BTC Media Release
1st July 2008
Blueprint for the future of racing
The start of a new era in Queensland racing was announced today with the Board of
the Brisbane Turf Club (BTC) calling on its members to support a merger with
Queensland Turf Club (QTC) as part of its vision to protect Queensland’s racing
future.
BTC Chairman, Wayne Milner, said the entire Board has recommended a vote in
favour of a merger with the QTC as soon as possible as the first step in a bold new
plan to get Queensland on the Australian racing map.
“Let there be no mistake, we would not be calling for another vote on a merger
unless City Pacific Doomben’s very survival wasn’t in jeopardy,” Mr Milner said.
Despite claims to the contrary the BTC will suffer a financial loss this year to the tune
of $1 million and the future predictions are dire for both Brisbane racing clubs if they
continue to standalone.
“A merger has been a hotly debated issue but as a responsible Board we must make
members aware of the commercial reality. If BTC doesn’t merge and City Pacific
Doomben does not become self funding it will become extinct,” Mr Milner said.
“The financial forecast will remain gloomy if action isn’t taken. City Pacific Doomben
is racing towards ruin if we don’t act now.
“The BTC and QTC Board both agree the amalgamation of these two great clubs will
provide opportunity, capital and infrastructure to move racing forward in the 21st
century.”
Mr Milner yesterday wrote to all BTC members to let them know a vote will be taken
either by ‘proxy’ or on August 8 2008 and the Board strongly recommends a vote in
favour of a merger.
“I told the members if both clubs continue as they are they will become increasingly
irrelevant to the Australian Racing Industry. If we can’t fund even the basics, like
maintenance at the track, we face the likelihood of losing Group One races or worse,”
he said.
Like many in the racing industry, BTC’s significant loss this financial year was
worsened by Equine Influenza (EI) but Mr Milner said years of declining racing
attendances and increasing costs are likely to keep Doomben in the red for years to
come.
“Currently the majority of City Pacific Doomben’s revenue stems from sponsors and
the food and beverage income generated trackside over only a paltry 46 days of
racing a year,” he said.
“Doomben in its current form is not profitable but we have a plan to generate revenue
every day of the year and thus secure a bright future for the sport in Brisbane.”
A ‘yes’ vote for the merger would see the emergence of a new racing entity, the
Brisbane Racing Club, which would immediately start the process of attracting extra
revenue.
“The BRC will consider the development of unused land and a major upgrade of
facilities transforming the area into a seven day a week entertainment precinct,” he
said.
“This extra money will put City Pacific Doomben in a position to fully fund
improvements for a world class track, develop state-of-the-art spectator facilities and
give hospitality areas a major facelift.”
Mr Milner said racing would remain City Pacific Doomben’s core business and
primary focus but new business interests are needed for the sport to flourish.
“New revenue flows would not only secure City Pacific Doomben’s future but it will
position us to host some of Australia’s richest and biggest races,” he said.
“Even the cost efficiencies of sharing expenses between the two race tracks provide
significant savings.”
Mr Milner said the merger will have positive synergies for both racing and for
members.
“This is about making our club better, members will now have access to both
racecourses and be entitled to all privileges and as we transform the precinct they
will have access to world class facilities as well.”
As a result of due diligence, BTC and QTC have instigated developers Watpac to
design a master plan for a metropolitan racing precinct incorporating both Doomben
and Eagle Farm.
Situated only minutes from the Brisbane CBD and airport, the unused land at both
Doomben and Eagle Farm has enormous potential and Watpac will look at
everything from offices to world-class conference facilities to five star hotels to retail.
“The final vision for City Pacific Doomben is certainly not finalised but what is certain
all of the money generated will be pumped back into Doomben’s racing and spectator
facilities,” he said.
Mr Milner said the merger would also create more employment opportunities.
“By being in a position to be able to host such things as world-class events and
functions on non-racing days, we will not only generate hundreds of thousands in
revenue but it will mean more jobs and more opportunities for current employees,” he
said.
Mr Milner said the merged Brisbane Racing Club will see a new eight person board
elected with four members taken from both racing clubs.
“This will be an equal partnership in every sense of the word,” Mr Milner said.
ENDS
Media Contact: Shaun Rigby at Sequel Communications on (07) 3251 8140 or
0438 021 936
|
