Victoria Racing Club members have voted for an unchanged board to lead the financially stricken club into the future despite the Flemington organisation losing $70 million across the past four years.
Members returned directors Sophie O’Kane, Michael Ramsden and Neil Werrett to the VRC board at the club’s annual general meeting on Tuesday, overlooking three challengers – Stephen Hewitt, Paula Sullivan and John Wise.
VRC chairman Neil Wilson at the 2024 Melbourne Cup carnival launch. Credit: Eddie Jim
The election result followed the VRC’s announcement last month that it had lost $24 million for the past financial year – on top of $14.9 million in 2023, $16.9 million in 2022 and $14.9 million in 2021.
The club also sacked 40 staff earlier this month in a bid to wrestle back its spiralling debt.
But VRC chairman of the past four years, Neil Wilson, said a new media rights deal and sponsorship agreement meant the club was forecasting “record revenue and profit levels and a significant reduction in our debt in the coming years”.
He thanked members for their “loyalty and support as we transition into an era of growth and opportunity”.
The VRC’s 2024 annual report, released late last month, revealed the club had an outstanding loan of $62.5 million with ANZ. It separately owed Racing Victoria $10 million.
It also revealed the club’s revenue had remained stagnant at $216.6 million, but expenses had jumped by $7.7 million to $222.2 million.
Kylie Rogers started as the VRC CEO in September 2024.Credit: Arsineh Houspian
Wilson, who also served as club chief executive for almost three years until November 2020, said the board had a clear focus on serving its members and being a leader in “world-class racing and experiences”.
He said there were “significant positive commercial outcomes to be announced in the coming months”.
The VRC started a six-year partnership with Nine, the owner of this masthead, and gambling giant Tabcorp during this year’s Melbourne Cup carnival.
“The club has sharpened its focus on new revenue opportunities, including realising the Flemington Place precinct master plan which will not only have a significant focus on community engagement and new racing facilities but will enable new commercial opportunities,” Wilson said.
New club CEO Kylie Rogers, who took over the role from Steve Rosich on September 1, said the VRC remained committed to putting “members, and the horse, at the heart of everything we do”.
“We enter 2025 with a focus on building on the strategic momentum from a successful 2024 Melbourne Cup carnival and building a sustainable and strong financial future,” Rogers said.
“The recent organisational redesign was difficult but necessary to ensure we have the right team [and] the right operating model to deliver new opportunity and growth for our members, partners and wider racing industry.”
Racing Victoria announced on Tuesday that wagering turnover on this year’s Melbourne Cup was five times higher than any other race in the country, attracting $214 million.
Racing Victoria also revealed that spring carnival crowds in Melbourne were up 4 per cent on 2023, but wagering had dropped 7 per cent year-on-year.
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