government issued a statement to the club on Wednesday which said horse racing would remain at the current site in Lyneham for as long as the club wished to stay there.
"It is not a plan to end horse racing," a spokesperson said.
Asked whether a Labor government would renew its five-year funding for the club in 2027, the spokesperson said the party would seek to negotiate a Memorandum of Understanding.
"The extract terms of a future MOU would need to reflect progress on the actions and opportunities outlined in the current MOU and the outcomes of the planning work currently underway," they said.
Racing club management say the club wants to help ease the housing pressure for the region, particularly the inner north, which has been slated as the fastest growing district over the next two decades. The latest housing modelling forecasting homes needed for an additional 8100 people by 2046.
Chief Minister Andrew Barr said he had clearly outlined the government's interest in working with the racing club on redevelopment of the precinct that would involve more housing.
"It's really up to Thoroughbred Park how much housing, whether they want to move entirely off the site, that's allowed for, it's an option within the district strategy that has been released," he said.
Mr Barr said, should they chose to move, Queanbeyan would be the most likely location.
"But I imagine they're going to want to settle on that site and build around it.
"I hope they will also accommodate the needs of the Harness Racing Club and bring that into the precinct as well, which will then free up space in Exhibition Park, for a number of projects that we're looking to pursue."
The ACT government closed its tender for a redesign of EPIC in September, as it seeks to fulfill a 2020 election promise to provide an event facility capable of hosting festivals and large events.
A spokeswoman on Friday said residential housing at Thoroughbred Park would not prevent events like Summernats going ahead.
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