Racing NSW sensationally issued the embattled Australian Turf Club a show-cause notice on Friday over concerns the club is broke, owes $175 million and has poor corporate governance.

The governing body gave the club a fortnight to respond to the notice, threatening to appoint an administrator to replace the board.

Then Australian Turf Club chairman Peter McGauran at a press conference at Royal Randwick following vote on the proposed sale of Rosehill Gardens on May 27. Credit: Edwina Pickles

The move came at the end of a week in which the ATC, which operates Sydney’s four thoroughbred racetracks, sacked its CEO and had two directors resign .

The club owes Racing NSW, run by sports powerbroker Peter V’Landys, $145 million in the form of a non-interest loan which is only repayable i

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