Latest news with #MooneeValleyRacingClub
News.com.au
8 hours ago
- Automotive
- News.com.au
Racing Victoria delays decision on 2026 Cox Plate host
Racing Victoria has pushed back discussions on 2026 Cox Plate hosting rights to early next month. Flemington and Caulfield stay in contention for the historic schedule, a temporary relocation of Australia's best race during The Valley redevelopment set to start after the Cox Plate this year. The RV board met on Tuesday but deferred the 2026 Cox Plate agenda item as metropolitan clubs involved iron out conditions for the transferred fixture. Sources not authorised to speak publicly said Cox Plate rights remained a work in progress. A Cox Plate at Flemington next year could deliver a record 60,000-strong crowd for the prestigious $5m weight-for-age Group 1 and double as a blockbuster start to the Melbourne Cup carnival. Legendary mare Winx drew a record Valley crowd of 38,035 in 2018 for her unprecedented fourth-straight Cox Plate success. The Melbourne Cup carnival has enjoyed a recent spike in crowds, with 285,675 through the gate last year at Flemington for the biggest combined four-day attendance since 2018. Melbourne Cup Day (91,168) and Victoria Derby Day (81,612) led the way, from Champions Stakes Day (62,022) and Oaks Day (50,873). Victoria Racing Club has crowd ambitions of 60,000-plus for the Cox Plate, should Flemington secure the 2026 rights. While unable to compete on crowd and wagering fronts, Melbourne Racing Club could offer a like-for-like Cox Plate spectacle at Caulfield with its boutique atmosphere and tight-turning circuit. Moonee Valley Racing Club chairman Adam Lennen endorsed the Cox Plate negotiations. 'We're close but not there yet,' Lennen said. The MVRC has awarded a circa $70m contract for civil and infrastructure works for the new Moonee Valley Racecourse precinct to Symal Group. The scope of work includes bulk earthworks, full track reconstruction, new racing infrastructure, upgraded underpasses, retaining walls and the installation of new track lighting. The MVRC has held early talks with stakeholders, including the AFL, around future infield uses but Lennen said racecourse redevelopment, including grandstand and events centre, is the priority. The Valley infield had been linked as potential base for AFL umpires. The AFL on Tuesday confirmed the purchase of Waverley Park and ambitions for the historic venue to house its talent pathways programs, community footy and umpire development. The Valley infield remains in play as a potential boutique AFLW venue.
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.'
