The Queensland government has pledged more than $35 million towards the redevelopment of the Gold Coast racetrack.
The grant was announced just days out from the track’s flagship Magic Millions race day on Saturday.
It follows drawn-out negotiations between Racing Queensland Limited (RQL) and the Gold Coast Turf Club (GCTC), which have recently signed a heads of agreement.
“This has been a long process and a lot of compromise between both parties has made this possible including RQL deciding against seeking equity in the club,” Racing Queensland chairman Bob Bentley said.
“Both RQL and GCTC want the best outcomes for racing on the Coast and I am delighted we could reach this agreement.”
Brett Cook, chairman of the GCTC, said the $35.4 million grant would allow for a major upgrade of facilities at the Bundall track.
“The funding grant will mean Bundall’s racing, members and training facilities will receive a significant upgrade to take the racing facility to a metropolitan standard,” Cook said.
AAP TURF
