They cannot wait another 3mths to meet with the industry - this has to be resolved next week. People are making decisions as to whether to breed or not
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They cannot wait another 3mths to meet with the industry - this has to be resolved next week. People are making decisions as to whether to breed or not
It is now being reported by The Age - typical of them - give us NO coverage except for scandals
‘Monumental failure’: How a racing code lost its $100m nest egg
Harness Racing Victoria has been accused of a “monumental failure of governance” that led to the sport’s governing body losing control of its $100 million land asset at Melton.
Angry stakeholders claim HRV has borrowed so much money to keep the sport afloat over the past five years that it is now expected to hand over its 93-hectare land parcel at Melton to the state government.
Two sources familiar with negotiations, but unable to speak publicly, said the government had written to the HRV board telling it to sign over the Western Highway property, which is the site of Melton Entertainment Park.
HRV was accused of “financial mismanagement” in an explosive statement released on Friday by the presidents of a powerful group of harness racing bodies.
“HRV’s financial mismanagement has rendered it virtually insolvent and unable to meet its debt obligations,” said a statement from the Victorian Harness Racing Kindred Bodies. The group represents the Trots Clubs of Victoria, the Victorian Trainers and Drivers Association, the Victorian Harness Racing Club, the Victorian Square Trotters Association, Harness Breeders Victoria and the Caduceus Club Victoria.
“Its loan borrowings from the government using our vacant land asset at Melton as collateral has all but forfeited a vital industry asset valued at $100 million.”
In 2019, a change in state government policy meant that government entities such as HRV could not sell land without returning the proceeds to the government’s consolidated revenue.
From then, HRV borrowed heavily against the land to prop up prize money and cover operating costs, owing the state government more than $40 million.
“At no time has HRV advised the industry that the Melton land asset was under threat or could be lost,” the Kindred Bodies statement says.
“The 93-hectare land parcel at Melton, purchased by the industry for $3 million two decades ago, was intended to be a future fund for harness racing; a valuable asset that would generate ongoing returns, much like the sale of Harold Park in Sydney.
“Yet, due to HRV’s poor policy decisions and escalating debt, it is now doubtful that our industry will be able to capitalise on that shrewd investment in our future.”
The HRV board – led by chairman Adam Kilgour – and executive – led by CEO Matt Isaacs – is answerable to Racing Minister Anthony Carbines.
The Kindred Bodies’ statement says the sport is projected to lose $24 million in the 2024 financial year, and has lost as much as $50 million in the past five years.
They fear breeders, owners and trainers will flee Victoria because they are expecting “cuts to stake money of between $10 million (22 per cent) and $18 million (40 per cent) over the next three years that will devastate participants and the sport”.
Carbines told this masthead that the government was “working closely with Harness Racing Victoria to improve their financial performance”.
“We have delivered significant support to ensure HRV remains financially viable because the long-term financial sustainability of the sport is important to the economy and to the overall health of the Victorian racing industry,” he said.
The government says the harness racing industry in Victoria generates more than $613 million annually for the state economy and helps sustain more than 4400 full-time equivalent jobs – most of which are in regional Victoria.
Isaacs, the HRV chief executive for the past 18 months, said it was “reckless” for the Kindred Bodies to “issue a statement representing inaccuracies and undermining industry confidence”.
“Harness Racing Victoria states in the strongest terms that what has been expressed only creates fear and uncertainty among the stakeholders the bodies are meant to represent, distracting from the collective efforts to resolve the financial complexity that we all face,” Isaacs said in a statement.
“HRV has made it clear in many previous media releases and industry conversations that the changing wagering environment has created numerous financial challenges, which are being felt by all racing authorities.
“HRV, with the support of the Victorian government, is committed to resolving the challenges with and on behalf of the industry for the future viability of harness racing in Victoria.”
The Kindred Bodies said they had no confidence in the current board to continue leading the industry.
This is a win win for the government, HRV debt will allow them to take that land & create housing that it has promised the public. This is a bit like Rosehill racecourse.
Do you know Kev , if HRV pay all wages at all tracks?
If PP is correct , how can HRV spend near 3 times as much on its wage bill as HRNSW.
How can that possibly be.
I don't know Trish
Victorian Harness Racing Industry Rally – Sunday, 25 August – Bendigo 12.30pm
The Victorian Harness Racing Industry is facing an unprecedented crisis, and the time has come for us to unite and be heard. The Kindred Bodies are calling on all Harness Racing Participants and Enthusiasts to attend a Harness Racing Industry Rally next Sunday, 25 August, at 12:30 pm at Lords Raceway in Bendigo.
If you care about the future of Harness Racing in Victoria, it is crucial that you join us at this rally. This is our opportunity right now to make our voices heard and fight for a brighter future for our great sport in Victoria.
Our industry has never been in a more precarious position. We need every person involved in Harness Racing to come together at this pivotal moment. Don't leave it to someone else. Stand up, be counted, and help us fight for a brighter future at Bendigo next Sunday, 25 August.
Together we can make a difference!
Emmy Mazzetti – President Victorian Harness Racing Club
Paul Rowse – President Trots Clubs Victoria
Anthony Butt – President Victorian Harness Racing Trainers and Drivers Association
Anne Maree Conroy – President Victorian Square Trotters Association
John Coffey – President Harness Breeders Victoria
Good Luck Victoria.
The Minister and CEO need to meet the Kindred reps before Sunday. Forget about the Chairman - the whole board has to go. Do we need a board?
How much would this trots place be going for? (Darren Hancock's?)Quote:
Originally Posted by trish
https://www.realestate.com.au/proper...nest-144339300
Well over 2 million Kev.
Not sure who's place it is but they may be getting out, who ever it is.
It looks very nice and as it has not changed hands in 35yrs and Darren Hancock definitely had this farm (articles about interstate trainers staying with him) - I say it must still be his
There must be some Vics who could afford this - it could be a VERY smart move