June 11 - The AUD$5 million Magic Millions race day held each year at Gold Coast Turf Club in Queensland is arguably one of Australia's most lucrative and prestigious horseracing events, but rumors have recently surfaced that the owners of Magic Millions may in fact be seeking to change the venue.

The rumors have sent shockwaves through the Gold Coast Turf Club, because if the popular race day - which is held in the second week of January and follows the Magic Millions Yearling Sales - is moved, it would impact the club by depriving the Gold Coast of probably its largest horseracing event of the year.

Adding credence to the rumors is the fact that Gold Coast Turf Club's contract with Magic Millions Sales Pty Ltd has expired, and the owners of the horse sales and racing enterprise - Rob Ferguson, Gerry Harvey and John Singleton - have reportedly shown interest in moving the race day to Eagle Farm Racecourse.

It seems that the shrewd owners have pointed out that Gold Coast Turf Club is in need of a significant refurbishment, which by his own admission, Gold Coast Turf Club chairman Heinrich said could cost between AUD$30 and AUD$50 million. And whether Queensland Racing can find that kind of money is the big question.

When asked about the validity of the rumors, Magic Millions managing director David Chester simply wrote them off as being 'irresponsible'. But as every businessman in the world knows, or should know, until a contract has been signed and sealed, nothing has been set in stone and anything could happen.

Heinrich confirmed this week that talks between Magic Millions and the Turf Club were still ongoing in connection with the renewing their contract, and despite the refurbishment issues, he seems to be highly confident that the lucrative Magic Millions race day will continue to be hosted by the Gold Coast Turf Club.

'I'm not concerned by all these rumors,' said Heinrich. 'Our contract with Magic Millions has expired but we're in the process of renewing it. I do not believe that it would be a wise decision for Magic Millions to keep its yearling sales at the Gold Coast while moving its race day to Eagle Farm Racecourse.'

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2012/04/02 09:27:57 PM