The Melbourne Racing Club (MRC) has announced a significant agreement with Mount Scopus Memorial College, granting the school the right to purchase surplus land west of the Caulfield Racecourse for $195 million.
The agreement, which includes an option arrangement, paves the way for the development of a new campus by Mount Scopus, consolidating its existing facilities and contributing to the local community.
MRC Chairman John Kanga highlighted the extensive review conducted by Ernst & Young, which deemed the transaction beneficial for both the Club and its members.
He noted that the Board’s decision aligns with their long-term strategy, putting the Club in a strong financial position moving forward. Negotiations with the purchaser have spanned a year, and the proposed campus has garnered bipartisan government support.
Kanga emphasised the dual benefits of the agreement, stating that it not only supports the educational institution but also serves the broader community by repurposing the land for constructive use.
The property, historically used for stables and horse training, has been largely unused since late 2021.
The planned school campus will further enhance the neighborhood, offering opportunities for both educational and external functions.
Addressing the MRC’s financial landscape, Kanga took a firm stance against prior mismanagement by former leadership, citing $165 million in debt accrued from unnecessary and poorly executed infrastructure projects at Caulfield Racecourse.
He underscored that the sale allows the Club to eliminate this debt and stabilise its finances.
Future efforts will focus on revitalising Sandown Racecourse and restoring the Caulfield Mounting Yard to its original, functional design.
“This transaction represents a turning point for the Club, enabling us to resolve past issues and secure a prosperous future,” Kanga stated.
“The outcome is immensely positive for the Club and the broader racing community.”
The deal is expected to be finalised within 18–24 months, marking a new chapter in the MRC’s operations and fostering growth for both the racing and local communities.
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