Latest news with #MichaelBrowell
The Age
6 days ago
- Automotive
- The Age
Flemington is favourite to host 2026 Cox Plate, but bookies say it's not past the post yet
The TAB entered a six-year, $40 million broadcasting deal with the VRC last year, which includes the owner of this masthead, Nine, broadcasting Melbourne Cup week. But the two sources said TAB boss Gillon McLachlan would welcome a Cox Plate at Flemington and has had positive ongoing discussions with the VRC and Entain, which owns Ladbrokes, about sharing oncourse advertising space. Both racing clubs have several conflicting brands that would need to be onboard before a Cox Plate venue was announced. The VRC has ongoing deals with the TAB, Lexus, Crown, beer brand Furphy and is about to start a partnership with De Bortoli Wines, while Moonee Valley lists some of its key carnival partners as Ladbrokes, Mercedes dealership 3 Point Motors and Seppelt Wines. Moonee Valley CEO Michael Browell said last week that an announcement on the Cox Plate was close. 'We would have liked to have had that wrapped up by now, but a decision on that is imminent,' he said. The VRC chose not to answer specific questions about its corporate partners, but CEO Kylie Rogers continued to hold the line that her club wanted next year's Cox Plate run at its famous racecourse. 'It would be a privilege to host the Cox Plate at Flemington,' Rogers said. 'We have been a key player in discussions and await official confirmation.' A TAB spokesperson said it was working 'collaboratively with all stakeholders on future Spring Carnival scheduling options that can benefit both the industry and our customers', while a Ladbrokes spokesman said the betting giant was 'working closely with the Moonee Valley Racing Club, Racing Victoria, and all relevant stakeholders to support discussions around the most appropriate venue for the 2026 Ladbrokes Cox Plate'. Racing Victoria said it was awaiting a final recommendation from Moonee Valley before making its decision. 'It will be run at a group 1 track that maximises wagering returns for the industry and where the host track partner can maximise engagement and the best promotion of the race,' an RV spokesperson said. Both Melbourne Racing Club, which runs Caulfield, and its major sponsor Sportsbet said they would support any decision Racing Victoria made about the venue for next year's Cox Plate. The ongoing delay comes as Moonee Valley reopens negotiations with major sporting organisations and sporting companies on the long-term lease of its racecourse infield. The Valley will lock its gates after this year's October Cox Plate and major work will begin on shifting its amphitheatre track as well as building a new grandstand and clubhouse. The AFL, Harness Racing Victoria, soccer organisations and a golf driving range firm are among those seeking exclusive access to the land. 'We haven't ruled anything out, but we haven't ruled anything in at this stage,' Browell said. The AFL wants two new ovals inside the racecourse that would be open to the public and could also potentially provide a training base for the league's homeless umpiring fraternity. Loading Harness Racing Victoria CEO Matt Isaacs said his organisation remained ambitious for a return to Moonee Valley and was in regular dialogue with the club about opportunities for such a move. 'It is an attractive option with significant potential, including exposing harness racing to a greater metropolitan market and building what would be one of the world's greatest harness racing venues,' Isaacs said. 'However, it would require significant investment and carries with it timing challenges. 'We will continue to do due diligence and work with the club and the state government to make sure any decision is in the best long-term interests of the sport.' The state government announced last week it would contribute $5 million to Moonee Valley's $220 million redevelopment, which will go towards new lights, grass and horse stalls.
Sydney Morning Herald
22-07-2025
- Automotive
- Sydney Morning Herald
Flemington is favourite to host 2025 Cox Plate, but bookies say it's not past the post yet
The TAB entered a six-year, $40 million broadcasting deal with the VRC last year, which includes the owner of this masthead, Nine, broadcasting Melbourne Cup week. But the two sources said TAB boss Gillon McLachlan would welcome a Cox Plate at Flemington and has had positive ongoing discussions with the VRC and Entain, which owns Ladbrokes, about sharing oncourse advertising space. Both racing clubs have several conflicting brands that would need to be onboard before a Cox Plate venue was announced. The VRC has ongoing deals with the TAB, Lexus, Crown, beer brand Furphy and is about to start a partnership with De Bortoli Wines, while Moonee Valley lists some of its key carnival partners as Ladbrokes, Mercedes dealership 3 Point Motors and Seppelt Wines. Moonee Valley CEO Michael Browell said last week that an announcement on the Cox Plate was close. 'We would have liked to have had that wrapped up by now, but a decision on that is imminent,' he said. The VRC chose not to answer specific questions about its corporate partners, but CEO Kylie Rogers continued to hold the line that her club wanted next year's Cox Plate run at its famous racecourse. 'It would be a privilege to host the Cox Plate at Flemington,' Rogers said. 'We have been a key player in discussions and await official confirmation.' A TAB spokesperson said it was working 'collaboratively with all stakeholders on future Spring Carnival scheduling options that can benefit both the industry and our customers', while a Ladbrokes spokesman said the betting giant was 'working closely with the Moonee Valley Racing Club, Racing Victoria, and all relevant stakeholders to support discussions around the most appropriate venue for the 2026 Ladbrokes Cox Plate'. Racing Victoria said it was awaiting a final recommendation from Moonee Valley before making its decision. 'It will be run at a group 1 track that maximises wagering returns for the industry and where the host track partner can maximise engagement and the best promotion of the race,' an RV spokesperson said. Both Melbourne Racing Club, which runs Caulfield, and its major sponsor Sportsbet said they would support any decision Racing Victoria made about the venue for next year's Cox Plate. The ongoing delay comes as Moonee Valley reopens negotiations with major sporting organisations and sporting companies on the long-term lease of its racecourse infield. The Valley will lock its gates after this year's October Cox Plate and major work will begin on shifting its amphitheatre track as well as building a new grandstand and clubhouse. The AFL, Harness Racing Victoria, soccer organisations and a golf driving range firm are among those seeking exclusive access to the land. 'We haven't ruled anything out, but we haven't ruled anything in at this stage,' Browell said. The AFL wants two new ovals inside the racecourse that would be open to the public and could also potentially provide a training base for the league's homeless umpiring fraternity. Loading Harness Racing Victoria CEO Matt Isaacs said his organisation remained ambitious for a return to Moonee Valley and was in regular dialogue with the club about opportunities for such a move. 'It is an attractive option with significant potential, including exposing harness racing to a greater metropolitan market and building what would be one of the world's greatest harness racing venues,' Isaacs said. 'However, it would require significant investment and carries with it timing challenges. 'We will continue to do due diligence and work with the club and the state government to make sure any decision is in the best long-term interests of the sport.' The state government announced last week it would contribute $5 million to Moonee Valley's $220 million redevelopment, which will go towards new lights, grass and horse stalls.
The Age
22-07-2025
- Automotive
- The Age
Flemington is favourite to host 2025 Cox Plate, but bookies say it's not past the post yet
The TAB entered a six-year, $40 million broadcasting deal with the VRC last year, which includes the owner of this masthead, Nine, broadcasting Melbourne Cup week. But the two sources said TAB boss Gillon McLachlan would welcome a Cox Plate at Flemington and has had positive ongoing discussions with the VRC and Entain, which owns Ladbrokes, about sharing oncourse advertising space. Both racing clubs have several conflicting brands that would need to be onboard before a Cox Plate venue was announced. The VRC has ongoing deals with the TAB, Lexus, Crown, beer brand Furphy and is about to start a partnership with De Bortoli Wines, while Moonee Valley lists some of its key carnival partners as Ladbrokes, Mercedes dealership 3 Point Motors and Seppelt Wines. Moonee Valley CEO Michael Browell said last week that an announcement on the Cox Plate was close. 'We would have liked to have had that wrapped up by now, but a decision on that is imminent,' he said. The VRC chose not to answer specific questions about its corporate partners, but CEO Kylie Rogers continued to hold the line that her club wanted next year's Cox Plate run at its famous racecourse. 'It would be a privilege to host the Cox Plate at Flemington,' Rogers said. 'We have been a key player in discussions and await official confirmation.' A TAB spokesperson said it was working 'collaboratively with all stakeholders on future Spring Carnival scheduling options that can benefit both the industry and our customers', while a Ladbrokes spokesman said the betting giant was 'working closely with the Moonee Valley Racing Club, Racing Victoria, and all relevant stakeholders to support discussions around the most appropriate venue for the 2026 Ladbrokes Cox Plate'. Racing Victoria said it was awaiting a final recommendation from Moonee Valley before making its decision. 'It will be run at a group 1 track that maximises wagering returns for the industry and where the host track partner can maximise engagement and the best promotion of the race,' an RV spokesperson said. Both Melbourne Racing Club, which runs Caulfield, and its major sponsor Sportsbet said they would support any decision Racing Victoria made about the venue for next year's Cox Plate. The ongoing delay comes as Moonee Valley reopens negotiations with major sporting organisations and sporting companies on the long-term lease of its racecourse infield. The Valley will lock its gates after this year's October Cox Plate and major work will begin on shifting its amphitheatre track as well as building a new grandstand and clubhouse. The AFL, Harness Racing Victoria, soccer organisations and a golf driving range firm are among those seeking exclusive access to the land. 'We haven't ruled anything out, but we haven't ruled anything in at this stage,' Browell said. The AFL wants two new ovals inside the racecourse that would be open to the public and could also potentially provide a training base for the league's homeless umpiring fraternity. Loading Harness Racing Victoria CEO Matt Isaacs said his organisation remained ambitious for a return to Moonee Valley and was in regular dialogue with the club about opportunities for such a move. 'It is an attractive option with significant potential, including exposing harness racing to a greater metropolitan market and building what would be one of the world's greatest harness racing venues,' Isaacs said. 'However, it would require significant investment and carries with it timing challenges. 'We will continue to do due diligence and work with the club and the state government to make sure any decision is in the best long-term interests of the sport.' The state government announced last week it would contribute $5 million to Moonee Valley's $220 million redevelopment, which will go towards new lights, grass and horse stalls.
Sydney Morning Herald
18-05-2025
- Business
- Sydney Morning Herald
Many questions surround the $220m Moonee Valley revamp. We put them to the CEO
Moonee Valley Racing Club insists it will emerge from its looming 21-month shutdown and $220 million major surgery with a 'strong balance sheet' and 72 acres of freehold land to bankroll its future. It also maintains that the redevelopment, to begin on November 1, is running to schedule. That is despite the club still finalising plans for a new grandstand, waiting to announce who will host the 2026 Cox Plate, and continuing to hold talks with sporting organisations, such as the AFL and Harness Racing Victoria, about developing facilities in its infield. But in a wide-ranging interview with this masthead, Moonee Valley CEO Michael Browell said the club was financially independent, had budgeted for cost blowouts and had a contingency plan to host the Cox Plate at the Valley in 2027 if a new grandstand was not finished in time. The club is also cutting 40 per cent of its workforce by December in preparation for the closure period. In short, there is no turning back. Once the Valley locks the gates on November 1, the unique amphitheatre-like venue will never be the same. Where will the 2026 Cox Plate be raced? Browell: 'This decision has been deferred until the June Racing Victoria board meeting.' Shouldn't everything be ticked off by now? 'We've done an enormous amount of work to get to this point. In the next four weeks – so if we were to aim towards the end of June – we'll have the financing facility in place for the racecourse works, and we'll have an executed contract in place to build all of the required racing infrastructure and the infield. The contract that we will be signing will cover everything, excluding the grandstand precinct. The grandstand precinct will be a separate contract.' Are you running behind time? 'It's all on schedule. The challenge you've got with a project like we have, with the value of the work, is that you can't lock it in too early because then you're baking in cost escalation. As soon as we sign those loan contracts, we will start paying the facility fees.' Are you worried about costs blowing out? 'When we set the budget for the entirety of the project, we set a budget of $200 million and that was based on the estimated cost to build, but also taking into account the proceeds that the club will receive through our share in the Moonee Valley Park development being undertaken in partnership with a joint venture between [property developer] Hamton and Hostplus. Now, since that budget was first established, the value of the Moonee Valley Park project has increased significantly. The club's profit share through that joint venture has also increased significantly, and as a result of that, we've been able to increase the budget for our racecourse works, including the grandstand, to $220 million.'
The Age
18-05-2025
- Business
- The Age
Many questions surround the $220m Moonee Valley revamp. We put them to the CEO
Moonee Valley Racing Club insists it will emerge from its looming 21-month shutdown and $220 million major surgery with a 'strong balance sheet' and 72 acres of freehold land to bankroll its future. It also maintains that the redevelopment, to begin on November 1, is running to schedule. That is despite the club still finalising plans for a new grandstand, waiting to announce who will host the 2026 Cox Plate, and continuing to hold talks with sporting organisations, such as the AFL and Harness Racing Victoria, about developing facilities in its infield. But in a wide-ranging interview with this masthead, Moonee Valley CEO Michael Browell said the club was financially independent, had budgeted for cost blowouts and had a contingency plan to host the Cox Plate at the Valley in 2027 if a new grandstand was not finished in time. The club is also cutting 40 per cent of its workforce by December in preparation for the closure period. In short, there is no turning back. Once the Valley locks the gates on November 1, the unique amphitheatre-like venue will never be the same. Where will the 2026 Cox Plate be raced? Browell: 'This decision has been deferred until the June Racing Victoria board meeting.' Shouldn't everything be ticked off by now? 'We've done an enormous amount of work to get to this point. In the next four weeks – so if we were to aim towards the end of June – we'll have the financing facility in place for the racecourse works, and we'll have an executed contract in place to build all of the required racing infrastructure and the infield. The contract that we will be signing will cover everything, excluding the grandstand precinct. The grandstand precinct will be a separate contract.' Are you running behind time? 'It's all on schedule. The challenge you've got with a project like we have, with the value of the work, is that you can't lock it in too early because then you're baking in cost escalation. As soon as we sign those loan contracts, we will start paying the facility fees.' Are you worried about costs blowing out? 'When we set the budget for the entirety of the project, we set a budget of $200 million and that was based on the estimated cost to build, but also taking into account the proceeds that the club will receive through our share in the Moonee Valley Park development being undertaken in partnership with a joint venture between [property developer] Hamton and Hostplus. Now, since that budget was first established, the value of the Moonee Valley Park project has increased significantly. The club's profit share through that joint venture has also increased significantly, and as a result of that, we've been able to increase the budget for our racecourse works, including the grandstand, to $220 million.'
