Nifty Nev and Little Dickie’s crooked crew at the Brisbane Racing Club must really have something to hide in relation to their dealings with Mirvac and others on the Ascot Green development if their actions over the past couple of weeks are any guide.
Wrongfully dismissibfor the boys appear to be in panic mode as the public and politicians begin to ask increasingly hard questions about the myriad of issues raised exclusively on this site about the development, the club’s financial position, and the personal interests and dealings of the Directors of the BRC board.
The latest is a paid advertorial on the purportedly cool, hip and metro sexually independent Rupert Murdoch owned website Punters.com that has been published under the guise of a fair dinkum story titled “The Changing Face of Australian Racecourses”.
The story is purportedly all about how race clubs around the country are slicing and dicing assets and selling them off to create a better, bolder future for racing, which is a bit like the story of James Packer being a successful businessman when in fact he has blown a huge proportion of the old man’s dough through sheer laziness and incompetence and is, like the BRC, propping up his fast decaying empire by hocking the assets and loading up on debt
Putting that aside though, and looking at the Punters.com article for what it is, you’d have to either laugh or cry for it is a crock of absolute self-serving and totally wide of the mark crap.
Dead set, there are more factual holes in this poorly crafted little kids spew than you’d find in an entire block of Swiss cheese.
re are a few problems with the story though, the main one being that most of the information contained in it is misleading bullsh*t.
Take the Flemington developments for example.
Saintly Place was never part of the Flemington racecourse and has never been owned by the VRC. It is private property that was purchased by Bart Cummings from trainer Des Judd in 1974 and remained the Cups King’s Melbourne base for 40 years until he sold to developers in 2014 to fund his grandson James training career.
So development number 1 at Flemington cited in the punters.com hack piece is built on private land and has nothing to do with the race club, and so too does development number 2 mentioned in the article, Only Flemington, which is not only also privately owned but is actually across the road on the opposite side from the VRC owned land.
What then is the relevance to a story about race clubs carving off land to private interests that carries the title “The Changing Face of Australian Racecourses”?
There is none.
It’s simply baffle and blind ’em bullsh*t smoke and mirrors designed to make the corrupt Brisbane Racing Club official’s disastrous (for the club, not for them) debt-funded development deals look like smart thinking, when it is actually anything but.
What about Belmont?
Perth Racing is redeveloping the Belmont course, and the changes include a new convention centre, a sports stadium, residential apartments, retail centres and parkland, but there are a couple of major differences to the Ascot Green development.
The first is the riverside location of the Belmont racecourse and its proximity to the CBD, which allows for an integrated development partnering with government and government agencies to create a public asset for the people of Perth. As you can see from the satellite images below the Brisbane Racing Club is not as geographically fortunate.
The second, and more important, factor is that Perth Racing have retained ownership of all aspects of the redevelopment and have neither taken on massive debt to fund it nor entered into “joint venture’ agreements that at the end of the day will effectively see the BRC land given away for a peppercorn to private developers, with no income whatsoever flowing back to the club after the units are sold and the debts are paid.
How about Mooney Valley?
Well that’s a story in itself, and I’m not at all sure that most race fans understand what the Mooney Valley Racing Club (MVRC)is proposing, which is to rip up the current track and relay it, radically reconfigure the layout of the course so that the finishing post is about where the 600 metre mark is now, widening the width of the course from 24m to 30m, and almost doubling the length of the straight from 173m to 317m.
All this while keeping the circumference of the course pretty much the same, meaning super tight turns, treacherous starts at all distances that will severely impede the chances of horses drawn wide, and the end of the Cox Plate as we know it.
I guess what the Mooney Valley club does is Victoria’s business, but just like the Belmont redevelopment there is one hugely significant difference between the MVRC business plan and that of the BRC and it can be reduced to just four letters.
The Mooney Valley Racing Club has just $6 million of the red-lettered stuff against assets of more than $192 million, and has no intention of incurring any more to develop their prime and hugely in-demand from developers site.
This a debt to asset ration of about 3%.
In just a few short years under the Nifty Nev/Little Dickie regime the Brisbane Racing Club has acquired $75 million (and rapidly rising) worth of debt against assets of just $88 million.
This is a debt to asset ratio of 85%.
Punters.com didn’t mention that did it?
Sportsfans who don’t read Its Not Normal will find out the bitter truth in a year or two when the mainstream media run a series of stories about how the cash-strapped BRC has been forced to sell one of Brisbane’s tracks to keep racing afloat.
You know the truth now because I’ve told it to you for nothing, and for no reason other than that I love racing and I care.
It is up to you whether you sit and watch our sport burn, or jump in and do your damnedest to douse the flames.
Today is the 11th day of the 11th month and soon it will be the 11th hour, so ask yourself this one question.
What would Albert Jacka do?