The Royal Turf Club of Thailand (RTCT) handed over its 102-year-old Nang Loeng racecourse in Dusit district to the Crown Property Bureau (CPB) on Thursday after announcing it would invest in a racecourse elsewhere.
Gen Watthanachai Chaimueanwong, chairman of the RTCT's board of directors, was at the handover ceremony and signed the property transfer document. Other board members were also in attendance.
The RTCT had removed itself from the property and cleaned up the premises before handing it over to the bureau.
It was reported that the statue of King Rama VI's horse, located inside the racecourse, has been moved to the 2nd Cavalry Division, King's Guard, in Phaya Thai district.
The CPB representatives thanked the RTCT for its cooperation and said security guards would be deployed to look after the area.
A new RTCT board has been set up, Gen Watthanachai said, adding the five-member board will work temporarily for the next 12 months before the club's licence to operate expires.
"I can confirm that we will pursue it (a racecourse investment at a new location)," the RTCT chairman said. "I believe the private sector will jointly invest in the scheme."
He refused to confirm reports that the RTCT would build a racecourse in Nong Chok district, also in Bangkok.
Referring to the billions of baht of debt accumulated from operating the racecourse, Gen Watthanachai conceded his club has no earnings to repay the debt. He said the Excise Department, one of the club's creditors, understands its financial situation. As for the debt owed to the Bangkok Metropolitan Administration (BMA), talks will be held with City Hall in which the club could seek a moratorium on debt repayment, he said.
He brushed aside an idea that more horse races will be held at the Royal Bangkok Sports Club on Henri Dunant Road to make up for the RTCT's closure.
He said there is a legal limit to how many races the sports club can operate.
