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Gold Coast Turf Club Proposal To Qld Racing
The Gold Coast Turf Club announced that yesterday it "formally wrote to Queensland Racing chairman Bob Bentley with a new & exciting proposal that would see the proposed GCTC upgrade fully funded by the Gold Coast Turf Club & Queensland State Government". The GCTC & Queensland Racing are "in disagreement over equity arrangements proposed this month by the racing governing body", but GCTC chairman Andrew Eggleston said while his Board "have always been in favour of an upgrade", they have been "treading lightly as no formal offer had been put to the Club in writing". Eggleston said the proposal "would be a win-win for both parties & the Queensland thoroughbred racing community" noting: "Our proposal sees Queensland Racing leasing the racing & training areas of the racecourse from the Club on a long-term basis for a nominal amount, with Queensland Racing taking control of those functions of the racecourse during the lease period." The proposal involves:
- The GCTC leasing its racetrack, training facilities & stabling area to QR on a 50-year lease for a nominal sum of $1-per-annum;
- The Queensland State Government's current $40 million commitment to the GCTC upgrade funding renovations to the course proper, a new synthetic track, lighting & training track infrastructure;
- The GCTC funding & upgrading grandstands, member facilities & corporate entertainment areas to the sum of $20-$25 million (funded by savings from racetrack & training costs) with the GCTC "retaining control of the patron facilities, associated infrastructure & land".