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Author Topic: Magic Millions at Gold Coast  (Read 7527 times)
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Falcon
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Original Post 2009-Dec-19, 07:10 PM

magic for CoastDaniel Meers   |  December 19th, 2009

THE future of the Magic Millions raceday has all but been assured after the Brisbane Racing Club last night formally told the Gold Coast Turf Club they do not want to steal the meeting.

In a stunning revelation, The Gold Coast Bulletin can reveal the board of the BRC, who govern John Singleton's preferred alternate venue Eagle Farm, said the club would not enter negotiations with the Magic Millions company if approached to host the event.

The BRC sent a letter to GCTC chief executive Grant Sheather yesterday after their board this week passed a motion not to make any attempts to poach the $4.6 million raceday.

"BRC has absolutely no intention of attempting to lure feature race dates away from other clubs, specifically the BRC believes the Magic Millions should be held at the Gold Coast racecourse and conducted by the GCTC," read the letter.

"If moves were made by Magic Millions to move the Magic Millions races to Eagle Farm, the BRC would not hold any discussions or negotiations with Magic Millions."

The BRC board voted on the resolution after speculation arose about the future of the event at the Gold Coast and Eagle Farm was again raised as an alternate venue.

Magic Millions would now have to move the event away from Queensland if they wanted to strip it from the Gold Coast.

The BRC said they would only negotiate with the GCTC over the future of a Gold Coast-based Magic Millions raceday and that would only be in the unlikely event the Bundall club decided they wanted to host the meeting but rent Eagle Farm's larger facilities.

Gold Coast Turf Club chairman Andrew Eggleston last night heaped praise on the BRC for their stance.

"This shows that clubs can work together and that's what racing should be about," he said.

"We've got plans to improve and better cater for crowds with the facilities we have at the Gold Coast and this gives us further substance to press ahead with those plans."

Sheather said he was hopeful the formal statement would switch attention back on to the meeting.

"It puts the focus back on the raceday and back on our long-term plans to expand the event for the future and how we can promote it further both internationally and more nationally," he said.

"We want it to stay here, it's a great concept John (Singleton) and Gerry (Harvey) have created.

"They've done a great job and we want to work hand in hand with them."

Sheather confirmed the club had already begun preparations to look at expanding raceday facilities to include the infield for 2011.

« Last Edit: 2010-Sep-23, 10:31 AM by dubbledee » Logged
 
winston
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2011-Jan-29, 07:18 AM

Everyone knows Gerry is cautios with his money..........but loosing a good operator likev Steve Silk and going back to the most unpopular person involved in Magic Millions.. AKA ,,David Chester will put them back 10 years.
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wily ole dog
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2011-Jan-29, 07:28 AM

Thats bit of a bombshell

I wonder what happened.

I could never understand how Harvey got where he did
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goodwoman
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2011-Jan-29, 08:45 AM

Harvey owned 50%............Singo and Ferguson 25% each.   Singo quoted yesterday as saying....................." can't run an organisation with 3 bosses.  Makes perfect sense to only have one boss.  Wish it could have been me.  We are great mates and that will never change".

My sealed envelope?   These blokes are driven by money/profits!  MM Sales couldn't have been huge financial success - probably for a number of reasons - but at the end of the day - rightly or wrongly -  a M.D. has to wear the consequences.  Most likely scenario -  IMHO.  
« Last Edit: 2011-Jan-29, 08:48 AM by goodwoman » Logged
triple7
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2011-Jan-29, 08:59 AM

It's a big business interest of Harvey's now, especially being the 50% partner, and I reckon he wants to tighten things right up as the general business market is and will be tough. His major retail cashflow business is under significant pump, and he'll want to rein in the extended credit and cash flow terms that have been free wheeling under the MM for numerous years. Gerry is just rolling his sleeves up for some tougher times across all is business interests, and in this instance making sure that he has control to manage it how he wants it managed.
« Last Edit: 2011-Jan-29, 09:04 AM by triple7 » Logged
dubbledee
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2011-Jan-29, 09:16 AM

I'd like to have half of what they're owed.
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InTheKnow
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2011-Jan-29, 09:16 AM

Everyone knows Gerry is cautios with his money..........but loosing a good operator likev Steve Silk and going back to the most unpopular person involved in Magic Millions.. AKA ,,David Chester will put them back 10 years.


Silky upset alot of people in a very short time
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InTheKnow
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2011-Jan-29, 09:18 AM

I'd like to have half of what they're owed.


will there be more "passengers" to go

will Gerry sell the debt off to GE capital finance ?

will MM merge with NZB ?
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goodwoman
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2011-Jan-29, 09:45 AM

Hmmmmmmmmmmmmmm!    The plot thickens!  Do tell us more.........I.....T......K.......  cool
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Arsenal
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2011-Jan-29, 10:17 AM

Racenet ran a short piece without giving any insight into the motivation.

Gerry Harvey buys out Singo from Magic Millions

Dallas Baker  Friday, 28 January 2011

The Magic Millions business relationship between John Singleton and Gerry Harvey is over after Harvey purchased 100 percent of the company.

The sales company was owned by Singleton, Harvey and Rob Fergurson until a meeting on Thursday night.

“My family and I agreed to acquire the interests of John Singleton and Rob Ferguson, to own 100 per cent of Magic Millions, for an undisclosed figure," Harvey said.

"As a result of this development, Dr Stephen Silk has resigned from his position as Managing Director of Magic Millions, effective immediately.

"David Chester will act as interim Managing Director for the company, until such time as a new Managing Director is appointed.

“The search for a new Managing Director is underway.

"We have a great team at Magic Millions and we are focussed on our upcoming yearling sales in Perth, Tasmania and Adelaide as well as the rescheduled QTIS 600 Yearling Sale in April."

Small number of comments........I liked this one. lol


"Gee I hope online shopping for horses doesn't come in . Poor old Gerry will really spit.Name:  Email:" thumbsup 
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winston
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2011-Jan-29, 10:20 AM

Silky upset alot of people in a very short time



He had to loosen a few up! The way the joint was being run before was a backyard  shambles and if Gerry puts on  a decent GM  the same thing will happen ,they should sack 3/4 of them and start again,including YES MAN chester.
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Falcon
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2011-Jan-29, 11:53 AM

"Gee I hope online shopping for horses doesn't come in . Poor old Gerry will really spit."

Wakey wakey, whoever wrote that on racenet, buyers view horses online and can buy that way at sales time already, been available for a couple of years now  smiley

« Last Edit: 2011-Jan-29, 12:01 PM by Falcon » Logged
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