Latest news with #Munz
Sydney Morning Herald
3 days ago
- Automotive
- Sydney Morning Herald
The bosses of Victoria's premier race clubs met at a billionaire's Toorak mansion. A merger was on the menu
The chairman of the super club would begin to rival NSW supremo Peter V'Landys for influence. Members of both clubs would need to vote for a merger to happen. It was suggested at the meeting that winning the support of MRC members could involve free membership of the new entity for at least two years, according to sources familiar with the discussion but not willing to speak publicly about a private gathering. While Wilson took his vice chairman to the meeting with Munz, sources claim Kanga did not take the matter back to his board. But, according to the sources, the relationship between the two clubs soured recently after sensitive information about the VRC's finances was leaked from a private Racing Forum, hosted by Racing Victoria, to the Herald Sun. The newspaper's May 22 story – 'Desperate VRC raids Everest rival race for Melbourne Cup prize money' – angered members of the VRC committee and executive. Munz declined to comment on the meeting, while Kanga and Wilson were contacted for comment. Former Racing Victoria CEO Andrew Jones wrote a column for this masthead in November last year, suggesting 'it has been obvious to the racing industry for decades that Melbourne's clubs should come together'. Such a merger would leave Moonee Valley Racing Club out on its own as it prepares to close its gates for 21 months in November to undergo a complete rebuild of its track and facilities. The Valley rejected a behind-the-scenes push at Racing Victoria in 2015 for the MVRC to be absorbed into the VRC and the Cox Plate to be run at Flemington. Wilson told this masthead in February that the VRC would return to profitability by 2026 on the back of a lucrative new media deal with Tabcorp and Nine (owner of this masthead), worth between $30 million and $40 million, a return to bumper Melbourne Cup week crowds and new sponsorship agreements. The VRC announced a three-year partnership extension with Lexus in March, including Melbourne Cup naming rights until 2027, but Penfolds winery has pulled the pin on its lucrative spring carnival contract. Kanga has publicly supported the prospect of a merger between Melbourne's metropolitan clubs in the past as way for the industry to become more efficient. But his MRC board has come under scrutiny this week after removing chief executive Tom Reilly from office, and announcing that it had appointed Tanya Fullarton as chief operating officer. Two sources not permitted to speak on behalf of the MRC told this masthead that COO role was not advertised and that Fullarton would be paid $500,000-a-year, plus bonuses. Fullarton sits on the Thoroughbred Racehorse Association board alongside Munz. MRC board member Barbara Saunders resigned on Monday in support of Reilly. 'I resigned because I had concerns about the lack of governance at the club and the removal of Tom Reilly from his position as CEO because, in my opinion, he was performing the role very well,' Saunders said. The MRC released a statement on Monday night to say it had removed Reilly from the CEO role because 'sometimes things don't work out'. Loading 'Tom was only CEO for three months and when things don't go as well as they should, it is best to pivot and move on,' Kanga said in the statement. The MRC chairman said the board had appointed Fullarton as COO to 'work with me'. Kanga swept to power as chairman at a board meeting in October last year, two months after he filed a motion for a special general meeting to remove committee members Matt Cain, Nick Hassett, Mark Pratt, Brooke Dawson, Scott Davidson and Jill Monk. His Save Our MRC movement followed through on its promise to save Sandown Racecourse from development, move the new Caulfield mounting yard back to its original position in front of the members' stand as well as scrapping plans to build a new $250 million grandstand at Caulfield. He signed off on an agreement to sell seven hectares of land beside Caulfield Racecourse to Mount Scopus Memorial College for $195 million – a deal that will clear the MRC's $160 million debt, money borrowed to build a new inside track, a new office block, subterranean tie-up stalls and a mounting yard that is no longer used.
The Age
3 days ago
- Automotive
- The Age
The bosses of Victoria's premier race clubs met at a billionaire's Toorak mansion. A merger was on the menu
The chairman of the super club would begin to rival NSW supremo Peter V'Landys for influence. Members of both clubs would need to vote for a merger to happen. It was suggested at the meeting that winning the support of MRC members could involve free membership of the new entity for at least two years, according to sources familiar with the discussion but not willing to speak publicly about a private gathering. While Wilson took his vice chairman to the meeting with Munz, sources claim Kanga did not take the matter back to his board. But, according to the sources, the relationship between the two clubs soured recently after sensitive information about the VRC's finances was leaked from a private Racing Forum, hosted by Racing Victoria, to the Herald Sun. The newspaper's May 22 story – 'Desperate VRC raids Everest rival race for Melbourne Cup prize money' – angered members of the VRC committee and executive. Munz declined to comment on the meeting, while Kanga and Wilson were contacted for comment. Former Racing Victoria CEO Andrew Jones wrote a column for this masthead in November last year, suggesting 'it has been obvious to the racing industry for decades that Melbourne's clubs should come together'. Such a merger would leave Moonee Valley Racing Club out on its own as it prepares to close its gates for 21 months in November to undergo a complete rebuild of its track and facilities. The Valley rejected a behind-the-scenes push at Racing Victoria in 2015 for the MVRC to be absorbed into the VRC and the Cox Plate to be run at Flemington. Wilson told this masthead in February that the VRC would return to profitability by 2026 on the back of a lucrative new media deal with Tabcorp and Nine (owner of this masthead), worth between $30 million and $40 million, a return to bumper Melbourne Cup week crowds and new sponsorship agreements. The VRC announced a three-year partnership extension with Lexus in March, including Melbourne Cup naming rights until 2027, but Penfolds winery has pulled the pin on its lucrative spring carnival contract. Kanga has publicly supported the prospect of a merger between Melbourne's metropolitan clubs in the past as way for the industry to become more efficient. But his MRC board has come under scrutiny this week after removing chief executive Tom Reilly from office, and announcing that it had appointed Tanya Fullarton as chief operating officer. Two sources not permitted to speak on behalf of the MRC told this masthead that COO role was not advertised and that Fullarton would be paid $500,000-a-year, plus bonuses. Fullarton sits on the Thoroughbred Racehorse Association board alongside Munz. MRC board member Barbara Saunders resigned on Monday in support of Reilly. 'I resigned because I had concerns about the lack of governance at the club and the removal of Tom Reilly from his position as CEO because, in my opinion, he was performing the role very well,' Saunders said. The MRC released a statement on Monday night to say it had removed Reilly from the CEO role because 'sometimes things don't work out'. Loading 'Tom was only CEO for three months and when things don't go as well as they should, it is best to pivot and move on,' Kanga said in the statement. The MRC chairman said the board had appointed Fullarton as COO to 'work with me'. Kanga swept to power as chairman at a board meeting in October last year, two months after he filed a motion for a special general meeting to remove committee members Matt Cain, Nick Hassett, Mark Pratt, Brooke Dawson, Scott Davidson and Jill Monk. His Save Our MRC movement followed through on its promise to save Sandown Racecourse from development, move the new Caulfield mounting yard back to its original position in front of the members' stand as well as scrapping plans to build a new $250 million grandstand at Caulfield. He signed off on an agreement to sell seven hectares of land beside Caulfield Racecourse to Mount Scopus Memorial College for $195 million – a deal that will clear the MRC's $160 million debt, money borrowed to build a new inside track, a new office block, subterranean tie-up stalls and a mounting yard that is no longer used.
Yahoo
25-04-2025
- Business
- Yahoo
Maestrani Schweizer Schokoladen buys Swiss peer Chocolat Ammann
Maestrani Schweizer Schokoladen has acquired fellow Swiss chocolatier Chocolat Ammann for an undisclosed sum. In a joint statement, the companies said the deal is part of a succession plan to 'secure' the future of the Chocolat Ammann brand. Founded by Theodor Ammann, Chocolat Ammann has been making chocolates since 1949. The deal will see Maestrani, which produces brands such as Munz, Minor, and Avelines, relocate production to its facility and headquarters in Flawil in eastern Switzerland. The relocation will result in the loss of approximately 18 jobs at Chocolat Ammann's Heimberg plant. Maestrani confirmed it will support the affected employees in finding new roles. The companies share common values such as 'quality, Swissness, and sustainability' that makes the Swiss quality products produced and distributed under the Chocolat Ammann brand a 'perfect fit' for its portfolio, the statement added. The acquisition follows what Maestrani described as a 'successful' revitalisation of the Geneva praline brand Avelines in 2022. Just Food has approached representatives of Maestrani for further comment. "Maestrani Schweizer Schokoladen buys Swiss peer Chocolat Ammann " was originally created and published by Just Food, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
