Peter McGauran has announced his resignation from the role of Australian Turf Club chairman, a position he has held for the past three years.

McGauran’s tenure was due to expire in January next year but he announced on Wednesday evening that he would not be seeing out his term.

The former politician had served as a director of the ATC since February 2022 and said the decision to step aside was difficult.

It comes in the aftermath of a vote by ATC members’ in May not to proceed with a potential $5 billion sale of Rosehill racecourse, an initiative championed by McGauran.

“I have made this decision aware of the challenges for the ATC ahead and believe that a new chairman and renewed focus will guide new initiatives for the club’s future and its members,” McGauran said in a statement.

“I remain convinced the potential sale of Rosehill Gardens was a lost opportunity for the club and the wider racing industry.

“It was a fully transparent and vigorous debate, and I am grateful to the 44 per cent of ATC members who voted in favour of the proposal.

“I believe history will judge the decision to pursue the vision as having been the right one.”

McGauran pointed to several highlights during his term as chairman, including a restructure of the leadership team which he said assisted the club in turning around its financial position to post an operating surplus of $570,000 in 2023-24.

He was also proud to have overseen a sell-out crowd for last year’s The Everest at Randwick and to introduce later trackwork starting times “in the interest of stable staff safety and wellbeing”.

“I thank the many members and industry participants who continue to support the club and our racing and wish the new chairman and the board every success in the future,” McGauran said.