Site identified for potential new Sydney metro racecourse.

Another piece of the Australian Turf Club's (ATC) proposal puzzle to members on the potential sale of Rosehill racecourse was unveiled on Sunday with a memorandum of understanding signed with Penrith Golf Club over the purchase of land for a new alternative racing and training facility in Sydney's west.

The ATC has earmarked more than $370 million from the Rosehill Gardens proceeds to acquire and develop the golf course into a training centre with capacity for more than 300 stables.

A Club statement said that "the new site would complement the $800 million redevelopment of Warwick Farm Racecourse into a world-class Group One racing venue" and that Penrith Golf Club members would receive access to new and upgraded ATC venues.

"Our vision includes the construction of another Group 1 racecourse that would secure Sydney's place as a global racing hub,'' ATC Chairman Peter McGauran said.

"While these discussions are in early stages, we're excited about the potential that benefits the racing industry, ATC and Penrith Golf Club Members, and the local community."

The ATC have estimated a windfall of $5 billion should members vote 'yes' to the Rosehill sale proposal at the originally postponed meeting now on May 27, of which $1.9 billion would be spent on racecourse developments like this

The announcement follows other inducements offered including fully discounted membership fees to existing members as well as food and beverage credits should the proposal be passed.