ANDRA Chairman Says He Wants Sydney Dragway To Default
ANDRA Chairman Terry Jongen says he wants Sydney Dragway to default on its controversial $300,000 outstanding debt to the struggling sanctioning body so it can "get a bunch of money off them."
The track and ANDRA have a written, agreed payment schedule, and if SD does default it automatically becomes subject to an 8.25% interest rate on any outstanding monies after its due date.
"Personally I hope they don't pay because ... if they string it out for a while we'll get a bunch of money off them," Jongen told attendees at the West Australian Drag Racing Association monthly meeting last night.
The comments from the chairman of ANDRA are simply stunning and appear to be in desperation when understanding the sanctioning body has recorded a significant series of losses totalling over $1.2m in the past six years. It is expected to record yet another loss in this current financial year.
"If anyone's getting 8.25% on their super you'll notice it's a good return," Jongen said.
Jongen told the meeting he signed a letter to Sydney Dragway calling in the debt earlier this month.
"I signed the letter at the beginning of the month calling in the note so they've got to the 30th of June to pay us," he said.
"After the 30th of June [Sydney Dragway goes] into default, so the interest rate becomes 8.25% plus they are now liable for any legal costs in recovering that debt as well."
Jongen is the only original ANDRA board member and company director remaining after the association switched to a company structure in 2011.
Just last week ANDRA announced a major restructuring of the business in reaction to its losses and declining business with Willowbank and Sydney having switched to IHRA sanctioning, reducing its staff and returning to concentrate on its role as an administrative body while also managing its Summit Sportsman Series.
While in recent years ANDRA had full time staff of nine in addition to two part time employees, gone now is the CEO role, replaced by a general manager. Its business development management role has been reduced to a short term casual contract, and its media manager's role is now just part time.
Full audio of the WADRA meeting is available online here: http://mixlr.com/wadra/showreel/
UPDATED: The original audio file was removed from online by WADRA. Our report contains factual comments quoted from the live broadcast of a public forum. We retain a copy of the meeting recording.
