Racing at Rosehill to continue as ATC membership rejects sale and development proposals.

Australian Turf Club members have rejected a proposal to sell Rosehill racecourse – the home of Sydney's traditionally most famous race, the Golden Slipper – at an extraordinary general meeting held at Randwick on Tuesday.

Conducted by in-person voting, online voting and also by post, 56.1% of members voted 'no' to the ATC committee's plan to sell Rosehill for $5 billion with the funds to be received over 15 years from the New South Wales government to then use the site for housing development.

"While the resolution will not proceed, the robust debate and considered views expressed throughout the process has put us in good stead for our next phase of strategic planning and development," ATC chairman Peter McGauran said.

"With the vote behind us, the Club's focus is firmly on the future - one that honours our proud heritage while continuing to evolve and grow.

"Our priorities remain enhancing our tracks and welfare systems, growing participation through deeper community engagement, and continually improving the raceday experience for Members and visitors.

"We will also continue to explore opportunities to diversify the revenue streams our racecourses and assets generate to reduce the reliance on wagering."

Horse racing has been held at Rosehill since 1888.

It is unclear whether proposed redevelopments of Warwick Farm racecourse which was dependent on the windfall had the 'yes' vote been successful has any future prospects of proceeding through any other funding mechanism.