Khushroo N Dhunjibhoy was elected chairman at the 102nd Annual General Meeting (AGM) of the Royal Western India Turf (RWITC) Ltd held at the Mahalaxmi racecourse yesterday evening.

This is Dhunjibhoy's eighth innings at the helm of the race club, but it comes at a time when the once-rich Mumbai club is staring at a probable bankruptcy situation with cash reserves down to only Rs 40 crore. Compare that with a cash reserve of top Mumbai clubs, many in the vicinity of Rs 500 crore and more, and this shows how dire the situation is for the apex racing club.